How resilient is the Miami, FL housing market?
While the US residential housing market is recovering on a steady trajectory, the market still has not recovered to its pre-recession highs. The median home value in US is still only 86% of the nation's pre-recession high, and only 34% of homes have had their values surpass their pre-recession peak values, according to Trulia.
The Miami-Fort Lauderdale-West Palm Beach, FL metro area follows the trend, only with median home values reaching only 70% of pre-recession peaks.
As a company providing lawn service to homes in Miami-Fort Lauderdale-West Palm Beach, FL, it is in our best interest to fully understand and track all changes within the region's housing market. So we decided to publish some of our research so those interested can better understand the Miami-Fort Lauderdale-West Palm Beach, FL housing market.
Methodology
We took historical data of Zillow's Housing Value Index - a measure for median home value - and adjusted the index for inflation using the Consumer Price Index (All Items Less Shelter), as recommended by the FHFA. We collected data at nationwide, state, metro and city levels.
From there, we compared current home values to their pre-recession peaks to understand how resilient the Miami-Fort Lauderdale-West Palm Beach, FL area is relative to Florida, the US, and other metro areas. We summarized the findings in an interactive data visualization, found at the bottom of the page.
Key Findings
- The median home value in Miami-Fort Lauderdale-West Palm Beach, FL has reached $254k - 70% of the area's pre-recession peak of $361k.
- In terms of recovery, the region is behind the US and ahead of Florida. Home values in these regions have reached 86% and 70% of peak values, respectively.
- Miami-Fort Lauderdale-West Palm Beach ranks #85 among top 100 metro areas in the country in terms of recovery, and #447 across all metros.
- Of metro areas in Florida, Miami-Fort Lauderdale-West Palm Beach ranks #8 in terms of recovery.
Most Resilient Cities in the Miami-Fort Lauderdale-West Palm Beach, FL Metro Area
- Bal Harbour
- Key Biscayne
- Surfside
- Gulf Stream
- Palm Beach
- Coral Gables
- Belle Glade
- Pinecrest
- Biscayne Park
- Richmond Heights
Most Resilient Metros in FL
- The Villages, FL
- Pensacola-Ferry Pass-Brent, FL
- Jacksonville, FL
- Tampa-St. Petersburg-Clearwater, FL
- Lake City, FL
- Tallahassee, FL
- Gainesville, FL
- Miami-Fort Lauderdale-West Palm Beach, FL
- Punta Gorda, FL
- Lakeland-Winter Haven, FL
Areas we service near Miami
