Urban Housing Markets are Leading the Way in Miami

February 8th, 2016

miamiagentmagazine.com | By Peter Thomas Ricci

REAL ESTATE

New numbers from Zillow show urban home price gains outpacing suburbs.

In the eternal rumble between urban and suburban housing markets, recent numbers have put the advantage firmly in the urban corner for Miami’s marketplace.

According to a recent study from Zillow, urban homes in Miami are worth an average of $240,015, which actually trails the suburban average of $262,079; at the same time, though, since 2010, urban prices in Miami have grown 53.1 percent, more than the 50.2 percent gain for suburban homes.

A National Trend Towards Urban Places

Miami’s urban prominence runs parallel to how the rest of the nation is trending. According to Zillow’s research, from 2014 to 2015, urban home values rose 7.5 percent, which was stronger than the suburban increase of 5.9 percent.

Svenja Gudell, Zillow’s chief economist, said that numerous sentiments – namely, Millennials eschewing families for culturally rich urban areas – are behind those home price trends.

“This trend, in part, reflects home buyers’ changing preferences, as they seek amenity-rich, dense and walkable areas that are often closer to their workplace,” Gudell said. “In the future, this lifestyle trend will change some suburbs as we know them, and they’ll start to feel more urban as buyers move further from city centers in search of affordable housing in communities that still feel urban.”

-