South Florida’s Hottest Neighborhoods
South Florida’s home values are still going up, but not as aggressively as before. This summer, the highest home value hike of any of South Florida’s ZIP codes was in Miami’s northeast Coconut Grove, at just under 11%. In contrast, South Florida home prices shot up by more than 30% in multiple neighborhoods last year.
Home sales volume has slumped due to rising mortgage rates. The number of single-family home sales in June dropped by 9% from the previous year, while condo sales fell 15%, according to Florida Realtors.
But thanks to affluent buyers and investors, home prices continue to climb. In the tri-county area, the median sales price rose 3.9% year-over-year to $623,000 for single-family homes in June, a report from Florida Realtors stated. For condos, the median sales price went up 3% year-over-year to $340,000.
However, it wasn’t just affluent ZIP codes that posted the highest price increases. Four out of the top 10 ZIP codes for home value hikes had median prices below $500,000.
Below are the 10 ZIP codes with the largest year-over-year home value increases as of June 30th, according to data collected by the Business Journal from Zillow Inc. and the U.S. Census Bureau.
#10: Town of Palm Beach, ZIP Code 33480
Median Home Value: $1,262,594
Year-over-year Increase: 8.82%
#9: Weston, ZIP Code 33326
Median Home Value: $534,665
Year-over-year Increase: 8.88%
#8: Hialeah, ZIP Code 33010
Median Home Value: $469,757
Year-over-year Increase: 8.99%
#7: North Beach in Miami Beach, ZIP Code 33141
Median Home Value: $412,274
Year-over-year Increase: 9.17%
#6: Brickell Key, Brickell Avenue, and Downtown Miami ZIP Code 33131
Median Home Value: $615,901
Year-over-year Increase: 9.23%
#5: Miramar, ZIP Code 33027
Median Home Value: $466,713
Year-over-year Increase: 9.55%
#4: Pembroke Pines, ZIP Code 33026
Median Home Value: $433,774
Year-over-year Increase: 9.68%
#3: Indian Creek, Bay Harbor Islands, Bal Harbour and Surfside, ZIP Code 33154
Median Home Value: $1,038,618
Year-over-year increase: 10.05%
#2: Little Havana in Miami, ZIP Code 33130
Median Home Value: $530,728
Year-over-year Increase: 10.29%
#1: Coconut Grove in Miami, ZIP Code 33133
Median Home Value: $1,033,953
Year-over-year Increase: 10.7%
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