Miami home values are heating up in these ZIP codes

Data: Zillow; Note: Typical home value refers to the average of the middle third of Zillow home value estimates for every home in a given region with a county record, including single-family, condominium and co-operative homes; Table: Axios Visuals

Coral Gables and Homestead saw Miami's highest jump in typical home values compared to a year ago, per Zillow data shared with Axios.

Why it matters: Fewer homes on the market kept prices growing in most areas, even as affordability dwindled, according to Zillow chief economist Skylar Olsen.

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State of play: Typical home values rose annually in nearly all major U.S. metros, including Miami, Olsen found.

Zoom in: Miami's best-performing ZIP codes — 33146 in Coral Gables and 33030 in Homestead — saw a 14% increase in their typical home values from March 2023.

• Coral Gables had a typical home value of $1.76 million.

Yes, but: It isn't just the luxury market seeing home values skyrocket. Three of the five highest-appreciating ZIP codes in Miami had typical home values under $500,000.

• The typical home in Homestead is valued at $492,000, per Zillow.
• ZIP codes 33167 ( Westview ) and 33147 ( West Little River ) saw a 13% jump in values. Their typical home values were $446,000 and $417,000, respectively.
• Redland (33031) had a typical home value of $875,000 and saw a 13% jump in values.

What they're saying: Gay Cororaton, chief economist for the Miami Association of Realtors, tells Axios the red-hot housing market in Miami is driven by in-state migration, job growth and a limited housing supply.

• "I think the story here is it's broad-based growth. The demand is really coming from across the affluent buyers but also from buyers who can afford home prices at the typical price range."

Cororaton said home prices in Miami-Dade County have gone up every year since 2012 and there's momentum for that trend to continue.

• "That demand is just bursting at the seams of the city and it's spreading out. Clearly, we really need more construction."

By the numbers: Cororaton recently published a Q1 home sales report that showed 93% of Miami-Dade's submarkets experienced an increase in the median single-family home sales price compared to Q1 2023.

• Countywide, the median sales price rose 15% to $645,000. Florida City had the biggest price gain at 54%.
• Eight submarkets were found to be the most affordable, with a median price below $500,000. They are Opa-locka, West Little River, Brownsville, Leisure City, Miami Gardens, Homestead, Golden Glades and Richmond Heights.

Between the lines: Growth varies locally because of factors like job opportunities, development and population trends, which impact supply and demand.