There are currently 3,113 real estate properties in South Miami, FL, with a median automated valuation model (AVM) price of $956,344.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in South Miami, FL, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in South Miami, FL, is $1,161,072.00, with the most expensive house in South Miami, FL, topping out at $15,187,500.00 and the cheapest home in South Miami, FL, clocking in at $85,000.00. In other words, there’s something for every potential homebuyer or savvy investor in South Miami, FL!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in South Miami, FL, is on a rollercoaster ride. The average rent price in South Miami, FL, is $2,656.00. Indeed, when looking to rent in South Miami, FL, you can expect to pay as little as $980.00 or as much as $4,740.00, with the average rent median estimated to be $2,720.00. The good news is that finding an affordable and desirable property to rent in South Miami, FL -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
South Miami is located in Miami-Dade, Florida, with an estimated municipal population of 11,911 residents. All of the best foreclosed homes for sale in South Miami are located in the following zip code areas on Foreclosure.com: 33143 33155 33243. The estimated population per square kilometer (.62 miles) in South Miami is 2,028.
So, about how much do homes cost in South Miami? The most recent median value of resident-owned homes in South Miami is 554,991. An estimated 53.8 percent of households in South Miami own their homes, with an average family size of 3.38. The median household income in South Miami is 62,067, with36.8 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in South Miami, the median commute time of resident workers (in minutes) is 30.3. And last, but certainly not least, are you looking for homes to rent in South Miami? If so, the average rent price paid by renters in South Miami is 1,338, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to South Miami, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in South Miami is 36.9, split between 51.8 percent male versus 48.2 female. The percentage of residents who report being married in South Miami is 41.8, with an average family size of 3.38.
The percentage of residents who report their race in South Miami is as follows:
| White | 77.7% |
| Black / African American | 13.2% |
| Asian | 5.2% |
| American Indian / Alaskan Native | 0% |
| Native Hawaiian / Other Pacifc Islander | 0.1% |
| Multi-racial | 3.4% |
| Other | 0.5% |
Looking for family-friendly neighborhoods in and/or near South Miami? Or maybe you are searching for 55+ active adult communities in and/or near South Miami?
The percentage of residents who report their age in South Miami is as follows:
| Under 10 | 11.3% |
| Aged 10-19 | 10.1% |
| 20s | 22.1% |
| 30s | 9.6% |
| 40s | 15% |
| 50s | 12.2% |
| 60s | 9.3% |
| 70s | 6.7% |
| 80+ | 3.5% |
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in South Miami with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in South Miami.
How do you know that living in -- or moving to -- South Miami is right where you need to be? Perhaps you grew up in South Miami or already live nearby; therefore, the decision to buy a home in South Miami is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to South Miami for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in South Miami:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like South Miami.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in South Miami can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in South Miami, meanwhile, can field multiple offers from more qualified buyers.
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