Miami, Florida

Miami-Dade County Real Estate - Miami

Miami

Miami is Florida's second most populous city. Miami is also the second largest US city with a Spanish speaking majority, which accounts for its nickname of "the capital of Latin America." Industries with the largest influence in Miami include commerce, finance, and international business. Miami is home to the headquarters of many large businesses including Burger King, US Century Bank, Caribbean Cruise Lines, and World Fuel Services. The port of Miami is one of the nation's busiest ports and contributes $18 billion to the city's economy. The largest employers in Miami are Miami-Dade County Public Schools, Miami-Dade County, United States Government, Florida Government, University of Miami, and Baptist Health South Florida.

Miami is in South East Florida. It's population as recorded in the 2010 Census was 399,457.

The median age for residents of Miami is 38.8. Around 27.3% of Miami households include school aged children and 29.9% of households include individuals aged 65 years or over. Census records indicate 72.5% of the Miami population are White, 19.2% are Black or African American, .2% American Indian, .9% Asian and 2.6% are Two or more Races. Miami has a significant Hispanic population. 69.9% (279,456) of Miami residents are of Hispanic or Latino origin. Of these 2.08% are of Mexican origin, 4.57% Puerto Rican, 49.13% Cuban and 44.2% are of other Hispanic or Latino origin.

There are 183,994 housing units in Miami. 25,677 (13.9%) of these were reported as vacant in the 2010 Census. There are 118,493 residential rental units in Miami. 107,131 of them were occupied in 2010 providing a residential rental vacancy rate of 9.2%.

Miami links:

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Miami is located in Miami-Dade County. It has a population of approximately 399,457 people. The population increased 3.6% from 2010 to 2012. This compared to a 2.7% increase for the State of Florida, 3.8% for Miami-Dade County and a 1.7% increase for the country as a whole. Miami occupies 35.87 of the 1897.72 square miles in Miami-Dade County. It had a population density of 11135.9 persons per square mile in 2010. This compared to 1315.5 for the county, 350.6 for Florida and 87.4 for the country.

18.6% ( 183,994) of the 990,558 housing units in Miami-Dade County are in Miami (a housing unit is defined by the US Census Bureau as a house, apartment, mobile home, group of rooms, or single room that is occupied as separate living quarters.) Miami has a 34.7% homeownership rate compared to Miami-Dade County's 57.6% homeownership rate and Florida's rate of 69.0%.

Economic Indicators
RegionPopulation
2010
Economic Activity
2007 (Millions)
Population Growth
2010 to 2012
Median Household
Income 2011
Housing
Units
Median Price
2007 to 2011
United States 313,914,040 $14,025,202 1.7% $52,762 132,312,404 $186,200
Florida 18,801,310 $630,738 2.7% $47,827 9,026,965 $188,600
Miami-Dade County 2,496,435 $110,643 3.8% $43,957 990,558 $246,800
Miami 399,457 $19,2283.6%$30,270 183,994$257,500

Miami's medium household income in 2011 was $30,270. Miami-Dade County's medium household income was $43,957, which is lower than the medium income for Florida as a whole: $47,827. 27.7% of the population in Miami lives below the poverty line, compared to 14.7% in Florida, 17.9% of the population in Miami-Dade County and 14.3% nationwide. Additional Information:

Miami Economic Activity

The U.S. Bureau of the Census, Economic Census, 2007 calculated the total value manufacturing, merchant wholesaler, retail sales and food service sales in Miami. The Census measured activity of large and medium-sized firms during calendar year 2007. It does not include every aspect of the economy but can be used as a measure of economic activity.

At $19,228 million, Miami's economic activity represents 17.38% of Miami-Dade County's $110,643MM in economic activity. Miami-Dade County represents 17.54% of the Florida economy.

Miami Economic Activity
ActivityValue (Millions)Percentage
Manufacturers shipments $1,079 5.6%
Merchant wholesaler sales $11,188 58.2%
Retail sales $5,623 29.2%
Accommodation and food services sales $1,338 7.0%
Total $19,228100%

Miami-Dade County Regional Comparisons

Economic Indicators
CityPopulation
2010
Economic Activity
2007 (Millions)
Population Growth
2010 to 2012
Median Household
Income 2011
Housing
Units
Median Price
2007 to 2011
Hialeah 224,669 $5,0373.2%$31,096 74,067$197,800
Homestead 60,512 $7344.4%$38,724 23,419$169,600
Key Biscayne 12,344 $3923.4%$114,250 7,072$822,700
Miami 399,457 $19,2283.6%$30,270 183,994$257,500
Miami Beach 87,779 $2,8573.2%$42,411 67,499$349,400
North Miami Beach 41,523 $9703.5%$41,489 16,402$206,200
Opa locka 15,219 $1,0493.2%$22,214 5,966$145,000

Miami-Dade County is located in Southeast Florida. This region is responsible for 37.7% of Florida's economic activity. Miami-Dade County represents 46.6% of the region's economy.

Economic Indicators
RegionPopulation
2010
Economic Activity
2007 (Millions)
Population Growth
2010 to 2012
Median Household
Income 2011
Housing
Units
Median Price
2007 to 2011
Indian River County 138,028 $2,455 1.8% $46,363 76,251 $179,300
St. Lucie County 277,789 $5,576 2.2% $44,947 137,581 $157,600
Martin County 146,318 $4,347 1.7% $53,612 78,356 $238,200
Palm Beach County 1,320,134 $38,668 2.8% $52,951 668,159 $236,600
Broward County 1,748,066 $73,668 3.8% $51,782 810,795 $225,300
Miami-Dade County 2,496,435 $110,643 3.8% $43,957 990,558 $246,800
Monroe County 73,090 $2,136 2.4% $53,889 52,552 $463,100
Total 6,410,776 $237,494 2.6% $49,643 2,814,252 $249,557

Miami Real Estate

There are 551,185 properties in Miami. The following table shows a summary of them based on 2014 sales data.

Miami Real Estate by Usage
Usage TypeProperty Count%Sales CountMedian PriceMedian Price/FtSales FromTo
Agricultural 1,518 0.28 37 $429,000 $142January 1st, 2014September 1st, 2014
Commercial Property 0 0.00 0n/an/an/an/a
Government Property 3,710 0.67 23 $112,000 $94January 1st, 2014August 1st, 2014
Health Care 87 0.02 7 $8,700,000 $151January 1st, 2014August 1st, 2014
Hotel & Motel 1,973 0.36 305 $767,351 $1,899January 1st, 2014September 1st, 2014
Industrial 12,582 2.28 641 $635,000 $120January 1st, 2014September 1st, 2014
Miscellaneous Property 249 0.05 5 $1,250,000 $688January 1st, 2014August 1st, 2014
Mobile/Manufactured 305 0.06 4 $26,000 $69January 1st, 2014August 1st, 2014
Multifamily 29,513 5.35 1,433 $205,006 $91January 1st, 2014September 1st, 2014
Office 9,544 1.73 703 $1,630,000 $1,090January 1st, 2014September 1st, 2014
Residential 479,731 87.04 24,717 $182,000 $128January 1st, 2014September 1st, 2014
Residential Property 0 0.00 0n/an/an/an/a
Retail 10,010 1.82 735 $170,000 $216January 1st, 2014September 1st, 2014
Senior Housing 97 0.02 4 $7,525,000 $274January 1st, 2014August 1st, 2014
Special Purpose 1,664 0.30 24 $396,500 $122January 1st, 2014September 1st, 2014
Sports & Entertaining 202 0.04 11 $3,200,000 $216April 1st, 2014August 1st, 2014

Agricultural Real Estate in Miami, Florida

1,518( .28%) of the properties in Miami are classified as Agricultural. 37 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $21,911,309. The median sales price was $429,000. In 2014 the median sales price for A Class Agricultural in Miami was $358 per sq ft, B Class properties sold for $142/ft and C Class $71/ft.

Commercial Real Estate in Miami, Florida

0( .00%) of the properties in Miami are classified as Commercial.

Government Real Estate in Miami, Florida

3,710( .67%) of the properties in Miami are classified as Government. 23 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $36,947,489. The median sales price was $112,000. In 2014 the median sales price for A Class Government Property in Miami was $200 per sq ft, B Class properties sold for $94/ft and C Class $18/ft.

Health Care Real Estate in Miami, Florida

87( .02%) of the properties in Miami are classified as Health Care. 7 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $94,730,901. The median sales price was $8,700,000. In 2014 the median sales price for Health Care in Miami was $151 per sq ft.

Hotel & Motel Real Estate in Miami, Florida

1,973( .36%) of the properties in Miami are classified as Hotel & Motel. 305 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $3,922,573,269. The median sales price was $767,351. In 2014 the median sales price for A Class Hotel & Motel in Miami was ####### per sq ft, B Class properties sold for $1,899/ft and C Class $122/ft.

Industrial Real Estate in Miami, Florida

12,582( 2.28%) of the properties in Miami are classified as Industrial. 641 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $1,061,692,716. The median sales price was $635,000. In 2014 the median sales price for A Class Industrial in Miami was $1,977 per sq ft, B Class properties sold for $120/ft and C Class $50/ft.

Miscellaneous Real Estate in Miami, Florida

249( .05%) of the properties in Miami are classified as Miscellaneous. 5 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $16,477,653. The median sales price was $1,250,000. In 2014 the median sales price for Miscellaneous Property in Miami was $688 per sq ft.

Mobile/Manufactured Real Estate in Miami, Florida

305( .06%) of the properties in Miami are classified as Mobile/Manufactured. 4 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $15,064,000. The median sales price was $26,000. In 2014 the median sales price for Mobile/Manufactured in Miami was $69 per sq ft.

Multifamily Real Estate in Miami, Florida

29,513( 5.35%) of the properties in Miami are classified as Multifamily. 1,433 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $796,095,887. The median sales price was $205,006. In 2014 the median sales price for A Class Multifamily in Miami was $227 per sq ft, B Class properties sold for $91/ft and C Class $39/ft.

Office Real Estate in Miami, Florida

9,544( 1.73%) of the properties in Miami are classified as Office. 703 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $3,437,319,472. The median sales price was $1,630,000. In 2014 the median sales price for A Class Office in Miami was ####### per sq ft, B Class properties sold for $1,090/ft and C Class $130/ft.

Residential Real Estate in Miami, Florida

479,731( 87.04%) of the properties in Miami are classified as Residential. 24,717 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $8,049,529,464. The median sales price was $182,000. In 2014 the median sales price for A Class Residential in Miami was $316 per sq ft, B Class properties sold for $128/ft and C Class $58/ft.

Residential Real Estate in Miami, Florida

0( .00%) of the properties in Miami are classified as Residential.

Retail Real Estate in Miami, Florida

10,010( 1.82%) of the properties in Miami are classified as Retail. 735 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $1,995,984,846. The median sales price was $170,000. In 2014 the median sales price for A Class Retail in Miami was $793 per sq ft, B Class properties sold for $216/ft and C Class $91/ft.

Senior Housing Real Estate in Miami, Florida

97( .02%) of the properties in Miami are classified as Senior Housing. 4 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $29,900,100. The median sales price was $7,525,000. In 2014 the median sales price for Senior Housing in Miami was $274 per sq ft.

Special Purpose Real Estate in Miami, Florida

1,664( .30%) of the properties in Miami are classified as Special Purpose. 24 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $68,246,783. The median sales price was $396,500. In 2014 the median sales price for A Class Special Purpose in Miami was $294 per sq ft, B Class properties sold for $122/ft and C Class $43/ft.

Sports & Entertaining Real Estate in Miami, Florida

202( .04%) of the properties in Miami are classified as Sports & Entertaining. 11 of them sold between April 1st, 2014 and August 1st, 2014. The total value of these sales was $67,482,527. The median sales price was $3,200,000. In 2014 the median sales price for Sports & Entertaining in Miami was $216 per sq ft.

Miami, Miami-Dade County Market Data

Miami Real Estate
Property UsageProperty CountTotal Sq Ft
Agricultural 1,438 4,397,600
Government Property 3,448 79,750,768
Health Care 63 10,106,189
Hotel & Motel 1,923 20,176,741
Industrial 11,464 178,727,569
Land 12,838 11,054,213
Miscellaneous Property 229 6,723,256
Mobile/Manufactured 274 169,242
Multifamily 28,857 148,603,867
Office 8,809 95,328,058
Residential 479,304 787,624,997
Retail 8,960 109,784,177
Senior Housing 72 3,616,352
Special Purpose 1,705 26,987,906
Sports & Entertaining 151 5,232,802