Despite the dampening effect of higher interest rates, home values in South Florida have continued to climb, with Miami-Dade County leading the surge. Recent statistics from Florida Realtors indicate a 10% year-over-year increase in median prices for both houses and condos in the tri-county area. However, a deeper dive into the data from Zillow Inc., as reported by the Business Journal, reveals an intriguing trend in ZIP codes across Miami-Dade County.
In Miami-Dade, the top five ZIP codes, all with median home values below $500,000, experienced value increases ranging from 10 to 11%. This contrasts with Broward County’s top ZIP codes, which saw near 8% increases, and Palm Beach County’s, where the rise hovered around 5% to 6%. Boca Raton’s ZIP code 33496 in Palm Beach was a notable outlier with an over 8% jump.
Let's take a closer look at these ZIP codes in the respective counties:
Miami-Dade County:
- 33056 (Lakewood Estates, Lake Lucerne, Carol City, Scott Lake in Miami Gardens): $444,208 Median Value, 10.31% Increase
- 33054 (Opa-locka, Opa-locka North, Bunche Park): $388,720 Median Value, 10.38% Increase
- 33016 (Hialeah Gardens, western Miami Lakes, western Hialeah): $309,017 Median Value, 10.47% Increase
- 33161 (Biscayne Park, western North Miami): $479,514 Median Value, 10.58% Increase
- 33012 (Palm Springs, Hialeah Estates, Palm Springs Estate in Hialeah): $376,163 Median Value, 10.78% Increase
Broward County:
- 33020 (Central Hollywood): $384,534 Median Value, 7.69% Increase
- 33311 (Eastern Lauderhill, southern Lauderdale Lakes, western Oakland Park, western Fort Lauderdale): $346,133 Median Value, 7.99% Increase
- 33313 (Lauderhill, Lauderdale Lakes): $186,034 Median Value, 8.1% Increase
- 33023 (Southern Pembroke Pines, central Miramar): $434,230 Median Value, 8:17% Increase
- 33023 (Eastern Miramar, western Pembroke Park, West Park): $434,230 Median Value, 8.49% Increase
Palm Beach County:
- 33460 (Lake Worth Beach): $376,727 Median Value, 4.51% Increase
- 33428 (Boca Winds, Boca Woods Country Club, Sandalfoot Cove, Boca Lago Golf & Country Club): $489,454 Median Value, 4.95% Increase
- 33417 (Western Haverhill, Cypress Lakes, Century Village West Palm Beach, Military Park): $178,810 Median Value, 5.25% Increase
- 33434 (Hamptons at Boca Raton, Century Village at Boca Raton, West Boca): $281,595 Median Value, 5.51% Increase
- 33496 (Broken Sound, The Polo Club, St. Andrews Country Club, The Seasons, Woodfield Country Club, Whisper Walk in Boca Raton): $854,822 Median Value, 8.27% Increase
This data underscores the resilience of the South Florida real estate market, especially in areas like Miami-Dade County, where growth has been robust despite broader economic challenges.
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