Home hunting below $200,000? These Miami-Dade areas have cheapest prices

Rebecca San Juan
·4 min read
11

It might feel like mission impossible to buy a home on a budget in Miami-Dade County, given the community’s hot real estate market over the past three years.

The Miami Herald identified five areas with the lowest median sales prices in Miami-Dade for 2022, based on data gathered by Analytics Miami founder and real estate market analyst Ana Bozovic and the Multiple Listing Service. Bozovic compiled all sale closings for single-family houses and condominiums between January 2022 and December 2022 and determined the sales price for each ZIP code in the county.

Miami-Dade’s condo market offers the best deals in North Miami, North Miami Beach, Little River, Miami Gardens and Ives Estates. North Miami’s condo inventory had the lowest sales price of $146,000. The prices in these neighborhoods for condos fell between 52% and 61% below the county’s December median sales price of $374,500 for condos.

“Demand is still there,” said Liz Hogan, a real estate agent with Compass. “I don’t see a slowdown in those neighborhoods at all, because it goes back to affordability. Those neighborhoods are affordable.”

The city of North Miami borders Miami Shores. It is home to the Museum of Contemporary Art (pictured), Barry University and the elite private school Miami Country Day School.
The city of North Miami borders Miami Shores. It is home to the Museum of Contemporary Art (pictured), Barry University and the elite private school Miami Country Day School.

The frenzy of homebuying calmed by the end of last year compared to 2021, but demand remains strong. Real estate experts predict prices will stay steady in the coming months for the overall Miami-Dade housing market.

Still, middle-class buyers on a budget might want to move fast. Similar to areas with the lowest rents, availability remains the tightest for places with the cheapest home prices. As a whole, Miami-Dade only has 321 listings for condos below $200,000 as of January, an 89% drop from the 2,792 listings below $200,000 in January 2019 prior to the pandemic.

“It is going to be a real scramble for (homes at) these prices,” Bozovic said. “Inventory at lower price points have really plummeted.”

Here’s the rundown where residents can find the cheapest houses or condos in Miami-Dade; they are listed from areas with the least costliest condo prices to most expensive:

▪ 1. North Miami

Median sales price condo: $146,000 (ZIP code 33161)

Median sales price single-family house: $601,800 (ZIP code 33161)

North Miami has 59,229 residents and a median household income of $44,283, according to census data. The city is a 15-minute drive from North Miami Beach and borders Miami Shores. Tourists and locals flood into the neighborhood for the Museum of Contemporary Art North Miami.

▪ 2. North Miami Beach

Median sales price: $149,950 (ZIP code 33162)

Median sales price single-family house: $465,000 (ZIP code 33162)

North Miami Beach has a population of 42,507 and a median household income of $52,223, according to Census figures. The city is adjacent to Interstate 95 and across from the oceanfront Sunny Isles Beach. The star attractions include The Ancient Spanish Monastery, Greynolds Park and Oleta River State Park, where visitors can canoe, fish or bike.

▪ 3. Little River

Median sales price: $158,000 (ZIP code 33150)

Median sales price single-family house: $413,500 (ZIP code 33150)

Just beyond Little Haiti sitting along the riverbank, one of Miami’s oldest neighborhoods is experiencing a commercial revival. Little River is loosely bordered by Northwest 86th Street in El Portal to the north, Biscayne Boulevard to the east, Northwest 74th Street in Little Haiti to the south and Interstate 95 to the west. The Census Bureau has yet to report the neighborhood’s population and median household income. The blossoming retail scene has boosted interest in the neighborhood’s residential options.

▪ 4. Miami Gardens

Median sales price: $175,000 (ZIP code 33169)

Median sales price single-family house: $425,000 (ZIP code 33169)

Miami Gardens has 110,867 residents and a median household income of $51,067. The Sunshine State Arch welcomes visitors into the area when they arrive off of Florida State Road 826. The Hard Rock Stadium is the neighborhood’s most popular attraction. Home to the Miami Dolphins, the stadium also hosts a variety of concerts and events throughout the year.

▪ 5. Ives Estates

Median sales price: $180,000 (ZIP code 33179)

Median sales price single-family house: $590,000 (ZIP code 33179)

Ives Estates sits on the border of Miami-Dade and Broward, right on the edge of Hallandale Beach and Interstate 95. In addition to easy access to the highway, the community has its own park called Ives Estates Park.