According to real estate website, Zillow.com, Miami Springs home values have decreased by 21.4% in the last year. The current average home is indexed at $218,300. That`s down nearly 200 thousand dollars from the peak in 2006 when Miami Springs home prices were indexed at over $410,000.
On the positive side, the free fall seems to have slowed down, if not entirely stopped. If you have the money and / or financing, it`s an amazing time to get into Miami Springs right now. But that`s no consolation for folks who have seen their home values drop like a rock thrown into the Miami canal.
Miami Springs is not alone.
Zillow.com also reports a 31% decrease in neighboring Virginia Gardens and a 28% drop in Hialeah.