State of the Market: Shenandoah
Shenandoah is one of the oldest neighborhoods in the city of Miami. It’s roughly a square of land between Brickell & SW 27th Ave, south of Calle Ocho and north of Coral Way. Due to it’s being smack dab in the middle of the Grove & Brickell, it’s always been a popular neighborhood for buyers that want to be in the middle of the action but a little more space that condo living can provide. Here’s a look at the state of the real estate market in Shenandoah:
A Look at the Numbers
There are roughly 5,000 households in Shenandoah, and due to the age of the neighborhood (it was founded in 1919 by developers from Virginia, thus the name Shenandoah) the homes are on the smaller side than more modern homes, with the average around 1,500 square feet.
Over the past five years, the average number of homes sold in Shenandoah per month has ranged from just under 20 to just over 60. So far in 2024, the number of homes sold has bounced between 30 and 40 per month.
The median days a home in Shenandoah has spent on the market since 2019 has typically ranged between 40 and 80 (besides a spike in early 2023 to 100 days), and right now it’s hovering right around the middle of that range at 60.
The median sale price is hovering around $870k, equating with the median sale of $587 per square foot.
Expectations for Buyers, Sellers, & the Future
As Miami-Dade County is roughly the size of Delaware with more than 2.6 million residents, it’s important to remember that while Countywide metrics are worth looking at, even individualized neighborhood data doesn’t necessarily paint an accurate picture of what’s happening or what will happen to the real estate market.
In the end, for a specific property, we need to look at the few blocks surrounding it and the similar properties in the neighborhood. For the example of Shenandoah, there is a mix of older homes from the original development of the neighborhood a century ago and new ground-up builds from homeowners that want the American dream right in the heart of the city, so the median home sale data doesn’t explain what is happening at both sides of the Shenandoah real estate market.
Sellers should identify their main objective – either to get the highest price possible or to sell quickly. The Kern Team can work with you to determine where your home fits into the comp sales and set your list price appropriately – and then build a strong marketing campaign to get the word out and find the right buyer.
