Shenandoah Miami Real Estate: 2021 Year in Review

151 homes sold in Shenandoah in 2021, more than in any year since at least 2016, and nearly every measure of demand hit a high. Total sales volume jumped 58% to $97.3 million. The median sale price rose 23.7% to $605,000, the first time it topped $600,000, and the median price per square foot rose 12.1% to $361. Prices climbed at about the same pace as across Miami-Dade County, where the single-family median rose 23.1% to $495,000.

The fuel was historically cheap money and a wave of new arrivals. Thirty-year mortgage rates opened the year at a record low of 2.65% and stayed near 3% for most of it, while the Federal Reserve held its benchmark rate near zero. Remote work and the pandemic brought buyers from New York, California and the Northeast to South Florida, and Miami’s growing reputation as a home for finance and tech companies added to the momentum. Many of these newcomers who wanted to be close to Brickell and Downtown, but didn’t necessarily want condo living, started exploring the residential neighborhoods nearby, such as Coconut Grove, The Roads and Shenandoah. The Surfside condominium collapse in June only reinforced that preference for single-family homes.

Buyers had to move fast. The median home sold in just 28 days, down from 42 in 2020, and 42% of sales closed at or above asking, up from 24%. Only a quarter of sales needed a price reduction, and the typical home sold at 97.5% of its original list price. Even with 182 homes listed for sale, the most of any year in our data, inventory was absorbed quickly: roughly three months of supply, the tightest market since at least 2016.

2021 was also the year Shenandoah crossed the million-dollar threshold. Seven homes sold for $1 million or more, after none in the five years before. The highest sales were 1441 SW 11th Terrace, a 1924 home that sold in September for $1,300,100, and 1804 SW 16th Avenue at $1,300,000. Featured below are two homes I represented in 2021: 1890 SW 11th Street, which sold in February for $595,000, and 1130 SW 23rd Avenue, one of those seven million-dollar sales, which closed in December for $1,050,000.

It was a milestone year for the neighborhood itself, too. In January, the Miami Shenandoah Neighborhood Association organized a neighborhood trash walk, bringing together neighbors and elected officials to make our streets cleaner while following COVID safety protocols. In April, after five years in the making, the Beautification Committee of the Miami Shenandoah Neighborhood Association placed 10 neighborhood markers at key locations throughout Shenandoah. And in October, I attended the groundbreaking ceremony for the new pool and park improvements at Shenandoah Park, a major investment in our neighborhood.