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Miami’s median home value rose by 7% year over year, per report

A new report by Zillow

A for-sale sign is seen in front of a home in Miami,
A for-sale sign is seen in front of a home in Miami,
Photo by Joe Raedle/Getty Images

Miami’s median home value rose by a little more than the national average year over year, according to a new report by Zillow, which crunched the numbers across the nation’s largest metro areas.

Nationally, home values rose 6.5 percent over the past year, correlating to a Zillow Home Value Index of $203,400. In Miami, the median home value rose 6.8 percent to $259,200, which equates to a $16,400 increase. Meanwhile, inventory decreased by about 1 percent.

The same study found median rents across the nation rose 2.2 percent to $1,432 per month while Miami rents decreased 1.5 percent to $1,848 per month.

The metro with the biggest increase in terms of home value is San Jose, which experienced a significant 12.3 percent spike year over year that equates to a whopping $118,200 climb. Seattle (11.7 percent) and Las Vegas (11.2 percent) closely followed at second and third, respectively.

The data for the 12 largest metros is below followed by a graph showing Miami’s median home value over the years.