34997 ZIP Code Housing Market
$503,500median sale price
Quick answer: The median home sale price in ZIP code 34997 is $503,500, up 5.3% year-over-year. Homes sell in an average of 93 days with 357 active listings. The market is currently a leaning buyer's.
34997 market data
| Metric | Value |
|---|---|
| Median sale price | $503,500 |
| Median list price | $519,900 |
| Year-over-year price change | +5.3% |
| Average days on market | 93 days |
| Active inventory | 357 listings |
| Sale-to-list price ratio | 96.3% |
| Market condition | Leaning buyer's |
Source: Redfin · Updated weekly
The 34997 zip code, located in Bay Harbor Islands, FL, is currently classified as a leaning buyer's. The median sale price stands at $503,500, representing a +5.3% change year over year. Homes in this area spend an average of 93 days on the market before going under contract. There are currently 357 active listings in the area, which influences how much negotiating power buyers and sellers have.
Understanding zip-code-level data is essential for making informed real estate decisions. City-wide averages can mask significant variation between neighborhoods, and the 34997 market may perform differently from surrounding areas depending on local school quality, proximity to employment centers, and housing stock characteristics. The metrics below are sourced from Redfin transaction data, Zillow home value estimates, and U.S. Census Bureau demographic statistics.
Homes sold
204
Last 12 weeks
Days on market
93
Average pace
Active listings
357
Sale-to-list
96.3%
Below asking
Market trends
Market analysis for 34997
The 34997 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a leaning buyer's, homes are selling at approximately 96.3% of their listed price.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 34997 have increased +5.3% compared to last year, suggesting continued demand and potential for further appreciation. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 34997 stands at $424,457, which represents Zillow's estimate of the typical home value in the area. The Zillow Observed Rent Index (ZORI) indicates typical rents of $2,083 per month. This gives a price-to-rent ratio of approximately 17.0, which sits in a moderate range where the buy-versus-rent decision depends heavily on individual financial circumstances and time horizon. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Community profile
Population
47,075
Median income
$78,136/yr
Median age
53.2 years
Owner-occupied
8090.0%
College grads
3157.0%
Avg commute
26.7 min
Living in 34997
Zip code 34997 is home to approximately 47,075 residents. The median household income is $78,136 per year, which shapes the types of homes and amenities available in the area. With a median age of 53.2 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 8090.0% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 3157.0% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 26.7 minutes, which is close to the national average. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 34997.
Frequently asked questions about 34997
What is the median home price in 34997?
The current median sale price in 34997 is $503,500, based on recent Redfin transaction data. Prices have changed +5.3% compared to last year. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 34997 a buyer's or seller's market?
The 34997 zip code is currently classified as a leaning buyer's. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population and demographics of 34997?
Zip code 34997 has a population of approximately 47,075 residents. The median household income is $78,136 per year. About 8090.0% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 34997?
Properties Incorporated provides comprehensive data for 34997 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 34997 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually.
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