Coral Terrace is Miami’s hottest neighborhood, according to a new report from Redfin citing the area’s relative affordability and strong demand.

With a median sale price of $304,000, the Spanish stylings of Coral Terrace homes have become the obvious alternative for buyers unable to afford Miami’s higher-end neighborhoods.

“A lot of people want to live in Coral Gables but can’t afford the homes there, so they are turning to neighborhoods nearby like Coral Terrace, Sunset and Granada,” said Cecilia Cordova, a local Redfin agent.

Sunset and Granada, which Redfin identified as Miami’s No. 2 and 3 hottest neighborhoods, offer a similar respite from the more imposing prices typical of top-quality real estate in Miami, but they’re still pricier than Coral Terrace – particularly Granada, where median sale price is $664,500 (but still more affordable than nearby luxury markets like Coral Gables, which has a median sales price of $887,950).

“In Coral Terrace and Granada you’ll find Spanish-style homes built in the mid-century, which would be much more expensive if they were located just a few blocks away in Coral Gables,” Cordova said, adding that homes in Sunset are generally newer and “have large lots and generous square footage.”

The common denominator among the neighborhoods, which each share an average sale-to-list rate above 95 percent, is easy access to a highway leading to downtown Miami and Brickell. Cordova explained that the artery makes the neighborhoods “attractive to commuters.”

In November, home price appreciation in Miami lead the nation, increasing just over 8 percent year-over-year, which is indicative of the city’s pace of appreciation over the past few years. If strong increases continue, property owners in Coral Terrace, Sunset and Granada could see significant appreciation in the coming months.