2024 Coconut Grove Real Estate Market Trends & Forecast Q1-Q3

Highlights from 2024.

A focal neighborhood for relocating families from New York, California, and other states, which like Coral Gables has also seen a slowdown of migration largely due to limited space in private schools. In 2023 we saw many existing homeowners resistant to selling due to high interest rates and few alternatives. In 2024 even though inventory appears to have risen, there is still limited ‘quality’ inventory. The market is closer to a ‘neutral’ position but I would conclude that it is a ‘seller’s market’ for sellers of newer or well-renovated homes. We did see more sales in 2024 compared to last year and the median price rose significantly as did the top dollar per sqft. Inventory dropped slightly and average discounts also dropped.

Buyers, Sellers, and Investors advice

• Buyers should be aware that quality inventory remains tight but if you are happy with an older home your power of negotiation is strong. Any drop in interest rates will most certainly result in an uptick in sales and competition, so better to ‘marry the house date the mortgage’.
• For sellers, it is important to recognize that the new and remodeled homes will continue to sell well but homes in need of work will have a much harder time and need to be priced in line with sales from the last 6 months.
• Investors: Extremely high rental asking prices of 2023 have given way to more balance as rental demand softens. More renters are turning into buyers as they see the need to step on the property ladder before they get out-priced from the market. Land options continue to be sparse and land buyers should look to other neighborhoods like Pinecrest and South Miami as alternatives.

Commentary on specific transactions and 2025 predictions

3849 Leafy Way represented the highest dry lot price per sqft in Coconut Grove at $2,150 per sqft, this was on account of its superb location and unusual lot size. 3834 Park Ave was the most expensive dry-lot home to sell. Selling for $14.3m. 3080 Munroe was a direct bay front estate and the most expensive waterfront home to sell at $33.5m (a considerable drop though from the original ask of $50m). Currently, an estate at 3585 Anchorage Way is for sale at $135m which represents the most expensive home to ever hit the Coconut Grove market! I predict in 2025 that luxury and new home products will remain very limited. More older homes will ultimately give way to continued new developments. When interest rates drop again we we will see another surge of buyers in the $2-$5m range which has experienced a slowdown over the last year. Please see details of these sales and price point-specific stats over the last 9 months on our neighborhood statistics page.

• Current Inventory
• Show me the Coconut Grove Analytics Page where I can see actual sales and specific price point data.