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2024 Coral Gables Real Estate Market Trends & Forecast – Q1-Q3
Explore the latest Coral Gables real estate market trends, in-depth sales data, and targeted price insights, plus expert advice for both buyers and sellers.
Highlights from 2024: Coral Gables, Miami’s largest ‘primary’ single-family home market continues to see strong performance through 2024. Even with a full 30% rise in inventory the availability of newer or renovated luxury homes remains very much choked and well-finished or newer homes have become harder to come by. Inventory is still very much low enough to make this a seller’s market, with median home prices up a full 10% since 2023. The ultra-luxury market ($10M+) saw the number of home sales increase by nearly 300% from last year! (That’s 14 sales up from 5 sales in 2023). With inventory rising this year, more sales have taken place, easing the previously tight 3-4 month supply seen in 2023. The low-range luxury market ($1-$3m) is also up 8%, which is the entry-level price point for Coral Gables homes.
Buyers, Sellers, and Investors Advice:
- Buyers: Act quickly on prime real estate – either new, renovated waterfront or prime gated homes as prices are expected to rise in the face of high demand continually.
- Sellers: Consider selling now if you own property in the $3M – $5M range to capitalize on high demand and rising prices and consider the still low inventory levels.
- Investors: The rental market has remained stable but is not experiencing the same sense of urgency from renters as seen in 2023. Nevertheless, still an excellent market to invest in when considering long-term gains in appreciation.
Commentary on specific transactions and 2025 predictions: A quieter summer with buyers circling but not acting is giving way to action taking. The ultra-luxury market – 365 Arvida represented not only the second highest sale in Coral Gables this year at $23.5m but also the highest price per sqft: $2,473. There are no new homes available for sale in the very high-end market in Coral Gables yet ($20m+). Yet if you drive in Gables Estates today you will see at least 10 new builds going up. Should any of these sell, you will certainly see a breach in the $35m+ home market. The new home market is still very dry with just 6 new homes for sale as of September. Buyers will need to look to Coconut Grove, High Pines, South Miami for optionality. Be prepared to pay a minimum of $1,250 per square foot for these new homes, which are undoubtedly the fastest to sell. The record is currently held by 10840 Old Cutler a superb new home built by our friend Stefano Bali which sold for $17m / $1,900 per sqft. In conclusion, there is no indication of a market correction, and special properties are likely to continue appreciating due to limited supply. For detailed sales data and price-specific statistics from the past nine months, visit the neighborhood statistics page.
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FAQ
These are the most commonly asked Google Real Estate Related questions
1. What are the Current Best New Condos in Miami?
If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023.
2. What is the best New Construction Condo in Fort Lauderdale?
In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.
3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami?
Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!
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