2024 Key Biscayne Real Estate Market Trends & Forecast Q1-Q3

Dive into the latest Key Biscayne real estate market trends complete with expert advice for buyers and sellers.

Highlights for 2024.

Key Biscayne home sales are up by around 20% from 2023. With more purchases happening we have also seen the most significant price per sqft rise from last year’s figures and a drop in months of inventory. A numberof the most expensive homes sold were direct bay front and transacted around the $20m mark. New and newer homes remain like most other neighborhoods in extremely short supply.

Price reductions from the asking price to the final sale price have decreased to around 5.5% and days on the market have dropped as well. Key Biscayne is most certainly having a surge this year. With that said over-confidence CANNOT set in and we see several luxury properties right now that are languishing on the market.

Advice to Buyers, Sellers, and Investors advice

• Buyers: focus on the newer homes to avoid insurance issues. Recognize the lack of inventory but use us to help you make offers in line with market figures.
• Sellers: do not rely on gaining buyers from the local island market. Bring in a strong realtor who can pull buyers from out of state like DSG!
• Investors: Key Biscayne is really not an investor market so I have little to say to this group.

Commentary on specific transactions and 2025 Predictions

With over five listings currently priced above $20 million and the recent sale of 398 Harbor Drive for $19.25 million, primarily for its land value, it’s likely that we could see some $30 million sales on the horizon. The highest price per sqft recorded came last year when I sold 470 Matheson which has yet to be truly beaten. We predict that Key Biscayne can and will see some new record sales within the next 12 months. I know of a sale which I ‘off market brokered’ and this will represent the highest price per sqft sold for a dry lot home closing in the next 3 months.

Show me Current Inventory
Show me the Key Biscayne Analytics Page where I can see actual sales and specific price point data.

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