2024 Pinecrest Real Estate Market Trends & Forecast Q1-Q3

Explore the latest Pinecrest real estate market trends, sales data, and targeted price insights. With expert advice for both buyers & sellers.

Highlights from 2024.

Pinecrest has continued to attract relocating families in 2024, particularly those looking for larger 1-acre lots. In the entry-level market ($1-3M) inventory is down by as much as 50% from last year. Accountable because 1 acre of land is valued now at $3m+. Inventory of homes asking over $5m has risen considerably, especially when you get above $7.5m. Once again new home sales figures are up as these are always a first choice for buyers.

Overall, Pinecrest’s market has most certainly softened and become neutral. Older, less desirable homes are starting to ‘clog’ up the market’s inventory. As of September, 66% of Pinecrest’s inventory has been listed for 100 days or more! Finally, the number of homes that sold in 2024 so far matches the same number that sold last year.

Buyers, Sellers, and Investors advice:

• Buyers should recognize as with other neighborhoods that prime well-finished homes on quiet streets will sell at or above last year’s price per sqft. Prices are expected to continue rising for these homes, especially the new ones.
• Sellers: Older homes on bigger lots that are architecturally useful and sound will see solid appreciation as land becomes worth more, but very old homes with compromised floor plans, low ceilings, and wood structures will be simply viewed as land deals. North Pinecrest homes will continue to be viewed at a completely different level (20% above) to those in South Pinecrest (South of 120th). Pinecrest buyers clearly appreciate the proximity to the best schools as well as centers like Coconut Grove and South Miami or commuting time to Coral Gables or Brickell.
• Investors appreciate that you have more chance of finding land in this neighborhood than compared to Coral Gables. You will be able to buy at a lower price per sqft and sell at a higher price per sqft than most other neighborhoods. This is an excellent neighborhood for developers to focus on.

Commentary on specific transactions and 2025 predictions

9755 SW 60th Ave represents the highest price per sqft ever sold in Pinecrest at $1,670 per sqft. 8900 SW 64th Ct broke records representing the most expensive home ever sold in Pinecrest at $14.3m. Both transactions were in North Pinecrest and are a representation of things to come. Pinecrest will see more new home sales than its counterpart neighborhoods of Coconut Grove and Coral Gables as land is cheaper and more plentiful for developers. Please check out details of these sales and price point-specific stats over the last 9 months here on the neighborhood statistics page.

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