2025 Coconut Grove Condo Market Report | What Buyers & Sellers Need to Know Now

Coconut Grove continues to be one of the most sought-after markets in Miami. It’s location, schools, walkability, greenery, family feel, restaurants and overall organic neighborhood feel continue to bring buyers relocating from out of state and from within Miami. The condo market in Coconut Grove is so unique to other markets in Miami. Coconut Grove is made up of mostly single-family homes with a very limited amount of condos, keeping inventory and optionality very low. In this report we will investigate the number of sales, average price per square foot, absorption rate and average days on the market. With many consistent statistics noted, Coconut Grove continues to be a sure bet on where to live and invest.

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2025 Midyear  Coconut Grove Condo Market Report | Jan – May 2024 vs Jan – May 2025

$1M–$3M: Competitive and Consistent

Market Dynamics The $1M–$3M price range represents the entry point into Coconut Grove’s highly coveted condo market. Unlike other parts of Miami, the Grove is predominantly made up of single-family homes, which naturally limits the number of available condos and keeps supply tight. Despite an overall slowdown in condo sales, demand in this segment remains steady thanks to the neighborhood’s reputation for quality of life, walkability, schools, and a true sense of community. Buyers in this bracket are still active, though more patient due to external factors like high mortgage rates and market uncertainty.

Pricing Trends: This segment has seen double-digit increases in price per square foot, pushing entry-level condos to a starting point of around $1,000 per SF. Even as the broader market softens, Grove condos in this price range are gaining value — a sign of how resilient and desirable the area remains.

Inventory and Buyer Behavior: Inventory in the $1M–$3M range is growing but still balanced, and far healthier than other markets across South Florida. This is due to the extremely limited number of condo buildings in the Grove, which restricts supply. As a result, buyer demand continues to outpace new listings, keeping competition healthy and homes moving at a respectable pace. Median days on market are actually dropping under the $6M mark, showing that condos in this range still attract strong interest when they are well presented.

Negotiability and Selling Strategy: Buyers can generally expect 5–10% flexibility on asking prices, though well-priced and move-in-ready properties can still command full price or even spark bidding. Sellers should be aware that the market is slower than it was in previous years, but a properly staged and priced condo in this range has a strong chance of selling efficiently.

Strategic Advice:

• For Buyers: The $1M–$3M segment in Coconut Grove offers stability that’s rare in the current condo market climate. With mostly newer buildings and strong financials, this area is an exception to the riskier narratives surrounding Miami condos. If you find something that’s well done and fits your needs, act with confidence — quality listings don’t linger.
• For Sellers: You still benefit from strong demand, but presentation and pricing are now critical. With more competition entering the market, the difference between selling and sitting often comes down to how well a property shows and how realistic the pricing is.

$3M–$6M: Premium Activity with Balanced Momentum

Market Overview: Despite broader slowdowns in Miami’s condo market, the $3M–$6M segment in Coconut Grove is showing strong resilience. Inventory in this range has actually decreased, a rare trend in today’s environment. This is largely due to limited supply, high product quality, and continued demand from end users who value Coconut Grove’s lifestyle and stability.

Price per Square Foot: Prices have seen double-digit increases year over year in this tier. Buyers are paying a premium for well-located, well-designed condos in newer buildings. While top-of-the-line units can exceed $3,500 per square foot, most condos in this range hover between $1,500 and $2,500 per foot depending on finishes, views, and floor plans.

Inventory and Activity: Inventory levels are lower compared to other price ranges, and days on market have dropped significantly below $6M. This indicates strong buyer activity and faster decision-making when a product is compelling. Well-finished units that are priced appropriately still command attention and move quickly.

Buyer & Seller Insights

• Buyers in this range should understand that while the market isn’t as frenzied as 2021–2022, desirable condos are still competitive. If a listing checks the boxes, hesitating could mean losing out.
• Sellers with move-in-ready condos are in a strong position, but expectations must be aligned with today’s buyers: value, presentation, and pricing must all match. In this environment, overpriced listings are overlooked.

$6M–$10M: Selective but Strong When Done Right

Market Overview: While this segment represents a niche within an already limited condo inventory, activity in the $6M–$10M range has been one of the few bright spots in terms of sales volume. Despite broader market headwinds, demand remains steady for top-tier residences offering exceptional design, privacy, and unobstructed views. Buyers at this level tend to be highly selective but are still transacting when the product matches their standards.

Price per Square Foot: condos in this range often push $2,500–$3,500+ per square foot, particularly in standout buildings like Park Grove and Mr. C. These numbers reflect a shift in buyer mindset—those spending in this bracket are prioritizing turnkey quality and exclusivity over price sensitivity. We’ve even seen sales approaching $3,800 per foot, setting new benchmarks for the Grove.

Inventory and Activity: This segment carries the lowest number of active listings due to the limited supply of ultra-luxury condos in the Grove. As a result, well-finished units can still move relatively quickly. While the broader market is softening, the high-end Grove market remains stable due to its scarcity and end-user appeal.

Buyer & Seller Insights

• Buyers looking in this range should understand that their options are few. If a unit offers privacy, strong building amenities, and high-end finishes, it’s likely to hold long-term value in a market with extremely limited new supply.
• Sellers with trophy properties that show well and are appropriately priced can still achieve strong numbers. Presentation is critical — even wealthy buyers today are scrutinizing value, and expectations are higher than ever.

$10M+: Ultra-Luxury, Rare and Resilient

Market Overview: This ultra-luxury tier is highly exclusive in Coconut Grove. There are very few condos that reach or exceed the $10M mark, making this segment more symbolic of prestige than volume. Transactions here are rare but meaningful, driven by ultra-high-net-worth individuals who want the best of privacy, views, and location in one of Miami’s most livable neighborhoods.

Price per Square Foot: Condos at this level are achieving top-of-market prices, with some sales nearing or surpassing $3,500 to $4,000 per square foot. These residences are often penthouses or bespoke combinations offering unobstructed bay views, full-service amenities, and designer-level finish packages. The top end of the market pushing closer to $4,000 a foot, with 15A at Park Grove recently closing for $3,800 per foot, staggering numbers.

Inventory & Market Dynamics: This segment suffers from a lack of true supply — only a handful of buildings can deliver a $10M+ experience in the Grove. As a result, listings are extremely limited, and while buyers are selective, they’ll move quickly when the right property becomes available. The market here leans more “wait and watch” due to its exclusivity rather than any economic softness.

Buyer & Seller Insights

• Buyers in this space aren’t looking for compromise — they want privacy, space, service, and long-term investment security. Coconut Grove delivers that in ways other Miami neighborhoods can’t.
• Sellers should focus on flawless presentation. At this level, everything matters — views, materials, flow, and building reputation. A standout unit, properly marketed, can still command peak pricing despite the broader market cooling.

Final Takeaway: The 2025 Coconut Grove Condo Market Report

Over the past decade, Coconut Grove’s condo market has undergone a remarkable renaissance. What once seemed unimaginable — entry-level condos selling around $1,000 per square foot in 2015 — is now the new baseline, with top-tier units pushing close to $4,000 per square foot, exemplified by recent record sales like 15A at Park Grove closing near $3,800 per foot.

Unlike broader Miami trends marked by high inventory and softening demand, Coconut Grove benefits from limited supply, primarily newer buildings with strong financials and a highly desirable lifestyle appeal. This keeps prices firm, days on market low (especially under $6M), and investment outlooks strong for long-term growth.

For buyers uneasy about Miami’s condo market news, Coconut Grove stands out as a safe haven — a market driven by genuine end-user demand, not speculation. For sellers, while the market is slower than peak times, demand remains healthy. Success hinges on presenting well-finished, furnished, and well-priced properties. In today’s competitive landscape, presentation and realistic pricing are key to standing out.

In summary, Coconut Grove’s condo market is a lifestyle market rooted in scarcity and quality, offering sustainable value for both buyers and sellers who understand its unique dynamics.

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