Dear neighbors,
Coconut Grove’s real estate market continues its unprecedented climb, marking seven consecutive years of record-high values for both single-family homes and condos.
• Median sold prices have reached new highs.
• Over one-third of single-family homes sold above the $5M mark.
• 19% of resale condos surpassed the $5M price point—excluding new developer sales.
• 65% of all home sales were all-cash transactions.
• 86% of condo sales were closed in cash.
What’s Next for the Market?
Single-family home inventory is expanding modestly, while condo availability is nearly doubling compared with last year, as new luxury towers such as Mr. C Residences and Arbor enter the resale market. Market softening will vary by product type and price point.
Curious about your property’s value? Let’s connect for a confidential evaluation—professional insights matter in a shifting market.
Warm regards,
Isabelle and Alba
Q4 2024 SINGLE-FAMILY HOME MARKET FACTS
• $8,600,000 was the highest sale. This home is located at 3800 Crawford Ave. It was built in 2024 and offers 5,747 sq. ft. of living space on a 8,840 sq. ft. lot. $1,497 / sq. ft. was the sold price. The sale was a cash transaction.
• $829,000 was the lowest sale. The home is located at 3146 Hibiscus St. It was built in 1935 and offers 648 sq. ft. of living space on a 4,400 sq. ft. lot. $1,157 / sq. ft. was the sold price. The sale was a cash transaction.
• 6% is the average discount between the asking price and sold price.
Q4 2024 CONDO RESALE MARKET FACTS
• $8,525,000 was the highest sale. The condo is at “Grove at Grand Bay” located at 2669 S. Bayshore Dr. Built in 2016, it offers 6 bedrooms, 6 bathrooms, and 5,380 sq. ft. of living space. $1,585 was the sold price per sq. ft. The sale was a cash transaction.
• $280,000 was the lowest sale. The unit is situated at “Grove Palms Condos,” 3051 SW 27th Ave. Built in 1997, the property is a one-bedroom condo with 362 sq. ft. of living space.
• 8% is the average discount between the asking price and sold price.
