Comparison of 2023 Home Sale Prices in the Hottest Miami Neighborhoods

Which Miami neighborhood is the hottest? Despite rising sea levels, Miami Beach ranks #1 with an average sale price of $5,780,604.

Key Biscayne and Miami Beach, selling the majority of waterfront properties, are always neck and neck for the top spot in average sale price and average sale price per square foot (SP/SF). Both fetched over $1,300 a SF in 2023.

Coconut Grove and Pinecrest had comparable average sale prices at just under $3 million. But the Grove’s average SP/SF was considerably higher at $948 vs $756 in Pinecrest.

Coral Gables has such varying price points from waterfront estates to small 1950’s 3 bedroom homes, that it truly needs to be evaluated by sections. But it averaged $837/SF.

Palmetto Bay and South Miami,  the most affordable of the seven neighborhoods continue to see rising prices.  South Miami is super popular, being centrally located to all the communities except Key Biscayne.  It has a bounty of small homes on small lots that are primed for reno.  And it’s a very walkable neighborhood to great restaurants and shopping in town.  The average sale price per square foot is $619, up quite a bit over the last few years.

Palmetto Bay , with quite a different vibe, is super hot.  With it’s practical one-story ranch homes, descent floor plans, ample closets, good square footage, spacious  lot sizes, pools and 2-car garages, these vanilla homes just need updating for today’s family lifestyle. And it’s a great school district. List a home in Palmetto Bay, price it right, and it flies off the market.

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