What Miami City is Tops in Home Sale Price?
Miami Beach and Key Biscayne, the waterfront cities, are topping the charts in sales price. No surprise here. Properties with ocean or bay front views are the sizzlers – always.
Take a look at the chart comparing these two cities with the other hot spots, Coconut Grove, Village of Pinecrest and Coral Gables. The average sale in Miami Beach truly sits at the pinnacle with an average sale price of $8,692,005 and an average price per square foot (ppsf) of $1,970. Key Biscayne follows but is a much smaller community of homes on predominantly small lots.
The Wild Side
Coconut Grove, Pinecrest and Coral Gables are closely matched in average sale price but notice the ppsf of the Grove at $1,227. It’s up there! This is a raging hot neighborhood, with low inventory. I love selling in the Grove. Families moving to Miami love its jungly forested vibe in close proximity to everything.
The Manicured
Don’t like the wild ones? These families adore the Gables for its more pristine, polished look and feel. Coral Gables also has a significant number of waterfront homes but many of these are aging and need renovation. Here’s a great comparison of the Grove and Gables.
The Acreage
Then there’s the families looking for privacy, land, great schools and a more rural feel and they flock to Pinecrest. The Village is clearly a better deal per square foot at $898 and Pinecrest retains value. Lots of ultra luxury estates are being built on acre lots. For a deeper dive into the neighborhoods in South Miami Dade County check out this home buying guide.
The Fast Sell
South Miami’s fast turn around in sales is no surprise with the average home selling in 63 days. This charming city is insanely popular with a much lower average sale price and ppsf. It’s a great location with homes on small lots, many of which are being raised for new construction.
The Best Deals
Palmetto Bay is, without a doubt, the best deal. This is starter home heaven. Homes are vanilla ranch style, but after major renovation, are very desirable . They are 3-4 bedrooms, 2.5 baths with 2-car garages and pools on generous lots. Schools are quality too. The average sale price in Palmetto Bay reflects many purchases needing renovation.
These are my top six neighborhoods for buying and selling in Miami. If your upsizing, downsizing or moving from another state or country, it is my pleasure to help familiarize you witht the inventory and make your move smooth and easy. Contact me here.
