Is Coral Gables, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Coral Gables was a Seller's Market.
Key Takeaway
Coral Gables is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Coral Gables, FL
How much do homes in Coral Gables, FL cost?
Median Sold Price
$1,050,000
$684/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Coral Gables have sold for 4.5% less than they did a year ago.
Summary: The median home sold price in Coral Gables was $1,050,000 in May 2024, down 4.5% from last year, and the median price per square foot was $684.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $322.5K | $360K | +11.6% |
| 2 Bedrooms | $620K | $660K | +6.5% |
| 3 Bedrooms | $1.3M | $1.3M | +3.8% |
| 4 Bedrooms | $1.9M | $2.0M | +3.9% |
| 5+ Bedrooms | $4.2M | $3.6M | -15.2% |
Summary: Coral Gables housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.6%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 15.2%.
Median Sold Price Compared To Nearby Cities
| Kendall-Palmetto Bay | $697.9K | $791.2K | +13.4% |
| Miami | $501K | $549.9K | +9.8% |
| South Miami | $910K | $985K | +8.2% |
| Pinecrest | $2.0M | $2.1M | +7.5% |
| Coral Gables | $1.1M | $1.0M | -4.5% |
Housing Supply in Coral Gables, FL
How many homes are available in Coral Gables, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 408 | 444 | +8.8% |
Summary: The Coral Gables real estate market had 444 homes for sale in May 2024, a 8.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 54 | 56 | +3.7% |
| 2 Bedrooms | 82 | 84 | +2.4% |
| 3 Bedrooms | 103 | 121 | +17.5% |
| 4 Bedrooms | 70 | 79 | +12.9% |
| 5+ Bedrooms | 99 | 104 | +5.1% |
Summary: The Coral Gables housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.7%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 5.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 55 | 60 | +9.1% |
Asking Price vs. Sold Price
42 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Coral Gables, you may be able to get a good deal. 70% of homes here sold below asking price last month.
Summary: A total of 60 homes were sold or pending in Coral Gables in May 2024, up by 9.1% month-over-month. Of the 60 sold homes, 70% were sold under asking, 22% were sold at asking, and 8% were sold over asking.
Days on Market for Coral Gables, FL
How long does it take to sell a home in Coral Gables, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 66 Days | 57 Days | -13.3% |
Summary: Homes in Coral Gables had an average of 57 days on market in May 2024, down by 13.3% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Coral Gables are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 60 homes were sold in Coral Gables; 42% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
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