Is Key Biscayne, 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, Key Biscayne was a Seller's Market.
Housing Prices in Key Biscayne, FL
How much do homes in Key Biscayne, FL cost?
Median Sold Price
$1,568,750
$907/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Key Biscayne was $1,568,750 in May 2024, up 9.1% from last year, and the median price per square foot was $907.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $526.5K | $585.8K | +11.3% |
2 Bedrooms | $1.0M | $1.2M | +14.3% |
3 Bedrooms | $2.6M | $2.3M | -12.3% |
4 Bedrooms | $3.6M | $3.1M | -14.4% |
5+ Bedrooms | $6.4M | $4.3M | -33.1% |
Summary: Key Biscayne housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 12.3%, 4 bedroom homes decreased by 14.4%, and 5+ bedroom homes decreased by 33.1%.
Housing Supply in Key Biscayne, FL
How many homes are available in Key Biscayne, FL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
173 | 172 | -0.6% |
Summary: The Key Biscayne real estate market had 172 homes for sale in May 2024, a 0.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 14 | 11 | -21.4% |
2 Bedrooms | 71 | 74 | +4.2% |
3 Bedrooms | 43 | 41 | -4.7% |
4 Bedrooms | 24 | 25 | +4.2% |
5+ Bedrooms | 21 | 21 | 0.0% |
Summary: The Key Biscayne housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 21.4%, 2 bedroom homes increased by 4.2%, 3 bedroom homes decreased by 4.7%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
29 | 20 | -31.0% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 20 homes were sold or pending in Key Biscayne in May 2024, down by 31.0% month-over-month. Of the 20 sold homes, 85% were sold under asking, 10% were sold at asking, and 5% were sold over asking.
Days on Market for Key Biscayne, FL
How long does it take to sell a home in Key Biscayne, FL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
74 Days | 108 Days | +46.0% |
Summary: Homes in Key Biscayne had an average of 108 days on market in May 2024, up by 46% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During May 2024, 20 homes were sold in Key Biscayne; 30% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.