Miami Market Analysis: Pinecrest

Pinecrest, Florida continues to be a highly desired market in the Miami-Dade County. This makes sense as Pinecrest is centrally located with oversized lots, a mature canopy, and close access to some of the County’s (and Country’s for that matter) best schools. Quiet streets and easy access to everywhere in Miami-Dade is a rare combination. 

As of March 2024, Pinecrest may be a market in transition. Prices have been way up since 2019 and available inventory has stayed low, but the frothiness of the 2021 market seems to have subsided. 

Pinecrest Home Prices

As of March 2024, the average price per square foot for Pinecrest single family homes was at $812. This is up 36.7% from the same time last year, in March 2023. In March 2024, the average for sale price was $6.44 million, a 24% increase from March 2023. The number of homes closed in March 2024 was 19 units, up 72.7% from last month and up 46.2% compared to the same time last year. 

How quickly are homes selling in Pinecrest?

For March 2024, homes in Pinecrest have spent an average of 77 days on the market. This is in line with 2023, when homes regularly spent 70 days on the market. 

What does this mean for future home prices in Pinecrest

Anyone that claims to know the answer is just guessing. The market shifts because of a myriad of factors including net migration into town, interest rates, and the current inventory of homes on the market (among countless others). 

And the market in Miami-Dade shifts neighborhood by neighborhood. If you would like an analysis of your home, please feel free to reach out. And if you’re in the Miami area or looking to relocate to the Miami area, the Kern Team is available to make your transition as smooth and successful as possible. If you have any questions on the state of the Pinecrest market, or any Miami neighborhood, give us a call.