State of the market: Coral Gables
Coral Gables is one of two zip codes that saw Miami’s highest jumps in typical home values compared to just a year ago. Coral Gables homes saw a 14% increase in their typical home values compared to last year. The only other zip code in Miami-Dade County to see the same jump was Homestead, bookending the entirety of the market County-wide.
Coral Gables home prices
The median listing home price is at $1,091 per square foot, though this will probably net you a well-maintained home rather than a new build or a home on a large lot. In June 2024, the median sale price was at $1,798.
How quickly are homes selling?
Coral Gable homes had an average of 67 days on the market in June 2024. That’s an 8.1% increase compared to the same time last year (June 2023) as homes spent an average of 62 days on the market.
Long term Coral Gables forecast
There’s an increase in price and inventory in the Miami-Dade County area. These prices are surging due to a growing population and limited supply. Combine this limited inventory with job growth (Miami is the sixth hottest job market right now) and in-state migration, you have a recipe for rising home prices.
But rising home prices doesn’t mean it’s strictly a buyer’s market. Rising list prices may cause homebuyers to hesitate when looking at properties. If you’re curious about the value of your property, or if you’re looking to relocate to Coral Gables, get in touch with the Kern Team today. Our team of industry-leading real estate professionals can help you find the right spot so that you can make Coral Gables, or any other neighborhood in Miami, your new forever home.
