State of the Market: Coral Gables

Always in demand, the Coral Gables real estate market remains strong. The proximity to all of Miami-Dade County while having quiet tree-lined streets is just one of the reasons why. 

While no one knows what the future holds, there is a long list of people who want to live in the Gables. 

Inventory and Sales

December 2024 was a neutral market, with 173 units available for sale. That’s 4.9 months’ worth of inventory, which is fairly close to the 6-month threshold that indicates a healthy market. 

After taking a brief dip towards the end of the year, sales climbed back up to 35 units sold in December 2024, which is a little higher than average for Coral Gables. 

Compared to this time in 2023, there’s 19.3% more homes for sale, and 21.2% more sales taking place. Like we said, the Gables only seems to be getting more popular every year. 

Homes in Coral Gables are also spending an average of 89 days on the market. That’s slightly above average, in line with the amount of inventory available. 

Housing Prices in Coral Gables

Much like sales, the median sale price in Coral Gables dipped in September 2024 and has since climbed back up to $1.4 million.

The sale-to-list price in the Gables is sitting at 93.3% (so homes are tending to sell 6.7% lower than their asking price). 

The prices these houses are actually selling for, on the other hand, is a different story. In December of 2024, the median price per square foot came in at $742.  

It’s worth mentioning that the median price sold was up and down like a yo-yo for much of 2024, moving between $1m and $1.8m month by month.

What This Means for Buyers and Sellers

To recap, prices are still high compared to where they were in 2019, sales are going up, and there’s plenty of inventory available. Though we’re not technically in a buyer’s market just yet, the buyer currently holds a pretty sizable advantage in Coral Gables. So, now might be a good time to put down an offer on a home, or at least start shopping around. 

If you’re looking to buy a home in Coral Gables, the award-winning Kern Team is here to help. We specialize in this specific area, so we know what a good price looks like in a neutral market. Get in touch with our team today and let’s capitalize on this opportunity to secure a moderately-priced home in a highly desirable area.