State of the Market: Pinecrest

Pinecrest is one of our favorite neighborhoods. You’ll find many mid-century ranch homes on large lots and gorgeous natural scenery plus some of the most stunning mansions in Miami-Dade. Just north of Palmetto Bay and only about 20 minutes from downtown Miami, there’s a reason leafy Pinecrest is so in-demand: it is great for young families (boasting fantastic schools) and those that are looking for a little space to spread out while still being close to it all.

Great Opportunities for Buyers

The end of 2022 saw more homes on the market in Pinecrest than we’ve seen in years. However, the price per square foot is up – the average at the end of 2022 was $868 in Pinecrest. Price per square foot has since settled back in to the $700’s during the first quarter of 2023.

The average days on the market are up as well, so buyers will have a little more time to shop around before making their offers. However, don’t expect to find any major bargains here. Asking prices are holding for current listings, and sold prices reflect that they are still well within the current market value.

What Does it All Mean?

Sellers in Pinecrest love their neighborhood as much as the buyers hoping to move into the area. In fact, we see many people sell and buy in Pinecrest again, so your neighbors might be your best buyers! Appreciating prices show that even in a transitioning market the demand for the right property is still high. Sellers should overall be patient and confident in their asking prices.

While no one knows what is next with our  market, expecting interest rates to stay up above their levels from pre-2021 seems realistic. This could change the profile of many buyers in Pinecrest and should be considered when marketing your property. If you’re in the market to buy or sell a home in Pinecrest let’s chat! Give us a call – we’re here to help!