General Trends in Coral Gables Real Estate (2023):

General Trends in Coral Gables Real Estate (2023):

The real estate market in Coral Gables is typically robust, driven by its prestigious reputation, top-tier schools, and proximity to key business and cultural hubs.

1. Median Home Prices:

   • In Coral Gables, the median home price has seen significant increases in the past few years due to the area's desirability. The median price for single-family homes in Coral Gables was around $1.5 million to $2 million in 2023, depending on location and property size.
   • Luxury properties and waterfront homes can command prices of $5 million or more, especially in exclusive neighborhoods near Biscayne Bay.

2. Market Activity:

   • The market remained competitive with strong demand, especially for well-located, move-in-ready homes and properties with historical or architectural significance.
   • Due to low inventory in many areas of Coral Gables, homes were selling relatively quickly, with many listings seeing multiple offers above asking price.

3. Condo Market:

   • Coral Gables also has a range of high-end condos and townhomes, particularly around the downtown area, with prices varying significantly based on size, location, and amenities. Condos in Coral Gables had a median price around $500,000 to $800,000 in 2023.
   • The luxury condo market, particularly in newer developments, could exceed $1 million or more.

4. Rental Market:

   • Rental demand in Coral Gables was also strong, with rental prices for single-family homes averaging between $4,000 to $7,000 per month for standard homes, while larger luxury homes could demand much higher rents.
   • For apartments and condos, rental prices ranged from $2,500 to $5,000 per month for standard 2-bedroom units, with luxury apartments fetching higher rents.

5. Days on Market (DOM):

   • Homes in Coral Gables often sold within 30 to 60 days of listing, though more desirable properties with competitive pricing could sell in less than 30 days.

6. New Construction:

   • The construction of new luxury homes and condo buildings in Coral Gables has been a key trend, catering to high-net-worth buyers seeking modern amenities and contemporary designs.

Key Factors Driving the Market:

• International Buyers: Coral Gables continues to attract international buyers, particularly from Latin America and Europe, which has added to demand.
• Interest Rates: The real estate market was somewhat impacted by interest rate hikes in 2023, which made mortgages more expensive. This slightly slowed the pace of growth but did not significantly dampen demand for luxury properties.
• Desirable Location: Proximity to major cultural and business hubs in Miami, as well as to beaches, has kept Coral Gables an attractive choice for high-end buyers.

Local Market Resources:

For the most current data, consider looking at:

• Miami Association of Realtors: They publish regular market reports and data specific to Miami-Dade County, including Coral Gables.
• Zillow, Realtor.com, Redfin: Online real estate platforms offer current listings, market analysis, and trends.
• Local Agencies: Real estate firms like Coldwell Banker, EWM Realty, and Douglas Elliman offer updated market reports and insights into Coral Gables.

If you're interested in a more specific snapshot (e.g., waterfront homes or condos), I can dive deeper into that area.