Is Coral Gables, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Coral Gables is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Coral Gables was a Neutral Market.

Key Takeaway

Coral Gables is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Coral Gables, FL

How much do homes in Coral Gables, FL cost?

Median Sold Price

$1,100,000

$672/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$32,968(+3.1%)

Key Takeaway

Homes in Coral Gables have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Coral Gables was $1,100,000 in February 2024, up 3.1% from last year, and the median price per square foot was $672.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $299K$342.5K
+14.5%
2 $590K$675K
+14.4%
3 $1.2M$1.3M
+10.0%
4 $1.9M$2.0M
+2.1%
5+ $4.2M$3.9M
-5.7%

Summary: Coral Gables housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.5%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes decreased by 5.7%.

Median Sold Price Compared To Nearby Cities

South Miami
+10.7%
Kendall-Palmetto Bay
+8.7%
Miami
+6.9%
Coral Gables
+3.1%
Pinecrest
+3.0%

Housing Supply in Coral Gables, FL

How many homes are available in Coral Gables, FL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
347419+20.7%

Summary: The Coral Gables real estate market had 419 homes for sale in February 2024, a 20.7% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 3754
+45.9%
2 6977
+11.6%
3 92111
+20.7%
4 6179
+29.5%
5+ 8898
+11.4%

Summary: The Coral Gables housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 45.9%, 2 bedroom homes increased by 11.6%, 3 bedroom homes increased by 20.7%, 4 bedroom homes increased by 29.5%, and 5+ bedroom homes increased by 11.4%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3538+8.6%

Asking Price vs. Sold Price

30 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Coral Gables, you may be able to get a good deal. 78.9% of homes here sold below asking price last month.

Summary: A total of 38 homes were sold or pending in Coral Gables in February 2024, up by 8.6% month-over-month. Of the 38 sold homes, 79% were sold under asking, 16% were sold at asking, and 5% were sold over asking.

Days on Market for Coral Gables, FL

How long does it take to sell a home in Coral Gables, FL?

Average Sale Time

Feb 2023Feb 2024CHANGE
70 Days59 Days-15.5%

Summary: Homes in Coral Gables had an average of 59 days on market in Feb 2024, down by 15.5% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

16 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Coral Gables has remained consistent over time.

Summary: During February 2024, 38 homes were sold in Coral Gables; 37% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

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