Is Key Biscayne, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Key Biscayne was a Seller's Market.
Key Takeaway
Key Biscayne is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Key Biscayne, FL
How much do homes in Key Biscayne, FL cost?
Median Sold Price
$1,556,250
$898/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Key Biscayne have sold for 5.9% more than they did a year ago.
Summary: The median home sold price in Key Biscayne was $1,556,250 in April 2024, up 5.9% from last year, and the median price per square foot was $898.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $497K | $585.8K | +17.9% |
| 2 Bedrooms | $1.0M | $1.1M | +7.7% |
| 3 Bedrooms | $2.5M | $2.2M | -11.4% |
| 4 Bedrooms | $3.5M | $3.1M | -13.0% |
| 5+ Bedrooms | $4.9M | $6.1M | +25.5% |
Summary: Key Biscayne housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes increased by 7.7%, 3 bedroom homes decreased by 11.4%, 4 bedroom homes decreased by 13%, and 5+ bedroom homes increased by 25.5%.
Housing Supply in Key Biscayne, FL
How many homes are available in Key Biscayne, FL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 185 | 182 | -1.6% |
Summary: The Key Biscayne real estate market had 182 homes for sale in April 2024, a 1.6% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 17 | +6.3% |
| 2 Bedrooms | 69 | 72 | +4.3% |
| 3 Bedrooms | 44 | 41 | -6.8% |
| 4 Bedrooms | 28 | 26 | -7.1% |
| 5+ Bedrooms | 28 | 26 | -7.1% |
Summary: The Key Biscayne housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.3%, 2 bedroom homes increased by 4.3%, 3 bedroom homes decreased by 6.8%, 4 bedroom homes decreased by 7.1%, and 5+ bedroom homes decreased by 7.1%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 23 | 27 | +17.4% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Key Biscayne, you may be able to get a good deal. 88.9% of homes here sold below asking price last month.
Summary: A total of 27 homes were sold or pending in Key Biscayne in April 2024, up by 17.4% month-over-month. Of the 27 sold homes, 89% were sold under asking, 7% were sold at asking, and 4% were sold over asking.
Days on Market for Key Biscayne, FL
How long does it take to sell a home in Key Biscayne, FL?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 96 Days | 103 Days | +6.6% |
Summary: Homes in Key Biscayne had an average of 103 days on market in Apr 2024, up by 6.6% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Key Biscayne are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 27 homes were sold in Key Biscayne; 26% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 44% of homes were sold over 90 days.
© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.
All listings featuring the BMLS logo are provided by BeachesMLS, Inc. Copyright 2024 BeachesMLS, Inc.