The Coral Gables housing market has experienced notable changes as of January 2025. Here's a concise overview leveraged from current Rocket.com data market to keep Coral Gables homeowners informed:
Q: What is the current median sold price in Coral Gables?
A: As of January 2025, the median home sold price in Coral Gables is $1,300,000, reflecting a 15.9% increase from the previous year.
Q: How does Coral Gables compare to neighboring cities in terms of median sold price?
A: In January 2025, the median sold prices in nearby cities were:
- Pinecrest: $2,300,000 (up 11.7% year-over-year)
- Miami: $574,800 (up 8.1% year-over-year)
- South Miami: $1,000,000 (up 4.7% year-over-year)
- Kendall-Palmetto Bay: $773,300 (up 2.3% year-over-year)
This data indicates that Coral Gables has a higher median sold price than Miami, South Miami, and Kendall-Palmetto Bay, but remains more affordable than Pinecrest.
Q: How have home prices changed based on the number of bedrooms?
A: Year-over-year changes in median sold prices by bedroom count in Coral Gables are:
- 1 Bedroom: $380,000 (up 10.1%)
- 2 Bedrooms: $740,000 (up 12.5%)
- 3 Bedrooms: $1,400,000 (up 0.4%)
- 4 Bedrooms: $2,200,000 (up 9.0%)
- 5+ Bedrooms: $5,100,000 (up 29.1%)
Notably, homes with five or more bedrooms have seen the most significant increase.
Q: What is the current housing inventory in Coral Gables?
A: In January 2025, there were 465 homes for sale in Coral Gables, marking an 8.6% increase from December 2024.
Q: How do asking prices compare to selling prices?
A: Of the homes sold in January 2025:
- 86.5% sold below the asking price
- 11.5% sold at the asking price
- 1.9% sold above the asking price
This suggests that buyers often have room to negotiate.
Q: How long are homes typically on the market?
A: In January 2025, homes in Coral Gables had an average listing age of 97 days, indicating that properties are staying on the market longer.
Q: What does the current market condition mean for sellers?
A: With Coral Gables being a buyer's market, sellers should be prepared for increased competition and may need to price their homes competitively to attract buyers.
Understanding these trends can help homeowners make informed decisions about listing their properties. For personalized guidance, consider consulting with a local real estate professional.
