Are you still on that fence, waiting for the South Florida real estate crash you've been promised since 2022? I hate to be the bearer of more bad news for the doomsayers, but that crash still hasn't arrived, and the current data doesn't support one on the horizon either.
Coral Gables tells the story clearly. The median sale price sits around $1.7 million, up 2.2% from a year ago, and homes are taking a bit longer to sell now, closing in about 99 days compared to 85 days last year. There were 202 homes sold in June this year, up from 181 last year. That combination, longer days on market paired with rising sales volume, is not a crash signal. It reads like a market recalibrating, not collapsing.
Inventory has grown across Miami-Dade too, and that part is real. Active single-family listings increased 9% to 5,433 homes, pushing months of supply to 6.4, textbook balanced-market territory. That matters. But context matters more, because inventory remains roughly 25% below January 2019 pre-pandemic levels, meaning the market has room to absorb additional supply. This uptick reads as relief, not oversupply.
Cash continues to insulate this market from swings other cities feel more sharply. Cash sales accounted for 44% of all transactions, significantly higher than the national average. In the million-dollar-plus segment, single-family home sales increased 21.34% year-over-year, and cash buyers dominate that tier. Fewer mortgages tied to stretched budgets means fewer forced sales when rates move.
Distressed sales, the kind that fueled the 2008 collapse, remain nearly nonexistent here. Only 0.2% of all closed residential sales in Miami were distressed last month. According to the PRWire, in 2009, distressed sales comprised 70% of Miami sales. That single stat should settle the bubble talk on its own.
None of this means every home sells easily right now. Buyers have grown more selective, and sellers who overprice are sitting longer and cutting later to compensate. Well-located, well-priced homes across Coral Gables, Coconut Grove, Pinecrest and nearby neighborhoods are still moving, often quickly. The homes that linger tend to share one thing: a seller who priced for yesterday's market instead of today's.
So if you are still perched on that fence, waiting for a discount that isn't coming, We would encourage you to climb down. This market is not rewarding patience the way you might think. It is rewarding pricing strategy. Work with a Realtor who understands these neighborhoods block by block, because national headlines, and even countywide averages, will not tell you what is happening on your street.
We’re happy to walk you through the numbers for your specific neighborhood, over coffee, bubbly, or bubble tea, whichever you prefer.