Coral Gables, “The City Beautiful,” is a jewel in Florida’s real estate, with its tree-lined streets, historic charm, and Mediterranean-inspired architecture.
Whether you’re a potential buyer, seller, or investor, understanding the nuances of the Coral Gables housing market is essential to making informed decisions.
This article provides a comprehensive guide on the trends, prices, and dynamics that define The Gables real estate market.
Overview of the Coral Gables Housing Market
Coral Gables, Florida, consists of 6 neighborhoods. Homes for sale are priced between $55M to $69.9M.
Among these neighborhoods, Cocoplum is the most expensive, with a median listing home price of $11.5M; while Central Gables is the most affordable neighborhood, with a median listing home price of $707,500.
The Coral Gables housing market is somewhat competitive, with properties typically selling in 58.5 days.
The average homes sell for about 5% below the list price and go pending for around 59 days, while hot homes can sell for about 1% below the list price and go pending for around 27 days.
Credit: Image by Derek Thomson | Unsplash
Key Trends Shaping the Local Market
The strategic location and thriving economy of Coral Gables, FL, are key factors affecting the housing market of “The City Beautiful.”
The Impact of Economic Factors
The flourishing local economy of The Gables allows properties to be sold at higher prices. Based on data from the quarterly Federal Housing Finance Agency, home values at the end of 2023 were up nearly 50% from 2019.
With a booming job market and a median household income of $113,600, which is significantly higher than the national median of $70,000, people can afford to buy a house instead of renting. Homeownership rate in the same year was 64.5%.
Price Trends and Predictions for 2024
As of March 2024, Coral Gables is a balanced market. This means that the supply and demand of homes are about the same.
Analyzing Past Price Movements
For the past couple of months, home prices were lower compared to the same period last year.
In February 2024, the median home price in Coral Gables was $1.0M, down by 27.0% compared to the previous year. In March, the median home price was $1.6M, 7.2% lower year-over-year.
Future Projections and Market Health
Given the current Coral Gables housing market trends, looking ahead, it will continue to be influenced by economic factors, such as interest rates, employment rates, and the city’s overall economic stability.
Ongoing developments within The Gables may impact its real estate landscape. Urban planning initiatives, infrastructure improvements, and new amenities will likely add to the appeal of the neighborhood and influence property values.
Credit: Image by Claudia Altamimi | Unsplash
Popular Neighborhoods in Coral Gables
Some of the popular neighborhoods in Coral Gables, Florida, include Sunrise Harbor, Gables Estates, Cocoplum, and Snapper Creek. Consider buying a waterfront home or condo in one of these sought-after communities.
Sunrise Harbor
Nestled in the southern portion of Coral Gables, Sunrise Harbor is a gorgeous waterfront community where every resident enjoys breathtaking views of the bay, the Atlantic Ocean, and the Miami skyline.
Consisting of just 80 homes situated on four small peninsulas, almost every property within the neighborhood has water frontage on Biscayne Bay or one of the inlets of the Coral Gables Waterway.
The community is secured with a guard-gated entry, and homeowners have unobstructed access to the water from their private docks. Modern, mid-century, and Mediterranean-style homes with oversized lots and large floor plans are standard in the Sunrise Harbor neighborhood.
Credit: Image by Oak + Motion | Unsplash
Gables Estates
Gables Estates is a highly affluent and desired waterfront enclave in southern Coral Gables.
This exclusive neighborhood comprises just under two hundred luxurious mansions lining the meandering waterways that connect to Biscayne Bay. Residents enjoy direct access to the open waters and stunning bay views.
Residences in this neighborhood are opulent Mediterranean, Spanish, and contemporary-style estates featuring front and backyards filled with lush tropical landscapes, expansive pools, private docks, and lavish outdoor entertaining areas.
The utmost privacy and security are provided through regular patrols and guarded entry gates.
Credit: Image by Matin Keivanloo | Unsplash
Cocoplum
Adjacent to the Gables Waterway and the sparkling waters of Biscayne Bay, Cocoplum is one of the most popular waterfront neighborhoods in Coral Gables.
This neighborhood is a boat lover’s paradise, with a private marina and yacht club for residents to enjoy. Other extravagant amenities include a community clubhouse, a swimming pool, a fitness center, tennis courts, and a playground.
There are over 300 exquisite Mediterranean mansions, Tuscan-inspired villas, and sleek, modern estates in this community. The entrance is gated and guarded 24/7, assuring homeowners privacy and peace of mind.
Credit: Image by Oak + Motion | Unsplash
Snapper Creek
Snapper Creek is an exclusive gated community featuring 120 spectacular custom homes, tree-lined streets, mature oak trees, lush tropical landscaping, and even roaming wild peacocks.
Situated between the Snapper Creek Canal, Elbow Lake, and Finger Lake, many of the residences in this serene botanical oasis have waterfront access and views. The community shares a private marina that is available for luxury yacht and boat storage.
Sleek modern mansions, classical Mediterranean, Spanish elevations, and Old Florida-style homes sit on oversized lots, some of which are well over an acre. Many of these properties include private docks, guest houses, staff quarters, theaters, and game rooms.
Conclusion
Coral Gables has some of Florida’s most prosperous neighborhoods, ideal for established professionals, growing families, and senior citizens.
If you’d like to know more about the luxurious residences Coral Gables communities have to offer, feel free to give me a call today at (786) 321-9115 or email me at beatriz@antilles-realty.com.
Frequently Asked Questions
What types of properties offer the best investment potential in Coral Gables for 2024?
High-end residential properties with luxurious amenities and waterfront views are highly attractive to investors seeking to buy a property in Coral Gables.
What should first-time homebuyers in Coral Gables be aware of?
Given the competitive Florida real estate market, an application for a mortgage pre-approval is one of the things first-time home buyers in Coral Gables should prioritize. Buyers who are pre-approved show sellers that they’re committed to seeing the investment through.
