Is Key Biscayne, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Key Biscayne was a Seller's Market.
Key Takeaway
Key Biscayne is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Key Biscayne, FL
How much do homes in Key Biscayne, FL cost?
Median Sold Price
$1,568,750
$907/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Key Biscayne have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Key Biscayne was $1,568,750 in May 2024, up 9.1% from last year, and the median price per square foot was $907.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $526.5K | $585.8K | +11.3% |
| 2 Bedrooms | $1.0M | $1.2M | +14.3% |
| 3 Bedrooms | $2.6M | $2.3M | -12.3% |
| 4 Bedrooms | $3.6M | $3.1M | -14.4% |
| 5+ Bedrooms | $6.4M | $4.3M | -33.1% |
Summary: Key Biscayne housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 12.3%, 4 bedroom homes decreased by 14.4%, and 5+ bedroom homes decreased by 33.1%.
Housing Supply in Key Biscayne, FL
How many homes are available in Key Biscayne, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 173 | 172 | -0.6% |
Summary: The Key Biscayne real estate market had 172 homes for sale in May 2024, a 0.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 11 | -21.4% |
| 2 Bedrooms | 71 | 74 | +4.2% |
| 3 Bedrooms | 43 | 41 | -4.7% |
| 4 Bedrooms | 24 | 25 | +4.2% |
| 5+ Bedrooms | 21 | 21 | 0.0% |
Summary: The Key Biscayne housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 21.4%, 2 bedroom homes increased by 4.2%, 3 bedroom homes decreased by 4.7%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 20 | -31.0% |
Asking Price vs. Sold Price
17 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. 85% of homes here sold below asking price last month.
Summary: A total of 20 homes were sold or pending in Key Biscayne in May 2024, down by 31.0% month-over-month. Of the 20 sold homes, 85% were sold under asking, 10% were sold at asking, and 5% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 74 Days | 108 Days | +46.0% |
Summary: Homes in Key Biscayne had an average of 108 days on market in May 2024, up by 46% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Key Biscayne has remained consistent over time.
Summary: During May 2024, 20 homes were sold in Key Biscayne; 30% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.
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