Key Biscayne Real Estate Market Overview in March 2025
Sale Market Overview
Median Sale Price: The median sale price for all bedrooms houses and condos in Key Biscayne is $4,568,610 in March 2025, averaging $1,912 per square foot.
Median Sold Price: The median sold price for all bedrooms houses and condos in Key Biscayne in the last 12 months is $2,538,370, averaging $1,303 per square foot.
Properties Available for Sale: There are 171 properties for sale in Key Biscayne, of which 53 are houses and 118 are condominium units listed for sale now.
Days in the Market: Key Biscayne properties are selling after an average of 94 days on the market.
Rental Market Overview
Median List Price for Rent: The median rental price for all bedrooms houses and condos in Key Biscayne is $10,966 in March 2025, averaging $6 per square foot.
Average Rent: The average rent in Key Biscayne for all bedrooms houses and condos in the last 12 months is $9,255 per month, averaging $6 per square foot.
Properties Available for Rent: There are 189 properties for rent right now in Key Biscayne, of which 27 are houses and 162 are condos.
Days in the Market: Key Biscayne properties are renting after an average of 98 days on the market.
Pros and Cons for Buying a Property in Key Biscaine in March 2025
Pros of Buying a Property in Key Biscayne
Exclusive Location: With a limited number of properties on an exclusive island, buyers invest in a unique and prestigious location.
Long-term Value: Despite current market fluctuations, the long-term value of properties in Key Biscayne has traditionally been strong due to its desirability and limited supply.
Strong Rental Market: The rental market in Key Biscayne is robust, with high median rents that can yield significant returns for property owners.
Wealthy Demographics: With a per capita income of $79,743, which is wealthy relative to Florida and the nation, the demographics of Key Biscayne support a high-end rental and sales market​​.
Cons of Buying a Property in Key Biscayne
High Entry Price: The cost of entry into the Key Biscayne market is steep, making it challenging for average buyers.
Market Volatility: Like any upscale market, Key Biscayne can experience significant price fluctuations, which may impact short-term investments.
High Cost of Living: The cost of living in Key Biscayne is significantly higher than the national average, with utility, groceries, and transportation costs all above average due to its island location.
Sold Units (30 days)
Unit
Beds / Baths
Liv Area SqFt
Sold Price
Price/SqFt
Close Date
290 Fernwood Rd #1
3 BR / 2.1 BA
1,868 SqFt
$2,500,000
$1,338/Sqft
03/10/2025
665 Hampton Ln
4 BR / 4.0 BA
2,488 SqFt
$2,900,000
$1,166/Sqft
03/07/2025
881 Ocean Dr #TH15
2 BR / 2.0 BA
1,042 SqFt
$1,199,000
$1,151/Sqft
03/07/2025
721 Crandon Blvd #408
3 BR / 3.0 BA
2,683 SqFt
$2,550,000
$950/Sqft
03/05/2025
55 Ocean Lane Dr #2023
2 BR / 2.0 BA
1,450 SqFt
$710,000
$490/Sqft
03/04/2025
791 Crandon Blvd #PH2
3 BR / 3.0 BA
2,622 SqFt
$5,300,000
$2,021/Sqft
02/28/2025
170 Ocean Lane Dr #903
2 BR / 2.0 BA
1,435 SqFt
$800,000
$557/Sqft
02/28/2025
170 Ocean Lane Dr #902
2 BR / 2.0 BA
1,435 SqFt
$820,000
$571/Sqft
02/27/2025
1121 Crandon Blvd #F806
3 BR / 2.0 BA
1,782 SqFt
$1,600,000
$898/Sqft
02/27/2025
789 Crandon Blvd #906
3 BR / 3.1 BA
2,790 SqFt
$3,870,000
$1,387/Sqft
02/14/2025
161 Crandon Blvd #417
2 BR / 2.0 BA
1,568 SqFt
$1,065,000
$679/Sqft
02/13/2025
50 Island Dr
5 BR / 4.1 BA
5,338 SqFt
$11,080,000
$2,076/Sqft
02/12/2025
701 Fernwood Rd
5 BR / 5.0 BA
2,090 SqFt
$2,760,000
$1,321/Sqft
02/12/2025
Average Price: $1,321/Sqft
Rented Units (30 days)
Unit
Beds / Baths
Liv Area SqFt
Rented Price
Price/SqFt
Close Date
8 Turtle Walk #8
5 BR / 6.0 BA
3,855 SqFt
$17,500
$5/Sqft
03/05/2025
881 Ocean Dr #17B
2 BR / 2.0 BA
1,875 SqFt
$8,000
$4/Sqft
03/04/2025
721 Crandon Blvd #208
3 BR / 3.1 BA
2,683 SqFt
$12,500
$5/Sqft
03/01/2025
291 Mashta Dr
4 BR / 4.0 BA
2,326 SqFt
$10,500
$5/Sqft
02/15/2025
430 Grand Bay Dr #1205
3 BR / 3.1 BA
2,930 SqFt
$19,000
$6/Sqft
02/14/2025
151 Crandon Blvd #602
2 BR / 2.0 BA
1,506 SqFt
$5,000
$3/Sqft
02/11/2025
350 Ocean Dr #1204N
2 BR / 3.1 BA
1,703 SqFt
$30,000
$18/Sqft
02/10/2025
Average Price: $18/Sqft
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