Key Biscayne Real Estate Market Overview in April 2024
Sale Market Overview
Median Sale Price: The median sale price for all bedrooms houses and condos in Key Biscayne is $3,799,915 in April 2024, averaging $1,611 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 $2,274,489, averaging $1,173 per square foot.
Properties Available for Sale: There are 138 properties for sale in Key Biscayne, of which 34 are houses and 104 are condominium units listed for sale now.
Days in the Market: Key Biscayne properties are selling after an average of 83 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 $14,793 in April 2024, averaging $7 per square foot.
Average Rent: The average rent in Key Biscayne for all bedrooms houses and condos in the last 12 months is $8,052 per month, averaging $5 per square foot.
Properties Available for Rent: There are 196 properties for rent right now in Key Biscayne, of which 37 are houses and 159 are condos.
Days in the Market: Key Biscayne properties are renting after an average of 74 days on the market.
Pros and Cons for Buying a Property in Key Biscaine in April 2024
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
360 Ocean Dr #601S
4 BR / 6.1 BA
3,791 SqFt
$9,600,000
$2,532/Sqft
04/26/2024
360 Ocean Dr #205S
2 BR / 3.1 BA
1,830 SqFt
$2,700,000
$1,475/Sqft
04/25/2024
1111 Crandon Blvd #B105
2 BR / 2.0 BA
1,409 SqFt
$1,320,000
$937/Sqft
04/22/2024
1121 Crandon Blvd #F1207
2 BR / 2.0 BA
1,782 SqFt
$1,600,000
$898/Sqft
04/22/2024
127 Enid Dr #14
4 BR / 3.1 BA
2,442 SqFt
$2,200,000
$901/Sqft
04/18/2024
55 Ocean Lane Dr #3025
3 BR / 2.0 BA
1,734 SqFt
$895,000
$516/Sqft
04/18/2024
798 Crandon Blvd #24-C
2 BR / 1.1 BA
875 SqFt
$660,000
$754/Sqft
04/17/2024
155 Ocean Lane Dr #207
1 BR / 1.1 BA
895 SqFt
$609,000
$680/Sqft
04/16/2024
455 Grand Bay Dr #525
0 BR / 1.0 BA
378 SqFt
$750,000
$1,984/Sqft
04/15/2024
455 Grand Bay Dr #524
1 BR / 1.0 BA
849 SqFt
$1,800,000
$2,120/Sqft
04/15/2024
422 Fernwood Rd #422
4 BR / 3.0 BA
2,092 SqFt
$2,700,000
$1,291/Sqft
04/12/2024
201 Crandon Blvd #1229
3 BR / 3.0 BA
2,176 SqFt
$1,958,400
$900/Sqft
04/12/2024
151 Crandon Blvd #1030
3 BR / 3.0 BA
2,001 SqFt
$2,200,000
$1,099/Sqft
04/12/2024
609 Ocean Dr #7H
2 BR / 2.0 BA
1,496 SqFt
$1,400,000
$936/Sqft
04/10/2024
350 Ocean Dr #1002N
3 BR / 4.1 BA
3,369 SqFt
$8,300,000
$2,464/Sqft
04/10/2024
55 Ocean Lane Dr
1 BR / 1.0 BA
972 SqFt
$520,000
$535/Sqft
04/08/2024
1095 Mariner Dr
7 BR / 6.1 BA
6,333 SqFt
$18,000,000
$2,842/Sqft
04/05/2024
155 Ocean Lane Dr #908
2 BR / 2.0 BA
1,260 SqFt
$1,275,000
$1,012/Sqft
04/04/2024
727 Crandon Blvd #202
3 BR / 3.0 BA
2,497 SqFt
$2,427,000
$972/Sqft
04/04/2024
177 Ocean Lane Dr #1103
1 BR / 1.1 BA
840 SqFt
$800,000
$952/Sqft
04/03/2024
270 Ridgewood Rd
5 BR / 5.1 BA
3,887 SqFt
$4,124,000
$1,061/Sqft
04/02/2024
1121 Crandon Blvd #E1107
2 BR / 2.0 BA
1,782 SqFt
$1,750,000
$982/Sqft
04/02/2024
575 Crandon Blvd #807
3 BR / 2.0 BA
1,311 SqFt
$1,075,000
$820/Sqft
04/02/2024
615 Ocean Dr #10B
3 BR / 3.1 BA
1,772 SqFt
$2,500,000
$1,411/Sqft
04/01/2024
Average Price: $1,411/Sqft
Rented Units (30 days)
Unit
Beds / Baths
Liv Area SqFt
Rented Price
Price/SqFt
Close Date
255 Galen Dr #4A
2 BR / 2.0 BA
1,036 SqFt
$3,750
$4/Sqft
04/20/2024
255 Sunrise Dr #203
1 BR / 1.0 BA
608 SqFt
$2,650
$4/Sqft
04/18/2024
50 Ocean Lane Dr #302
3 BR / 2.0 BA
1,360 SqFt
$5,950
$4/Sqft
04/17/2024
251 Galen Dr #201E
2 BR / 2.0 BA
1,109 SqFt
$3,700
$3/Sqft
04/15/2024
201 Crandon Blvd #827
2 BR / 2.0 BA
1,531 SqFt
$7,750
$5/Sqft
04/15/2024
464 Fernwood Rd
3 BR / 3.0 BA
3,624 SqFt
$14,000
$4/Sqft
04/15/2024
1121 Crandon Blvd #E105
2 BR / 2.0 BA
1,409 SqFt
$6,800
$5/Sqft
04/15/2024
150 Ocean Lane Dr #3G
2 BR / 2.0 BA
1,335 SqFt
$4,600
$3/Sqft
04/12/2024
199 Ocean Lane Dr #610
2 BR / 2.0 BA
1,260 SqFt
$5,250
$4/Sqft
04/11/2024
707 Crandon Blvd #PH-7
2 BR / 2.0 BA
1,450 SqFt
$7,000
$5/Sqft
04/10/2024
7 BR / 5.1 BA
3,996 SqFt
$24,000
$6/Sqft
04/08/2024
560 Ridgewood Rd
3 BR / 3.1 BA
1,597 SqFt
$8,950
$6/Sqft
04/01/2024
177 Ocean Lane Dr #505
2 BR / 2.0 BA
1,260 SqFt
$6,500
$5/Sqft
04/01/2024
181 Crandon Blvd #104
2 BR / 2.0 BA
1,720 SqFt
$6,500
$4/Sqft
04/01/2024
715 Crandon Blvd #PH-5
2 BR / 2.0 BA
1,310 SqFt
$8,765
$7/Sqft
04/01/2024
Average Price: $7/Sqft
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