Key Biscayne Average Condo Prices in December 2023
99 Condos for Sale
AVERAGE LIST PRICE
$2,348,144
$1,218/SqFt
162 Sold Condos
AVERAGE SOLD PRICE
$1,774,325
$972/SqFt
87 day average on market
(last 12 mo)
164 Condos for Rent
AVERAGE LIST PRICE
$10,335
$6/SqFt
226 Rented Condos
AVERAGE SOLD PRICE
$7,074
$5/SqFt
75 day average on market
(last 12 mo)
Key Biscayne Real Estate Market Overview in December 2023
Sale Market Overview
Median Sale Price: The median sale price for all bedrooms houses and condos in Key Biscayne is $3,946,948 in December 2023, averaging $1,646 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 $2,251,734, averaging $1,113 per square foot.
Properties Available for Sale: There are 133 properties for sale in Key Biscayne, of which 34 are houses and 99 are condominium units listed for sale now.
Days in the Market: Key Biscayne properties are selling after an average of 89 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 $12,503 in December 2023, 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 $8,324 per month, averaging $5 per square foot.
Properties Available for Rent: There are 200 properties for rent right now in Key Biscayne, of which 36 are houses and 164 are condos.
Days in the Market: Key Biscayne properties are renting after an average of 72 days on the market.
Pros and Cons for Buying a Property in Key Biscaine in December 2023
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
165 Hampton Ln
3 BR / 2.0 BA
1,092 SqFt
$2,505,400
$2,294/Sqft
12/01/2023
600 Grapetree Dr #5ES
3 BR / 3.0 BA
2,690 SqFt
$2,400,000
$892/Sqft
11/29/2023
170 Ocean Lane Dr #413
2 BR / 2.0 BA
1,435 SqFt
$1,071,599
$747/Sqft
11/20/2023
177 Ocean Lane Dr #1212
2 BR / 2.0 BA
1,260 SqFt
$1,355,000
$1,075/Sqft
11/17/2023
210 Sea View Dr #202
3 BR / 2.1 BA
1,645 SqFt
$985,000
$599/Sqft
11/17/2023
1111 Crandon Blvd #B706
2 BR / 2.0 BA
1,409 SqFt
$1,200,000
$852/Sqft
11/16/2023
881 Ocean Dr #11F
2 BR / 2.0 BA
1,875 SqFt
$1,500,000
$800/Sqft
11/15/2023
738 Fernwood Rd
3 BR / 2.0 BA
N/A SqFt
$2,100,000
$-/Sqft
11/13/2023
881 Ocean Dr #27D
2 BR / 2.0 BA
1,875 SqFt
$2,250,000
$1,200/Sqft
11/09/2023
Average Price: $1,200/Sqft
Rented Units (30 days)
Unit
Beds / Baths
Liv Area SqFt
Rented Price
Price/SqFt
Close Date
238 Buttonwood Dr #238
3 BR / 3.0 BA
1,720 SqFt
$7,000
$4/Sqft
12/01/2023
121 Crandon Blvd #157
3 BR / 3.0 BA
2,180 SqFt
$7,300
$3/Sqft
12/01/2023
201 Crandon Blvd #209
2 BR / 2.0 BA
1,531 SqFt
$5,750
$4/Sqft
12/01/2023
445 Grand Bay Dr #210
3 BR / 4.0 BA
2,950 SqFt
$10,500
$4/Sqft
12/01/2023
360 Ocean Dr #304S
2 BR / 3.1 BA
1,823 SqFt
$25,000
$14/Sqft
12/01/2023
650 Ocean Dr #5A
3 BR / 3.0 BA
1,935 SqFt
$7,600
$4/Sqft
11/30/2023
789 Crandon Blvd #1106
3 BR / 5.1 BA
2,790 SqFt
$15,000
$5/Sqft
11/30/2023
881 Ocean Dr #TH11
2 BR / 2.0 BA
1,042 SqFt
$4,500
$4/Sqft
11/30/2023
151 Crandon Blvd #107
2 BR / 2.0 BA
1,486 SqFt
$6,700
$5/Sqft
11/29/2023
605 Ocean Dr #2M
3 BR / 3.0 BA
2,351 SqFt
$10,000
$4/Sqft
11/27/2023
155 Ocean Lane Dr #703
1 BR / 1.1 BA
895 SqFt
$4,300
$5/Sqft
11/22/2023
789 Crandon Blvd #505
2 BR / 2.1 BA
2,100 SqFt
$10,000
$5/Sqft
11/21/2023
555 Crandon Blvd #53
2 BR / 2.0 BA
1,040 SqFt
$3,700
$4/Sqft
11/20/2023
100 Sunrise Dr #9
1 BR / 1.0 BA
530 SqFt
$2,500
$5/Sqft
11/17/2023
228 Westwood Dr
4 BR / 3.1 BA
2,680 SqFt
$11,000
$4/Sqft
11/16/2023
201 Crandon Blvd #1027
2 BR / 2.0 BA
1,531 SqFt
$11,000
$7/Sqft
11/15/2023
255 Galen Dr #4D
2 BR / 2.0 BA
1,036 SqFt
$3,400
$3/Sqft
11/15/2023
340 Harbor Dr
5 BR / 4.1 BA
4,952 SqFt
$26,000
$5/Sqft
11/15/2023
201 Crandon Blvd #176
4 BR / 4.0 BA
3,075 SqFt
$30,000
$10/Sqft
11/15/2023
101 Ocean Lane Dr #2015
2 BR / 2.0 BA
1,450 SqFt
$4,400
$3/Sqft
11/14/2023
789 Crandon Blvd #206
4 BR / 5.1 BA
2,790 SqFt
$12,000
$4/Sqft
11/13/2023
177 Ocean Lane Drive #902
1 BR / 1.1 BA
840 SqFt
$5,000
$6/Sqft
11/10/2023
350 Ocean Dr #305N
2 BR / 3.1 BA
1,542 SqFt
$13,000
$8/Sqft
11/09/2023
709 Crandon Bl #409
3 BR / 3.0 BA
1,830 SqFt
$8,700
$5/Sqft
11/06/2023
141 Crandon Bl #347
2 BR / 2.0 BA
1,600 SqFt
$5,000
$3/Sqft
11/06/2023
Average Price: $3/Sqft
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