Key Biscayne Average Home Prices in September 2024
41 Homes for Sale
AVERAGE LIST PRICE
$9,219,341
$2,567/SqFt
53 Sold Homes
AVERAGE SOLD PRICE
$4,911,679
$1,715/SqFt
77 day average on market
(last 12 mo)
35 Homes for Rent
AVERAGE LIST PRICE
$32,001
$10/SqFt
57 Rented Homes
AVERAGE RENTED PRICE
$15,194
$6/SqFt
94 day average on market
(last 12 mo)
Key Biscayne Average Condo Prices in September 2024
108 Condos for Sale
AVERAGE LIST PRICE
$2,233,329
$1,210/SqFt
159 Sold Condos
AVERAGE SOLD PRICE
$1,630,239
$994/SqFt
78 day average on market
(last 12 mo)
166 Condos for Rent
AVERAGE LIST PRICE
$10,300
$6/SqFt
328 Rented Condos
AVERAGE SOLD PRICE
$8,431
$5/SqFt
94 day average on market
(last 12 mo)
Key Biscayne Real Estate Market Overview in September 2024
Sale Market Overview
Median Sale Price: The median sale price for all bedrooms houses and condos in Key Biscayne is $4,155,654 in September 2024, averaging $1,787 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 $2,450,599, averaging $1,259 per square foot.
Properties Available for Sale: There are 149 properties for sale in Key Biscayne, of which 41 are houses and 108 are condominium units listed for sale now.
Days in the Market: Key Biscayne properties are selling after an average of 78 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 $14,079 in September 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 $9,433 per month, averaging $6 per square foot.
Properties Available for Rent: There are 201 properties for rent right now in Key Biscayne, of which 35 are houses and 166 are condos.
Days in the Market: Key Biscayne properties are renting after an average of 94 days on the market.
Pros and Cons for Buying a Property in Key Biscaine in September 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
264 Westwood Dr
5 BR / 5.1 BA
3,865 SqFt
$4,375,000
$1,132/Sqft
09/17/2024
785 Crandon Blvd #503
3 BR / 4.0 BA
2,500 SqFt
$2,550,000
$1,020/Sqft
09/16/2024
20 Grand Bay Estates Cir
6 BR / 6.0 BA
3,655 SqFt
$3,643,500
$997/Sqft
09/09/2024
50 Ocean Lane Dr #201
3 BR / 2.1 BA
1,730 SqFt
$1,050,000
$607/Sqft
09/03/2024
220 Hampton Ln
5 BR / 3.0 BA
2,022 SqFt
$3,200,000
$1,583/Sqft
08/30/2024
155 Ocean Lane Dr #606
1 BR / 1.1 BA
895 SqFt
$730,000
$816/Sqft
08/30/2024
550 Ocean Dr #3F
2 BR / 2.0 BA
1,325 SqFt
$725,000
$547/Sqft
08/29/2024
290 Sunrise Dr #307
1 BR / 1.0 BA
880 SqFt
$485,000
$551/Sqft
08/29/2024
789 Crandon Blvd #803
3 BR / 4.1 BA
2,500 SqFt
$3,400,000
$1,360/Sqft
08/29/2024
Average Price: $1,360/Sqft
Rented Units (30 days)
Unit
Beds / Baths
Liv Area SqFt
Rented Price
Price/SqFt
Close Date
360 Ocean Dr #1001S
4 BR / 6.1 BA
3,791 SqFt
$33,000
$9/Sqft
09/17/2024
251 Crandon Blvd #828
2 BR / 2.0 BA
1,532 SqFt
$6,800
$4/Sqft
09/16/2024
251 Crandon Bl #224
3 BR / 2.1 BA
2,014 SqFt
$7,800
$4/Sqft
09/16/2024
100 Ocean Lane Dr #403
1 BR / 1.1 BA
870 SqFt
$2,950
$3/Sqft
09/15/2024
101 Ocean Lane Dr #209
2 BR / 2.0 BA
1,450 SqFt
$4,000
$3/Sqft
09/10/2024
77 Crandon Blvd #10D
2 BR / 2.0 BA
1,231 SqFt
$4,500
$4/Sqft
09/09/2024
201 Crandon Blvd #242
2 BR / 2.0 BA
1,541 SqFt
$7,400
$5/Sqft
09/01/2024
201 Crandon Blvd #837
2 BR / 2.0 BA
1,531 SqFt
$7,500
$5/Sqft
09/01/2024
151 Crandon Blvd #634
2 BR / 2.0 BA
1,584 SqFt
$6,000
$4/Sqft
09/01/2024
310 Cypress Dr #310
3 BR / 2.0 BA
1,914 SqFt
$13,000
$7/Sqft
08/31/2024
450 Grapetree Dr #314
2 BR / 3.0 BA
1,404 SqFt
$6,500
$5/Sqft
08/30/2024
251 Crandon Blvd #837
2 BR / 2.0 BA
1,532 SqFt
$6,600
$4/Sqft
08/27/2024
177 Ocean Lane Dr #715
2 BR / 2.0 BA
1,469 SqFt
$6,700
$5/Sqft
08/26/2024
251 Crandon Blvd #410
2 BR / 2.0 BA
1,611 SqFt
$5,600
$3/Sqft
08/24/2024
170 Ocean Lane Dr #504
2 BR / 2.0 BA
1,435 SqFt
$4,350
$3/Sqft
08/23/2024
265 Heather Dr
6 BR / 5.1 BA
3,426 SqFt
$21,000
$6/Sqft
08/21/2024
115 Sunrise Dr #4B
2 BR / 2.0 BA
1,212 SqFt
$4,600
$4/Sqft
08/20/2024
Average Price: $4/Sqft
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