Key Biscayne Real Estate Market Overview in July 2024
Sale Market Overview
Median Sale Price: The median sale price for all bedrooms houses and condos in Key Biscayne is $3,833,460 in July 2024, averaging $1,657 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 $2,413,093, averaging $1,231 per square foot.
Properties Available for Sale: There are 139 properties for sale in Key Biscayne, of which 31 are houses and 108 are condominium units listed for sale now.
Days in the Market: Key Biscayne properties are selling after an average of 91 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 $14,121 in July 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 $9,187 per month, averaging $5 per square foot.
Properties Available for Rent: There are 199 properties for rent right now in Key Biscayne, of which 36 are houses and 163 are condos.
Days in the Market: Key Biscayne properties are renting after an average of 89 days on the market.
Pros and Cons for Buying a Property in Key Biscaine in July 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
150 Sunrise Dr #3C
2 BR / 2.0 BA
1,158 SqFt
$700,000
$604/Sqft
07/23/2024
201 Crandon Blvd #1024
2 BR / 2.0 BA
1,531 SqFt
$1,685,000
$1,101/Sqft
07/23/2024
615 Ocean Dr #8B
3 BR / 3.0 BA
1,772 SqFt
$2,600,000
$1,467/Sqft
07/19/2024
100 Sunrise Dr #10
1 BR / 1.0 BA
530 SqFt
$467,000
$881/Sqft
07/18/2024
155 Ocean Lane Dr #1202
1 BR / 1.1 BA
895 SqFt
$765,000
$855/Sqft
07/18/2024
107 Reef Lane
7 BR / 5.1 BA
5,074 SqFt
$9,000,000
$1,774/Sqft
07/17/2024
2 BR / 2.0 BA
1,409 SqFt
$1,185,000
$841/Sqft
07/16/2024
170 Ocean Lane Dr #804
2 BR / 2.0 BA
1,435 SqFt
$870,000
$606/Sqft
07/16/2024
600 Grapetree Dr #10CN
3 BR / 3.0 BA
2,366 SqFt
$2,350,000
$993/Sqft
07/15/2024
181 Crandon Blvd #305
2 BR / 2.0 BA
1,600 SqFt
$960,000
$600/Sqft
07/15/2024
1121 Crandon Blvd #E1108
2 BR / 2.0 BA
1,782 SqFt
$1,610,000
$903/Sqft
07/12/2024
1020 Mariner Dr
5 BR / 6.1 BA
5,760 SqFt
$15,650,000
$2,717/Sqft
07/12/2024
455 Grand Bay Dr #414
0 BR / 1.0 BA
354 SqFt
$642,000
$1,814/Sqft
07/11/2024
444 Fernwood Rd #444
3 BR / 3.0 BA
2,088 SqFt
$2,185,000
$1,046/Sqft
07/11/2024
55 Ocean Lane Dr #3034
1 BR / 1.1 BA
972 SqFt
$520,000
$535/Sqft
07/10/2024
445 Grand Bay Dr #908
3 BR / 4.1 BA
3,660 SqFt
$4,500,000
$1,230/Sqft
07/09/2024
240 Galen Dr #216
1 BR / 1.1 BA
725 SqFt
$430,000
$593/Sqft
07/04/2024
280 Fernwood Rd
2 BR / 2.0 BA
1,619 SqFt
$2,650,000
$1,637/Sqft
07/02/2024
177 Ocean Lane Dr #207
2 BR / 2.0 BA
1,260 SqFt
$1,070,000
$849/Sqft
07/01/2024
201 Crandon Blvd #129
2 BR / 3.0 BA
1,809 SqFt
$1,525,000
$843/Sqft
07/01/2024
300 Greenwood Dr
4 BR / 5.0 BA
3,284 SqFt
$4,000,000
$1,218/Sqft
07/01/2024
695 Harbor Dr
6 BR / 6.1 BA
5,299 SqFt
$6,850,000
$1,293/Sqft
07/01/2024
Average Price: $1,293/Sqft
Rented Units (30 days)
Unit
Beds / Baths
Liv Area SqFt
Rented Price
Price/SqFt
Close Date
241 Harbor Dr
5 BR / 5.1 BA
4,050 SqFt
$14,000
$3/Sqft
07/25/2024
1111 Crandon Blvd #B1107
2 BR / 2.0 BA
1,782 SqFt
$8,000
$4/Sqft
07/24/2024
445 Grand Bay Dr #601
3 BR / 2.1 BA
2,570 SqFt
$11,000
$4/Sqft
07/24/2024
199 Ocean Lane Dr #515
2 BR / 2.0 BA
1,350 SqFt
$6,300
$5/Sqft
07/22/2024
151 Crandon Blvd #329
2 BR / 2.0 BA
1,532 SqFt
$5,600
$4/Sqft
07/19/2024
255 Galen Dr #3F
2 BR / 2.0 BA
1,036 SqFt
$4,000
$4/Sqft
07/19/2024
360 Ocean Dr #205S
2 BR / 3.0 BA
1,830 SqFt
$11,500
$6/Sqft
07/17/2024
301 Sunrise Dr #3C
1 BR / 1.1 BA
725 SqFt
$3,000
$4/Sqft
07/16/2024
881 Ocean Dr #14F
2 BR / 2.0 BA
1,875 SqFt
$8,000
$4/Sqft
07/15/2024
161 Crandon Blvd #118
3 BR / 3.0 BA
2,144 SqFt
$13,500
$6/Sqft
07/15/2024
155 Ocean Lane Dr #803
1 BR / 1.1 BA
895 SqFt
$3,650
$4/Sqft
07/15/2024
181 Crandon Blvd #306
3 BR / 2.0 BA
1,600 SqFt
$7,500
$5/Sqft
07/15/2024
799 Crandon Blvd #804
3 BR / 4.1 BA
3,084 SqFt
$18,000
$6/Sqft
07/15/2024
1111 Crandon Blvd #A801
2 BR / 2.0 BA
1,782 SqFt
$8,200
$5/Sqft
07/11/2024
330 Fernwood Road #1
3 BR / 2.1 BA
1,847 SqFt
$11,500
$6/Sqft
07/10/2024
607 Ocean Dr #3J
2 BR / 2.0 BA
1,496 SqFt
$10,000
$7/Sqft
07/09/2024
110 Woodcrest Ln #102
3 BR / 2.1 BA
1,712 SqFt
$11,500
$7/Sqft
07/08/2024
177 Ocean Lane Dr #613
2 BR / 2.0 BA
1,260 SqFt
$5,000
$4/Sqft
07/08/2024
1111 Crandon Blvd #B1203
2 BR / 2.0 BA
1,409 SqFt
$6,000
$4/Sqft
07/05/2024
121 Buttonwood Dr
5 BR / 5.1 BA
4,146 SqFt
$26,000
$6/Sqft
07/05/2024
2 BR / 1.0 BA
1,011 SqFt
$3,600
$4/Sqft
07/05/2024
881 Ocean Dr #6G
2 BR / 2.0 BA
1,875 SqFt
$5,850
$3/Sqft
07/05/2024
170 Ocean Lane Dr #902
2 BR / 2.0 BA
1,435 SqFt
$4,400
$3/Sqft
07/01/2024
701 Crandon Blvd #402
3 BR / 3.0 BA
1,830 SqFt
$11,500
$6/Sqft
07/01/2024
240 Galen Dr #308
3 BR / 2.0 BA
1,100 SqFt
$3,900
$4/Sqft
07/01/2024
1111 Crandon Blvd #B807
3 BR / 2.0 BA
1,782 SqFt
$9,800
$6/Sqft
07/01/2024
301 Sunrise Dr #4C
1 BR / 1.1 BA
725 SqFt
$3,000
$4/Sqft
07/01/2024
200 Galen Dr #108
1 BR / 1.0 BA
690 SqFt
$2,950
$4/Sqft
07/01/2024
236 Seaview Dr #110
2 BR / 2.0 BA
1,340 SqFt
$5,500
$4/Sqft
07/01/2024
611 Ocean Dr #3E
2 BR / 2.0 BA
1,496 SqFt
$7,000
$5/Sqft
07/01/2024
251 Crandon Boulevard #734
2 BR / 2.0 BA
1,560 SqFt
$6,000
$4/Sqft
07/01/2024
600 Grapetree Dr #8GS
3 BR / 2.0 BA
1,670 SqFt
$6,700
$4/Sqft
06/30/2024
881 Ocean Dr #TH31
2 BR / 2.0 BA
1,042 SqFt
$5,200
$5/Sqft
06/29/2024
1 BR / 1.1 BA
854 SqFt
$2,350
$3/Sqft
06/28/2024
201 Crandon Blvd #1027
2 BR / 2.0 BA
1,531 SqFt
$9,000
$6/Sqft
06/28/2024
325 Fernwood Rd #14
1 BR / 1.0 BA
530 SqFt
$2,550
$5/Sqft
06/28/2024
2 BR / 2.0 BA
1,058 SqFt
$4,250
$4/Sqft
06/28/2024
Average Price: $4/Sqft
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