Key Biscayne Real Estate Market Forecast 2023

Key Biscayne Real Estate Market Forecast 2023

  • Giulietta Ulloa
  • 02/13/23

The Key Biscayne housing market is one of the most sought-after in all of Miami. Situated on an island just off the coast, it offers residents stunning waterfront views and a relaxed, laid-back atmosphere. The cost of living in Key Biscayne is high, but it's well worth it, as joining this wonderful, tight-knit community offers a wide array of perks. In this blog post, we'll take a look at past market trends and give you a forecast for 2023, so you can decide whether now is the time to buy or sell in Key Biscayne. 

About Key Biscayne

There are many factors that make Key Biscayne a great place to own property. Key Biscayne’s exclusivity, privacy and most importantly, notable lack of crime, characterizes the island. Of the most impressive factors is Bill Baggs Cape Florida State Park, a stunning coastal park with abundant natural beauty and countless opportunities for exploration. Whether you enjoy hiking through lush woodlands or strolling along powdery stretches of beach, there is something for everyone at Bill Baggs Cape Florida State Park.

Another reason why Key Biscayne is such a wonderful place to live is the Crandon Park Peacock Shelter, an expansive and well-maintained secluded park where peacocks roam the gardens. A visit makes for wonderful photo ops!

Adding to the appeal of this unique community is the fact that there are many excellent dining options to choose from, such as the acclaimed Rusty Pelican restaurant. With delicious menus and spectacular views of Miami's breathtaking skyline, the Rusty Pelican is the ideal place to unwind after a long day or celebrate special occasions with loved ones.

These are just a few reasons that make living in island paradise remarkable, and why people love Key Biscayne real estate. If you're thinking of making a move to this idyllic island community, now is a great time.

Market trend history

Let's take a look at the past five years of Key Biscayne market trends so you can make an informed decision about buying or selling property here. Key Biscayne is usually one of the neighborhoods in Miami that appreciates the fastest when the market is strong, and is one of the neighborhoods that holds its value the best, when prices are falling. From November 2017 through February 2021, the median list price was steady. This pattern broke starting in March 2021, when the market began to see sharp shifts in median list price, especially because of the high demand and the lack of inventory.  Prices have fallen steadily, with minor upticks, since February 2022. If the market follows the past two years of trends, we may see an upward trend in median list price through 2023. Key Biscayne is an exclusive island with only 7,207 residential properties which consist of 1,296 single-family homes and 5,911 condo units

As of February 2023 there are 35 single family homes and 129 condo units for sale, It is certainly a low inventory.

2023 predictions

For Buyers

In 2023, Buyers should be pleased to see that the “overpriced” asking prices will continue to be adjusted from the highest ones seen towards the end of 2021 and the beginning of 2022. This is due, in part, because the Fed continued raising the interest rates in order to decelerate the inflation and control a recession and keep prices steady; which caused a slowdown in buyers' purchasing ability. While buyers still need to stay vigilant and keep an eye out for competitive properties, they are now more likely than ever looking to find a home that fits their needs and budget. Although it is more likely that now is the time to buy in this cycle of the market, prior to the continued relocations coming from major domestic companies seeking the state-free tax haven that Florida offers (Citadel, Microsoft, Apple etc) which will eventually cause prices to increase due to high demand. As we like to say to buyers that seem intimidated by the interest rates, “Buy the house and date the rate!” 

FOR SELLERS

Sellers may be discouraged by the recent market trends, which show a general decline in median list price since hitting a 5-year high in February 2022. However, it's important to remember that the market remains higher than the previous steady trend from November 2017-February 2021. Further, since the median is comprised of data from all properties, including those that may be overpriced or otherwise uncompetitive, the actual market value of your home is better determined through a comparative market analysis, which a real estate agent like Giulietta Ulloa can provide when you are ready to list in 2023. You may not get the same high prices as sellers who listed their homes earlier this year, but with the volatility of the market in 2022, it is likely 2023 will also see a wide range of prices, so it is still a good time to sell. To ensure you receive the best possible price for your property, start prepping it for listing now by decluttering, making any necessary repairs, and considering a fresh coat of paint. 

In conclusion, Key Biscayne island paradise has always been a desirable place to live. With its delightful beaches and nature, combined with the safe and active lifestyle that it offers, it is easy to see why this island village is so attractive. The combination of great weather, beaches, parks, schools, and proximity to Miami makes it a perfect place for families and individuals alike. If you are considering buying or selling a home in Key Biscayne, be sure to consult with a local real estate agent like Giulietta Ulloa to get the most accurate and up-to-date information on the market.


The Giulietta Ulloa Group


There is an old saying that goes, if you want something done, ask a busy person to do it. If you are buying or selling Real Estate in Key Biscayne, Brickell or Sunny Isles, contact Giulietta Ulloa and see what a successful and smooth Real Estate transaction with a seasoned professional feels like.

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