Real Estate Prices in Coconut Grove: 2025 Market Update
Coconut Grove, one of Miami’s most desirable and historic neighborhoods, continues to command attention for its lush landscapes, vibrant culture, and premium real estate. As of 2025, the Grove’s housing market reflects both the city’s overall luxury trend and some unique local dynamics.
Current Home Prices and Trends
The median listing home price in Coconut Grove reached $2.4 million in March 2025, marking a 12% increase year-over-year1. The median price per square foot now stands at $1,200, highlighting the area’s premium status1.
The median sold price in April 2025 was $1,623,500, up 5.7% from the previous year3. Meanwhile, the average home value is reported at $1,262,579, a 7% rise over the past year5.
Neighborhoods within Coconut Grove show significant price variation. For example, Cocoplum boasts median values above $6 million, while areas like Biscayne Bay and University Estates range from $1.7 to $2.6 million2.
Waterfront and Luxury Segment
Coconut Grove’s waterfront properties are among the most exclusive in Miami, with a median list price of nearly $19.5 million for bayfront homes and an average price per square foot over $3,2008.
The demand for luxury and waterfront homes continues to push prices up, particularly for properties with direct bay access and modern amenities89.
Market Dynamics: Buyer’s Advantage in 2025
In a shift from previous years, Coconut Grove is now considered a buyer’s market. Homes are staying on the market longer-averaging 91 days, up nearly 60% from last year3.
About 83% of homes sold in April 2025 went below asking price, giving buyers more negotiating power3.
Despite the increase in inventory and longer selling times, the area’s long-term prospects remain strong due to its enduring appeal and limited supply of prime properties39.
Price Breakdown by Home Size
Bedrooms Median Price (Apr 2025) Year-over-Year Change
1 $440,000 -1.90%
2 $1,100,000 -5.20%
3 $1,700,000 0.10%
4 $2,500,000 -2.00%
5+ $5,100,000 11.50%
Source: Rocket Homes, April 20253
What Buyers and Sellers Should Know
Buyers: With more homes selling below asking price and longer listing periods, there are opportunities to negotiate, especially for non-waterfront and older properties. However, competition remains strong for move-in-ready and waterfront homes.
Sellers: While prices are up, patience is key. Well-presented, updated properties-especially those with unique features or water access-continue to attract premium offers.
Conclusion
Coconut Grove’s real estate market in 2025 is defined by high prices, steady appreciation, and new opportunities for buyers. Whether you’re seeking a luxury bayfront estate or a charming Grove cottage, understanding these trends will help you navigate one of Miami’s most coveted neighborhoods with confidence.
