Coral Gables Under $1 Million Market | Values Trending Down In 2017

March 9th, 2017 Written By

Homes priced under $1 million in Coral Gables are by far the highest in demand; every year there are over 300 home sales in this segment of the market. For the past 5 years home values in this price point have been on a steady rise, however, that trend may be leveling off. So far in 2017 we have seen a 7% drop in prices for homes under $1 million in Coral Gables.  Last year they were selling at an average of $352/square foot while this year the average is coming in at $324/square foot.

Another interesting figure is that although the average “sale price/square foot” is lower this year, the average “days on the market” is less too. In 2016 the average home under $1 million took over 100 days to sell, while this year the figure is at just 64 days. ┬áThis may be due to the fact that buyers are acting faster in response to the lower prices.

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If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

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