Coconut Grove's median list price more than doubles since 2019

What’s happening

Coconut Grove, Miami’s leafy bayfront neighborhood, has seen its median list price more than double since 2019 — from $1.0M in September 2019 to $2.4M in March 2026. Boutique luxury residential projects with 30-50 units each have replaced what used to be older walk-ups, pushing the median sharply.

Why this matters if you’re buying

Coconut Grove is the example, but the pattern repeats in pockets of Florida wherever older, mid-density inventory gets replaced with new boutique luxury supply: Edgewater, parts of Wynwood, the Boca Raton waterfront, and select pieces of Tampa’s Westshore.

For buyers:

• Median prices in fast-changing neighborhoods are noisy. A $2.4M median doesn’t mean every home in the Grove is $2.4M. Single-family resales — especially inland from Bayshore — sit at very different price points.
• New construction has different financing rules. Pre-construction deposits aren’t normal earnest money. They’re typically 10-20% during construction, with the rest at closing 2-4 years out. Make sure you can afford to have that capital tied up.
• Resale comps lag for new buildings. When the first ~30% of a new tower’s units sell, those become the comps for everything else. Watch them.

Related FAQs

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