2022 Coconut Grove Real Estate Values | A Look Back at the 2021 Numbers

As I do every year, I compile and analyze all of the sales in Coconut Grove (per MLS data – which takes me several weeks) over the previous year and look at where our community is trending…and holy cow, has the trend skyrocketed to numbers that I had to triple check because they were hard to believe!

I am a Groveite through and through. I met my wife in the Grove 12 years ago, was married in the Grove (St. Hugh), my reception was in the Grove (Villa Woodbine), I have lived in the Grove for the past 12 years, and I am the Executive Director of Luxury Sales at Douglas Elliman in our Grove office at Two CocoWalk. I have put together this report for the past 8 years because I care about the health of our community and helping people understand where the Grove housing market has been and is headed.

The overall market in South Florida exploded in 2021 due to an enormous influx of buyers from New York, Chicago and L.A. because of our favorable tax rates and triggered by Covid and “the way our city is being run” – (I lumped many, many different people into that one sentence as that was a very common answer when asking buyers “why Florida?”).

The Coconut Grove real estate market had increased year-over-year for 8 consecutive years until it exploded in 2020 and then basically shattered every metric ever tabulated in 2021. Here are some takeaways from the 2021 numbers:

• Total sales volume in ALL of the Grove set a new all-time high at $1,452,047,154, shattering the previous high of $541,812,781 from 2020.
• The average sales price in ALL of the Grove also set a new all-time high at $1,815,059, a 64.8% jump from the previous high of $1,101,245 from 2020.
• The average sales price per square foot in ALL of the Grove also set a new all-time high at $636.63, besting the previous high of $459.27 from 2020.
• South Coconut Grove saw the biggest jump EVER with its average sales price jumping a staggering 91.7%.

Coconut Grove Real Estate – Months of Supply (February 2022)

Months of supply means how long it would take for the market to absorb all real estate, if no additional real estate came to market. This stat determines whether it is a Buyer’s Market or Seller’s Market. When looking at statistics, having a 6-month supply or less favors sellers while more than 6 months favors buyers.

Single-Family Homes: 2.4-Month Supply (Very Heavy Seller’s Market)

46 Currently Available
115 Sold in Past 6 Months

Condos: 1.7-Month Supply (Very Heavy Seller’s Market)

42 Currently Available
147 Sold in Past 6 Months

Townhomes: 2-Month Supply ( Very Heavy Seller’s Market)

14 Currently Available
42 Sold in Past 6 Months

*All 3 categories above are the lowest of any period in Coconut Grove’s history*

Below, I have laid out all of the 2021 Coconut Grove real estate statistics and then a year-over-year comparison of 2021 versus 2020.

2021 Coconut Grove Real Estate Sales by the Numbers:

• Total Number of Sales: 800
• Total Sales Volume: $1,452,047,154
• Average List Price: $1,913,996
• Median List Price: $1,172,500
• Average Sales Price: $1,815,059 (94.8% of List Price)
• Median Sales Price: $1,100,000 (93.9% of List Price)
• Average Sales Price Per SQ/FT: $636.63
• Median Sales Price Per SQ/FT: $552.64
• Days on Market: 89 Average / 41 Median
• Highest Priced Sale of 2021: 3500 Curtiss Ln. Closed on 08/12/2021 @ $48,000,000 ($2,560.68 per sq/ft)
• Lowest Priced Sale of 2021: 3615 Thomas Ave. #2 Closed on 06/04/2021 @ $108,900 ($233.69 per sq/ft)

Download: 2021 ALL Coconut Grove Closed Real Estate Sales

2021 vs. 2020 ALL Coconut Grove Sales Year-Over-Year Numbers:

• Total Number of Sales: UP 308 (+62.6%) | 800 in 2021 vs. 492 in 2020 (492 in 2019)
• Total Sales Volume: UP $910,234,373 (+168%) | $1,452,047,154 in 2021 vs. $541,812,781 in 2020 ($476,234,676 in 2019)
• Average List Price: UP $725,709 (+61.0%) | $1,913,996 in 2021 vs. $1,188,287 in 2020 ($1,043,411 in 2019)
• Median List Price: UP $297,500 (+34.0%) | $1,172,500 in 2021 vs. $875,000 in 2020 ($798,500 in 2019)
• Average Sales Price: UP $713,814 (+64.82%) | $1,815,059 in 2021 vs. $1,101,245 in 2020 ($968,237 in 2019)
• Median Sales Price: UP $289,000 (+35.6%) | $1,100,000 in 2021 vs. $811,000 in 2020 ($747,500 in 2019)
• Average Sales Price Per SQ/FT: UP $177.36 (+38.6%) | $636.63 in 2021 vs. $459.27 in 2020 ($431.92 in 2019)
• Median Sales Price Per SQ/FT: UP $142.36 (+34.7%) | $552.64 in 2021 vs. $410.28 in 2020 ($393.70 in 2019)

Coconut Grove Neighborhoods Map

To local Groveites looking to sell, and buyers purchasing property in Coconut Grove, I have broken down the statistics of the different areas of the Grove. Coconut Grove is locally referred to in parts, i.e. North, South, Center and West (for example, CocoWalk and Mr. C Hotel are both located in Center Grove and Kennedy Park is located in North Grove).

2021 vs. 2020 NORTH Coconut Grove Sales by the Numbers:

• Total Number of Sales: 281 in 2021 | 192 in 2020 (159 in 2019)
• Average List Price: $2,080,521 in 2021 | $1,427,992 in 2020 ($1,350,959 in 2019)
• Median List Price: $1,349,000 in 2021 | $1,100,000 in 2020 ($1,149,000 in 2019)
• Average Sales Price: (+50.0%) $1,954,750 in 2021 | $1,303,196 in 2020 ($1,241,543 in 2019)
• Median Sales Price: (+23.8%) $1,300,000 in 2021 | $1,050,000 in 2020 ($1,040,000 in 2019)
• Average Sales Price Per SQ/FT: (+37.3%) $649.80 in 2021 | $473.26 in 2020 ($483.65 in 2019)
• Median Sales Price Per SQ/FT: (+36.7%) $596.97 in 2021 | $436.72 in 2020 ($435.19 in 2019)
• Days on Market: 95 Average | 45 Median in 2021 (154 Average | 101 Median in 2020)
• Highest Priced Sale of 2021: 3591 Rockerman Rd. Closed on 05/26/2021 @ $15,750,000 ($2,047.05 per sq/ft)
• Lowest Priced Sale of 2021: 2630 SW 28th St. #23 Closed on 05/30/2021 @ $155,000 ($321.58 per sq/ft)

Download: 2021 NORTH Coconut Grove Closed Real Estate Sales

2021 vs. 2020 SOUTH Coconut Grove Sales by the Numbers:

• Total Number of Sales: 112 in 2021 | 54 in 2020 (49 in 2019)
• Average List Price: $3,792,882 in 2021 | $2,003,343 in 2020 ($1,727,041 in 2019)
• Median List Price: $2,287,450 in 2021 | $1,519,000 in 2020 ($1,299,000 in 2019)
• Average Sales Price: (+91.7%) $3,602,096 in 2021 | $1,878,919 in 2020 ($1,605,041 in 2019)
• Median Sales Price: (+64.8%) $2,286,060 in 2021 | $1,387,500 in 2020 ($1,225,000 in 2019)
• Average Sales Price Per SQ/FT: (+42.0%) $764.06 in 2021 | $538.08 in 2020 ($458.62 in 2019)
• Median Sales Price Per SQ/FT: (+34.0%) $671.69 in 2021 | $501.22 in 2020 ($435.30 in 2019)
• Days on Market: 82 Average | 37 Median in 2021 (106 Average | 54 Median in 2020)
• Highest Priced Sale of 2021: 3500 Curtiss Ln. Closed on 08/12/2021 @ $48,000,000 ($2,560.68 per sq/ft)
• Lowest Priced Sale of 2021: 4191 Battersea Rd. Closed on 03/22/2021 @ $780,000 ($407.52 per sq/ft)

Download: 2021 SOUTH Coconut Grove Closed Real Estate Sales

2021 vs. 2020 CENTER Coconut Grove Sales by the Numbers:

• Total Number of Sales: 289 in 2021 | 155 in 2020 (174 in 2019)
• Average List Price: $1,239,859 in 2021 | $765,628 in 2020 ($638,003 in 2019)
• Median List Price: $729,000 in 2021 | $589,000 in 2020 ($464,950 in 2019)
• Average Sales Price: (+65.2%) $1,184,823 in 2021 | $717,214 in 2020 ($598,390 in 2019)
• Median Sales Price: (+25.0%) $700,000 in 2021 | $560,000 in 2020 ($445,000 in 2019)
• Average Sales Price Per SQ/FT: (+37.5%) $614.85 in 2021 | $447.12 in 2020 ($404.42 in 2019)
• Median Sales Price Per SQ/FT: (+29.1%) $499.68 in 2021 | $387.17 in 2020 ($373.52 in 2019)
• Days on Market: 88 Average | 43 Median in 2021 (104 Average | 60 Median in 2020)
• Highest Priced Sale of 2021: 3323 Devon Ct. Closed on 09/08/2021 @ $33,000,000 ($3,960.63 per sq/ft)
• Lowest Priced Sale of 2021: 2740 SW 28th Ter. #303 Closed on 06/16/2021 @ $170,000 ($386.36 per sq/ft)

Download: 2021 CENTER Coconut Grove Closed Real Estate Sales

2021 vs. 2020 WEST Coconut Grove Sales by the Numbers:

• Total Number of Sales: 119 in 2021 | 92 in 2020 (110 in 2019)
• Average List Price: $1,384,312 in 2021 | $913,367 in 2020 ($933,300 in 2019)
• Median List Price: $1,200,000 in 2021 | $787,500 in 2020 ($796,500 in 2019)
• Average Sales Price: (+54.1%) $1,329,108 in 2021 | $862,709 in 2020 ($872,832 in 2019)
• Median Sales Price: (+50.0%) $1,140,000 in 2021 | $760,000 in 2020 ($779,500 in 2019)
• Average Sales Price Per SQ/FT: (+34.4%) $540.77 in 2021 | $402.47 in 2020 ($389.88 in 2019)
• Median Sales Price Per SQ/FT: (+27.2%) $494.14 in 2021 | $388.44 in 2020 ($366.74 in 2019)
• Days on Market: 84 Average | 34 Median in 2021 (98 Average | 53 Median in 2020)
• Highest Priced Sale of 2021: 3525 Royal Palm Ave. Closed on 06/21/2021 @ $6,100,000 ($1,220.00 per sq/ft)
• Lowest Priced Sale of 2021: 3615 Thomas Ave. #2 Closed on 06/04/2021 @ $108,900 ($233.69 per sq/ft)

Download: 2021 WEST Coconut Grove Closed Real Estate Sales

If you, or someone you know, would like to purchase or sell real estate in Coconut Grove, please contact me, Michael Light, Founder/Owner of the Light Group at Douglas Elliman Real Estate. I am a resident of Coconut Grove and have direct knowledge of the Coconut Grove real estate market.  You may reach me directly at my CocoWalk office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.

Looking for past Coconut Grove market statistic articles? Here they are:

2020 Coconut Grove Market Report

2019 Coconut Grove Market Report

2018 Coconut Grove Market Report

2017 Coconut Grove Market Report

2016 Coconut Grove Market Report

2015 Coconut Grove Market Report

2014 Coconut Grove Market Report

Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on February 18, 2022.  Any closed sales not listed in the MLS are not included in the statistics referenced herein. The MLS search criteria used was 33133 zip code + map outline + city not equal to “Coral Gables.”  The statistics separated into North, South, Center and West Grove were separated according to the map shown above and may not be accurate. In addition, the information contained herein is for informative purposes only and should not be relied upon.