Coconut Grove Real Estate Market Update: March 2026

*Based on MLS, under US1, single family/townhouse/land only.

March 2026 was another strong month for Coconut Grove real estate. A total of 25 properties closed across the neighborhood, generating roughly $73 million in total sales volume. That included 14 single-family homes, 10 townhomes, and one multi-family investment property. Whether you are watching the market as a buyer, seller, or investor, the data tells a clear story: well-priced homes are selling, new construction keeps commanding a premium, and Coconut Grove remains one of Miami's most resilient luxury markets.

How Did Coconut Grove Home Prices Look in March 2026?

Sale prices in March ranged from $1,025,000 for a small cottage on Center Street to $7,250,000 for a classic Key West-style home inside The Moorings, one of the Grove's most exclusive gated communities.

For single-family homes, the median sold price landed at approximately $3.39 million, with an average of $3.86 million. Price per square foot ranged widely, from around $762 per square foot on a renovation opportunity to over $1,596 per square foot for new construction on Bonita Avenue.

On the condo and townhome side, the median sold price was approximately $1.56 million. Most of the townhome activity centered around popular streets like Hibiscus, Plaza, Indiana, and Day Avenue.

What Sold Fast in Coconut Grove?

Speed is one of the most telling signs of a healthy market, and 8 of the 25 closings sold in fewer than 30 days on market. Here are a few standouts:

3151 Hibiscus Street sold at full asking price of $2,500,000 in only 7 days. This custom-built 2021 townhome with a heated saltwater pool attracted a buyer almost instantly.

2240 Tequesta Lane closed at $2,100,000 after 8 days. A beautifully renovated 4-bedroom home in North Coconut Grove with a brand-new roof, new AC, and impact windows throughout.

The common thread? Homes that were priced to today's reality, well-maintained, and move-in ready sold quickly. Buyers in Coconut Grove are active, but they know what things are worth.

What Took Longer to Sell?

On the other end, 10 properties had been on the market for more than 100 days before closing in March. Several of these homes were originally priced above the range buyers were willing to pay, and they needed price adjustments before finding a buyer.

For example, a stunning custom home on Ventura Avenue listed at $4,500,000 and took 309 days to sell at $4,200,000. An elegant contemporary on Micanopy Avenue listed at $3,980,000 and closed after 242 days at $3,775,000. Two new-construction townhomes on Plaza Street listed at $1,575,000 each and sat for 205 days before finally closing at $1,300,000.

The lesson for sellers is consistent: the Coconut Grove market is strong, but it does not reward overpricing. Homes priced correctly from the start sell in weeks. Homes priced too aggressively can sit for months and ultimately close for less.

New Construction Continues to Drive Premiums

New and recent construction accounted for several of the month's most notable sales. A brand-new 2025 home on Bonita Avenue sold for $6,700,000 at $1,596 per square foot. Another new build on Park Avenue sold for $5,400,000 at $1,255 per square foot. On the townhome side, a custom-built 2021 property on Hibiscus Street traded at full asking price of $2,500,000.

Buyers continue to pay a premium for homes that are ready to move into with modern finishes, smart home technology, and energy-efficient construction. If you are considering new construction in Coconut Grove, the demand is clearly there.

Land Values Are Rising in the Grove

Two of the month's most interesting sales were land plays. A property on Loquat Avenue with a 14,489-square-foot lot sold for $2,572,400. Meanwhile, a home on Lennox Drive sitting on a 15,647-square-foot lot closed at $3,000,000. Both attracted buyers looking to build their dream home on oversized lots in the heart of the Grove.

Large lots are becoming increasingly rare in Coconut Grove, and the competition for buildable land reflects that scarcity. If you own a home on a large lot in the Grove, your property may be worth more than you think.

Gated Community Demand Stays Strong

The top sale of the month at $7,250,000 was inside The Moorings, a gated enclave of just 42 homes with a private marina. This classic Key West-style home sold in only 24 days. Bay Heights, another sought-after gated community, also recorded a sale at $2,830,000 for a turnkey renovated home on Bay Heights Drive.

Privacy, security, and community continue to be major factors for luxury buyers in Coconut Grove.

The Investment Angle

A fully-rented triplex on Louise Street sold for $1,525,000 (above the asking price of $1,500,000) in just 2 days. Income-producing properties in Coconut Grove remain in high demand, especially when they offer reliable rental income and long-term appreciation potential.

March 2026 at a Glance

Total closings: 25 (14 single-family, 10 condo/townhome, 1 multi-family)
Price range: $1,025,000 to $7,250,000
Total sales volume: approximately $73 million
SFH median sold price: approximately $3.39 million
Condo/TH median sold price: approximately $1.56 million
Top sale: $7,250,000 (3455 S Moorings Way, The Moorings)
Only over-asking sale: 2928 Louise Street triplex, $1,525,000 on a $1,500,000 list price

What Does This Mean for You?

For sellers: The market is rewarding realistic pricing. Homes priced to today's market are closing in under 30 days, often at or near asking. Overpriced listings are sitting for months and closing at a discount. Work with an agent who knows the hyper-local data.

For buyers: Opportunities exist in every price bracket, from renovation projects under $1.5 million to turnkey new construction above $5 million. Move quickly on well-priced homes, because the best ones are not lasting long.

If you are thinking about buying or selling in Coconut Grove, we would love to connect. Reach out to the Ally and AJ Team at ONE Sotheby's International Realty at 305.744.2989 or visit us at allyandaj.com.