K
ey Biscayne's real estate market has shifted towards a buyer's market, according to industry experts. The median sale price of homes on the island dropped 12.7% in April to $1.34 million, down from $2.4 million in April 2023, the highest mark since 2020. Homes are taking longer to sell, with an average of 109 days on the market, up from 97 last year. Multiple offers have become rare, and homes are selling for about 4% below list price.

    According to Redfin, there were 53 home sales in April, down from 70 last year. Rocket Mortgage reported that 88.9% of homes sold below asking price last month. The supply of properties increased from 204 in March to 214 in April. Median prices varied by bedroom count, with a 4-bedroom property selling for $3.8 million and a 5-bedroom property dipping 29.4% to $4.3 million.

    The condo market also showed a decline, with the median sale price dropping 35.4% to $1 million in April compared to last year. Zillow reported an average home value of $1,632,742, down 2.8% over the past year. Redfin's data suggests that 30% of Key Biscayne home buyers are looking to relocate out of the Village, while 70% want to stay within the metro area.

    The most popular areas for relocation outside of Key Biscayne were Cape Coral, Orlando, and Sarasota. In contrast, only 2% of potential relocation families nationwide searched to move into Key Biscayne, with people from New York, San Francisco, and Washington being more likely to consider the island as their next home.