Coconut Grove's Condo Median Jumps 34% as New Towers Sell

Coconut Grove's condo numbers moved differently from the rest of central Miami this year. Over the last 12 months, as of October 13, 2026, the median Coconut Grove condo closed at $1,225,000, up 33.9% from the prior 12 months, and the median price per square foot rose 11.6% to $868, according to Own.Miami's market data. The number of sales fell 9.1% at the same time, which points to a shift toward more expensive units, led by new buildings, rather than broad price growth.

The numbers behind the Grove's high end

Own.Miami's Coconut Grove market data, as of October 13, 2026:

• 220 closed condo sales in the last 12 months, down from 242, but dollar volume rose 17.1% to about $486 million.
• 176 condos for sale, about 9.6 months of supply, against 18.2 months in Brickell and 30.1 in Downtown.
• Sellers accepted a median 92.6% of the asking price, and 9.1% of sales closed at or above the asking price.
• Our Buyer/Seller Market Index reads 40 of 100, at the line between a buyer's and a balanced market. Miami as a whole reads 26.

New construction drives the prices

Buildings delivered in the last few years sold at a median of about $1,687 per square foot over the last 12 months, against about $644 for buildings from before 1990. The most active building was Mr. C on South Bayshore Drive, completed in 2024, with 28 sales at a median $1,611 per square foot.

Vita At Grove Isle, CMC Group's boutique tower on Grove Isle, received its temporary certificate of occupancy in December 2025, according to Florida YIMBY and CMC Group's completion announcement. On Own.Miami it has 14 units for sale at a median asking price of about $9.2 million, against 5 recorded sales in the last 12 months.

Older waterfront buildings remain the lower-cost way into the neighborhood. Grove Isle, built in 1981, recorded 17 sales at a median $842 per square foot. That gap explains much of the neighborhood's price spread: a buyer is choosing between a new building's finishes and amenities and an older building's lower price per foot, with the older building's reserve and inspection obligations to check.

Who is buying, according to local lenders and agents

Miami Today reported in August 2026 that the post-pandemic rush into the Grove has settled into steady demand. A Centennial Bank executive pointed to buyers from the Northeast, Chicago and California and to finance-industry arrivals supporting the local office market, while the 2026 chairman of the Miami Association of Realtors described buyers in finance and technology who work in Downtown or Wynwood and choose to live in the Grove. Those are observations, not sales data, but they match the shift toward higher-priced sales in our numbers.

What it means for a buyer

Supply in the Grove is tighter than in Brickell or Downtown overall, but not at the top. Price bands differ: condos above $5 million show about 16.8 months of supply, while units between $500,000 and $750,000 show about 6.9 months, the tightest band. The median HOA fee on listed units is $2,381 a month, against $1,316 in Brickell, so budget for it alongside the price.