Coconut Grove

• Houses and condos have swapped roles here, and almost nobody says so. Single-family land is up 50.5% in three years — a median $1,219 per square foot in Q1 2026 against $810 in 2023 — while condos rose just 11.5% over the same period, to $1,226.
• Supply tells the same story twice. Single-family sits at 6.5 months — textbook neutral. Condos sit at 10.9 months, which is a caution signal for sellers and leverage for buyers.
• The condo softness is not a supply problem. Fewer than 400 new condo units are scheduled to arrive across all of 2026 to 2028. That is the opposite of Edgewater, and it changes how you should read the discount.
• The trophy tier is a separate market entirely. Inland trophy pricing has held at about $2,150 per square foot since 2024. Waterfront set a new ceiling of $6,913 per square foot in January 2026 at 3085 Munroe Drive. Park Grove has traded as high as $3,850.
• The Grove is not really one neighbourhood. Bayfront, the village centre, the inland canopy streets and the gated islands price and behave differently enough that a single median tells you very little.

The 2026 market, and the split that matters

Coconut Grove is usually sold on atmosphere — the canopy, the sailing, the village. The atmosphere is real. But the number that should decide your strategy is the gap between what has happened to land and what has happened to apartments.

Single-family. Median price per square foot reached $1,219 in Q1 2026, against $810 in 2023. That is 50.5% in three years, and it is a land story: buyers are paying for lot, canopy and location, then building or renovating to their own standard. Months of supply is 6.5 — right on the conventional dividing line, favouring neither side.

Condominiums. Median price per square foot reached $1,226 in Q1 2026, against $1,100 in 2023 — 11.5% over the same three years. Months of supply is 10.9, comfortably into buyer’s-market territory.

So the two asset classes now sit at almost identical medians per square foot, having arrived there on completely different trajectories. Land has run. Apartments have not.

Why the condo discount here is different from Edgewater’s

This is the part worth slowing down on, because the same headline — double-digit months of supply — means two entirely different things in the two neighbourhoods.

In Edgewater, the softness is a supply story. Several thousand units are still under construction or approved, arriving into a market already carrying twelve to twenty months of inventory. The discount there is priced against more competition coming.

In Coconut Grove, fewer than 400 new condo units are scheduled across 2026 to 2028 in total. There is no wave behind this one. The 10.9 months of supply reflects current demand meeting existing stock — not a pipeline overhang.

That distinction should change your holding-period assumption. A soft market with no new supply behind it tends to resolve faster than a soft market with three years of deliveries still to land.

Medians rose while averages fell — what that actually means

A detail worth flagging, because it trips people up. Average price per square foot in the Grove has been drifting down even as medians rose: condos averaged $1,672 in 2024 and $1,616 in 2025; single-family averaged $1,207 in 2024 and $1,168 in 2025.

That is not the market falling. It is mix. In a neighbourhood where a handful of trophy sales can swing an average by hundreds of dollars a foot, the average tells you which properties happened to close, and the median tells you what the market is doing. Read the median. Treat any headline built on the average with suspicion.

The trophy tier is its own market

Above a certain level the Grove stops behaving like a neighbourhood and starts behaving like a small collection of unrepeatable assets.

• Inland trophy: around $2,150 per square foot, and remarkably stable — it has held that level from 2024 through 2026.
• Waterfront trophy: a new tier was set in January 2026 at 3085 Munroe Drive — $6,913 per square foot. That is more than three times the inland ceiling for the same neighbourhood.
• Condo trophy: Park Grove has achieved $3,850 per square foot.

The gap between $2,150 inland and $6,913 on the water is the single clearest statement of what direct bay frontage is worth in Miami right now. If water is what you are buying, read the Miami waterfront homes guide before you shortlist — dockage, bridge height and channel depth decide more of these purchases than square footage does.

The buildings

Newer bayfront condominium product in the Grove generally runs $1,100 to $2,800-plus per square foot, with the branded and starchitect towers at the top of that band.

• Park Grove — the three-tower bayfront flagship, by Pelli Clarke Pelli. The Grove’s benchmark, and holder of its condo price record.
• Grove at Grand Bay — the twisting twin towers by Bjarke Ingels Group. Architecturally the most recognisable building in the neighbourhood.
• Mr. C Residences Coconut Grove — Arquitectonica, with branded hotel service attached.
• Grove Isle — a gated private island, and one of very few genuinely island addresses on the mainland side of the bay.
• Grovenor House — established luxury mid-rise, generally better value per foot than the newer flagships.

In the pipeline: Vita at Grove Isle, also by Bjarke Ingels Group; Four Seasons Private Residences Coconut Grove on the bayfront; and The WELL Coconut Grove, a branded wellness project. Between them they account for most of the sub-400-unit pipeline through 2028 — which is to say the Grove’s new supply over the next three years is small, branded and expensive.

The parts of the Grove, and how they differ

• The bayfront — where the flagship towers and the trophy waterfront houses sit. This is the market that set the $6,913 per square foot ceiling.
• The village centre — walkable, with restaurants, CocoWalk and the marina. The reason people who could live anywhere in Miami choose the Grove.
• The inland canopy streets — old tree cover, large lots, and the engine behind the 50.5% three-year move in land value. Trophy pricing here sits near $2,150 per square foot.
• The Moorings and the gated enclaves — small, private, and traded rarely enough that comparables are genuinely scarce.

If you like the canopy and the architecture but want a larger, more formal version of it, Coral Gables is the natural comparison. If you want the water and the island feel without the mainland density, compare against Key Biscayne.

Every building in Coconut Grove

The Grove condo market is small, waterfront-weighted and unusually resistant to new supply. These are the buildings with pages on this site.

What to check before you buy in Coconut Grove

• If you are buying a house, price the land separately from the house. With land up 50.5% in three years and trophy inland pricing at $2,150 a foot, a large share of what you are paying has nothing to do with the structure. Work out what a teardown-and-rebuild costs before you pay a premium for someone else’s renovation.
• Elevation and flood zone, street by street. The Grove ranges from bayfront to some of the higher ground in coastal Miami-Dade. Two houses a few blocks apart can carry very different insurance. Get a real quote early.
• Tree ordinances. The canopy is protected, and it constrains what you can do with a lot. If your plan involves removing mature trees, confirm what is permitted before you write the offer, not after.
• Warrantability, on any older condominium. Fannie Mae and Freddie Mac maintain a non-public list of projects they will not lend against, and the South Florida count has roughly doubled in two years. Limited Review was eliminated on 3 August 2026, so more buildings now face full scrutiny. Units in ineligible buildings routinely trade 15% to 30% below comparable units in eligible ones. The full explanation is on the Miami condos for sale page.
• Milestone inspection and reserve funding. Associations that had waived reserves were required to begin funding them from 1 January 2026. Ask for the report and the study, not a summary of either.

Who the Grove suits

It suits a buyer who wants walkability and old tree cover rather than a tower amenity deck, and who is prepared to pay for land rather than for finishes. It suits sailors and boat owners, for whom the marina and the run out to the bay are the entire point.

Right now it particularly suits a condo buyer, because that is where the leverage sits — 10.9 months of supply, with almost no new competing supply arriving before 2028.

It suits a house buyer less well at this moment. Land has already run 50% in three years and inventory is neutral. That is not a market handing anyone a discount.

How I would approach it

The Grove is one of the few Miami neighbourhoods where the right answer genuinely depends on which asset class you want, not just which street. Houses have repriced and are trading in balance. Apartments have not repriced much, are sitting longer, and have no supply wave behind them.

I have been selling Miami real estate since 2002 and have closed more than a billion dollars in property. Tell me whether you are buying land or buying a view and I will tell you plainly which side of this market you belong on, and which three buildings or streets are worth your weekend.

Get in touch, or read more about how I work. The Miami neighbourhoods map covers the alternatives.

Sources

• Coconut Grove condos for sale — building and pipeline overview: buildings, architects and the bayfront price-per-square-foot band.