Annual Overview: Belle Meade 2023 Real Estate Market – Comprehensive Yearly Analysis and Trends

As we reflect on the Belle Meade real estate market of 2023, it’s evident that the year marked a significant shift from the record-breaking momentum of 2022. Unlike the previous year, 2023 unfolded as a period of relative calm in Belle Meade, characterized by a scarcity of available properties and a reduction in transactions. This trend set Belle Meade apart from its neighboring communities, underscoring its unique market dynamics.

In 2022, despite a slight uptick in inventory and waning demand, Belle Meade’s real estate prices continued to climb, defying conventional market expectations. A typical observer might have predicted a market downturn or a significant price adjustment in response to sluggish sales. However, Belle Meade’s market remained resilient, showcasing its distinct character among the small, stable communities surrounding Miami.

The nationwide dip in demand, largely attributed to rising mortgage interest rates, was also felt in Belle Meade. Yet, as we step into 2024, there’s an air of cautious optimism. Interest rates are beginning to lower, signaling a potential revival in buyer activity. Those who have been on the sidelines, waiting for the right moment, may soon re-enter the market. However, this resurgence comes with a caveat – the prolonged period of high rates means that these buyers might find themselves facing a new reality. The purchasing power has diminished; what once was within reach may now be beyond their budget, possibly necessitating a shift in neighborhood choices for affordability reasons.

As we look forward to 2024, the Belle Meade real estate market stands at a crossroads. It remains to be seen how the interplay of lowering interest rates and the pent-up demand will shape the landscape in this unique community.

Belle Meade Real Estate – 2023 Median Sales Price

Look at the hikes in median sales price:

• $660,000 in 2019
• $670,000 in 2020
• $1,100,000 in 2021
• $1,599,000 in 2022
• $2,000,000 in 2023

Prices continue to increase, albeit at a slower rate and are we are currently evidencing a balanced market with 6 months of inventory that favors neither sellers nor buyers.

Please note that we prepare Belle Meade Real Estate monthly reports on the 4th week of every month.  So come back to check out the stats.

We are providing micro-data that really gets granular and helps you identify when to buy or sell.  We provide these reports at no cost, with no obligation.  Please click HERE to download the complimentary real estate 3D Analyzer for Belle Meade.

Inventory is very low right now with only 16 homes for sale.  There were 28 homes sold in 2023, compared to 23 in 2022 and 51 in 2021. 8 out of the 28 homes sold were waterfront homes, compared to 9 out of 22 in 2022 – there were 16 waterfront homes sold in 2021 and 5 in 2020.  Check out the stats below – you’ll find interesting changes in the average price per square foot and some of the highest sales we’ve seen.

Belle Meade Waterfront Homes – Price per Square Foot

Take a look at the changes in average price per square foot for homes on the water in Belle Meade:

Year	Price per SF	Number of Sales	Highest Sale
2023	$1,842SF	8	$17.750 M
2022	$1,340SF	9	$8.245 M
2021	$1,060SF	16	$13.25 M
2020	$921/SF	5	$7.0 M
2019	$588/SF	6	$3.435M
2018	$683/SF	6	$6.25M
2017	$646/SF	3	$4.3M
2016	$450/SF	4	$1.5M

The highest waterfront sale in 2023 was for the new construction (2022) at 1125 Belle Meade Island Dr which sold for $17,750,000.  This home was originally listed for $19.9 Million in April of 2022, reduced to $18.9 Million and closed in September.  The home is 3 doors down from open bay but in perfect setting with unobstructed views and protection for their water vessels. It has 6 bedrooms / 6 bathrooms / 2 half-baths, 8,222 Sq.Ft. of living space, sits on 12,375 Sq.Ft. lot with 75′ of water frontage.  It was a cash transaction and sold at $2,159/Sq.Ft.

The 8 Belle Meade Waterfront homes that sold in 2023 ranged between $2.7 Million and $17.75 Million and between $910 and $2,956 per square foot.  4 out of the 8 waterfront homes sold were located inside Belle Meade Island.

The highest priced waterfrong=t home actively for sale right now in Belle Meade is asking $16 Million (723 NE 77 Street – 2024 Under Construction – modern home with 8,050 Sq.Ft. of living space, 6 bedrooms / 8.5 bathrooms, 16,061 Sq.Ft. lot with 60′ of water frontage facing the industrial marina across the canal). Priced at $1,988/ Sq.Ft.

The lowest priced waterfront home is asking $5.25 Million.  Southern exposure home one house from the bay with 4 bedrooms / 2.5 bathrooms, built in 1968, with 2,808 Sq. Ft., 11,781 Sq.Ft. lot with 125′ of water frontage.  Listed at $1,870/Sq.Ft.

CURRENT BELLE MEADE 3D MARKET REPORT

Belle Meade Dry-Lot Homes – Price per Square Foot

Here you have changes in average price per square foot for homes NOT on the water in Belle Meade:

Year	Price per SF	Highest Sale
2023	$798/SF	$3,525,000
2022	$722/SF	$2,900,000
2021	$470/SF	$2,035,000
2020	$416/SF	$980,000
2019	$382/SF	$1,105,000
2018	$356/SF	$949,000
2017	$361/SF	$739,000
2016	$347/SF	$840,000

As much as Belle Meade’s real estate market felt stagnant In 2023, there was still an increase per square foot of $76 which is a great indicator of things to come in 2024.

The highest priced non-waterfront home in Belle Meade right now is asking $7.999 Million – and it’s the same highest priced home reported in our January report from 2023.  It was under construction then and now finished – 790 NE 77th Ter. This home has 4 bedrooms / 3.5 bathrooms, 4,277 Sq.Ft. of living space, on 7,605 Sq.Ft. lot ($1,870/Sq.Ft.)

CURRENT BELLE MEADE 3D MARKET REPORT