2022 proved to be another record breaking year for Belle Meade. It’s important to mention that Belle Meade is behaving differently than neighboring communities. Although we are seeing a slight increase in inventory and demand almost non-existent, prices continue to rise! Any logical person would assume that no sales would equate to a collapse of a market or at least a huge adjustment in pricing, but we are NOT seeing this in Belle Meade.
There are several small communities around Miami that are stable, no matter what the demand and Inventory may want to dictate, and Belle Meade is one of these.
Demand, like everywhere else in the country, decreased because of mortgage interest rate hikes. But we are seeing these starting to decrease again and those buyer holding off will eventually pull the trigger and will be able to afford a lot less house than before and may even need to look in a different neighborhood for affordability sakes.
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
In addition to seeing the drastic increase in pricing from all angles, we now have 12 months of inventory, defining Belle Meade as a “buyers’ market”. What’s important to understand is that although we are not seeing decrease in pricing, we we are seeing sellers being flexible in terms. So if you are buying, you will be able to negotiate longer closings, normal inspection periods and even some seller concessions.
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 ultra low, with 22 active homes for sale. There were 23 homes sold in 2022 compared to 51 in 2021, and 9 of the 22 sales were waterfront sales, compared to 16 in 2021 and 5 in 2020. Take a look at the different stats below, which include changes in average price per square foot and highest sales.
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:
Price per SF
Number of Sales
The highest waterfront sale in 2022 was for the newer construction (2019) at 867 NE 76 St which sold for $8,245,000. This home originally sold for $3 Million prior to finishing construction in 2018 and was listed for $8.75 Million in June of 2022. It has 5 bedrooms and 5 bathrooms, 4,636 Sq.Ft. of living space, sits on a lot that is 8,400 sq.Ft. and has 60′ of canal frontage (facing Belle Meade Island). It was a cash transaction and sold at $1,778/Sq.Ft.
The 9 Belle Meade Waterfront sales ranged between $1.8 Million and $8.234 Million and between $718 and $2,581 per square foot. 4 out of the 9 waterfront homes sold were located inside Belle Meade Island.
The highest priced waterfront home actively for sale right now in Belle Meade is asking $24.995 Milliuon (7235 Belle Meade Blvd – under construction modern home sitting on 27,749 Sq.Ft. lot with 130′ of water frontage, with 9 bedrooms / 9 bathrooms / 2 half-baths , 14,123 Sq.Ft. of living space and was listed in December of 2022). ($1,770/Sq.Ft.)
The lowest priced waterfront home is asking $5,895 Million. This is a remodeled home on Belle Meade Island at 1035 Belle Meade Island Dr, with 4 bedrooms / 4 bathrooms, 3,850 Sq.Ft. of living space, 12,300 Sq.Ft. lot and 75′ of canal frontage. ($1,531/Sq.Ft.)
Here you have changes in average price per square foot for homes NOT on the water in Belle Meade:
Price per SF
Take a look at increase in price per square foot between 2021 and 2022, with a $252 difference, compared to $54 jump from 20 to 21, and $34 between 2019 and 2020.
The highest priced non-waterfront home in Belle Meade right now is asking $7.999 Million – for the new construction at 790 NE 77th Ter with estimated completion date of May 2023. 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.)