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Belle Meade Real Estate Market Report for 2020

Ines Hegedus-Garcia
ines@miamism.com

It's time to present 2020 real estate stats for Belle Meade.  Nothing like seeing the whole year in one place and being able to forecast where the market is going. 

The media is reporting single-family home sales at an all-time low and prices as well as demand increasing all over south Florida.  Although Belle Meade is a conservative market and lags a bit behind the rest of neighboring cities, homes are selling quickly and demand is strong.

Belle Meade is currently a balanced market (6 months of inventory) neither buyer/seller advantage, which is a great place to be and buyers in the last 12 months have been local and from other U.S. cities (no international buyers). 

It's also interesting to note that only 22% of purchases have been cash transactions which is ultra low for Miami in general - but this makes sense with interest rates being historically low.  The neighborhood remains ultra-local with 74.4% of all sales being used as primary residences.

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.

There were 32 homes sold in 2020 in Belle Meade, 5 of those were waterfront. 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:

Year Price per SF Number of Sales Highest Sale
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 2020 was for the new construction at 7311 Belle Meade Island Dr.  This bay front home was originally listed in 2016 while it was being built, for $8.65 Million, it was increased to $8.95 Million and then lowered a few times in the 4 years it took to sell.  The last listing price was $7.495 Million and it sold for $7 Million in September of 2020.  This home has 7 bedrooms / 6 bathrooms / 2 half-baths, 6,471 SF on a 12,375 SF lot with 75' of open bay frontage. It sold at $1,128/SF with a conventional loan.

The 5 Belle Meade waterfront sales ranged between $1,062,500 to the $7 Million above.  The highest price per square foot was $1,238 and it was for the 3/3 canal-front home at 935 NE 75th St, facing Belle Meade Island on the inside.  Only 1 of the 5 sales were on Belle Meade Island (the highest sale mentioned above).

The highest priced waterfront home in Belle Meade right now is asking $19.5 Million (1950 home bay front on Belle Meade Island with 29,459 SF lot and 480' of water frontage).  The lowest priced waterfront home is asking $2,795,000 (canal-front on Belle Meade Island with 16,131 SF lot and 103' of water frontage).

BELLE MEADE 3D MARKET REPORT FOR 2020

Belle Meade Dry-Lot Homes - Price per Square Foot

Take a look at the changes in average price per square foot for homes NOT on the water in Belle Meade:

Year Price per SF Highest Sale
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

We are seeing a big jump in price per square foot in both waterfront and non-waterfront homes.  Inventory is low and although it's a balanced market, we do not foresee a drop in pricing.

The highest priced non-waterfront home in Belle Meade right now is asking $1,400,000 (3/3 pool home on 11,210 SF lot), and the lowest priced non-waterfront home is asking $695,000 (2/2 remodeled home on 6,250 SF lot)

BELLE MEADE 3D MARKET REPORT FOR 2020

Belle Meade Real Estate Market Report for 2020

The general figures for Belle Meade homes in 2020 are the following:  

  • There were 32 Belle Meade homes sold in 2020.  The median sales price was $670,000 compared to $660,000 in 2019, $637,500 in 2018 and $592,500 in 2017.
  • The highest sale in Belle Meade in 2020 was the bay front home built in 2018 (described above), selling at $7 Million.
  • The lowest Belle Meade home sold in 2020 was a charming 1940 home with 2 bedrooms / 2 bathrooms and 7,080 SF lot. It was listed for $539,900 in January of 2020 and sold for $525,000 in April as a cash transaction and $395/SF.  This home was a foreclosure and only distressed home sold in 2020 in Belle Meade.

BELLE MEADE 3D MARKET REPORT FOR 2020

List of Belle Meade Homes Sold in 2020

To get a list of all Belle Meade homes sold in 2020, please contact us


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