Coral Gables’ new-construction market is entering 2027 with rising prices and a substantial pipeline of homes underway. A market analysis from the David Siddons Group reports that non-waterfront new builds reached a median of $1,187 per square foot in 2026, while waterfront properties commanded far more. The figures point to a market where land, timing and access to homes still under construction can matter as much as the finished house.
Key takeaways
- The median price per square foot for non-waterfront new construction rose 156% between 2016 and 2026, according to the group’s analysis.
- Waterfront new builds recorded a 2026 median of $3,014 per square foot.
- The group counted 148 homes under construction as of October 2026, with prices ranging from about $4 million to as much as $80 million.
- Early purchases may allow buyers to negotiate or customize some finishes, depending on the project stage.
The figures are based on the brokerage’s review of public closed sales and its tracking of active construction, rather than a citywide forecast. They describe a high-end segment where individual neighborhoods and waterfront access can produce large price differences.
Prices have climbed sharply
The analysis puts the median sale price for non-waterfront new construction at $463 per square foot in 2016 and $1,187 in 2026, a reported increase of 156%. The group says prices were comparatively flat through 2020 before rising, with the median sale price for new homes above $4.5 million every year since 2022. Through October 2026, new-construction sales totaled $171.8 million, which the report described as a record for the year.
Waterfront homes occupy a different price tier. Their median reached $3,014 per square foot in 2026, while the report cited a $47 million sale at 625 Reinante Ave. as a high-end example. Such results underscore that broad citywide medians may not reflect the cost of a particular gated or waterfront location.
Land and early access shape the market
The report argues that buildable land is a major part of a new home’s value, particularly in established neighborhoods where vacant lots are scarce. It estimates that a 10,000-square-foot non-waterfront lot east of U.S. 1 may cost roughly $2 million to $2.5 million. At an estimated construction cost of $550 to $600 per square foot, building a 5,000-square-foot home could add about $2.75 million to $3 million, before design and permitting costs.
The brokerage says some developers sell homes before completion, sometimes privately rather than through public listings. Buyers who commit at least six months before the anticipated delivery date may still be able to choose certain finishes or request limited changes, though options depend on construction progress and should be set out in the contract.
What buyers should weigh for 2027
For buyers seeking a quicker move, an underway spec home may offer a shorter path than building from scratch. Those who want greater control over design may find a custom build more suitable, but must account for land, permits, construction costs and delivery timelines. The reported resale examples show gains for some individual properties, but past appreciation does not guarantee future returns.
The 2027 outlook therefore turns on more than the headline price per square foot. Buyers need to assess the specific lot, neighborhood, builder, construction stage and contract terms. Owners of older homes may also want to compare a property’s value as a residence with the potential value of its land before deciding whether to renovate or sell.