Coral Gables’ new-home market is entering 2027 after a record-setting year, according to figures published by the David Siddons Group. The brokerage reports rising prices per square foot, a growing pipeline of homes under construction and increasing activity at the luxury end. The data points to a market where land and early access are central considerations for buyers.
Key takeaways
The brokerage’s review of public sales and active construction shows a sharp rise in new-home values since 2016, with waterfront properties commanding a substantial premium. Its figures are through October 2026 and should be read as a market snapshot, not a forecast of 2027 prices.
- Non-waterfront new construction reached a reported median of $1,187 per square foot in 2026, up from $463 in 2016.
- Waterfront new construction had a reported median of $3,014 per square foot in 2026.
- The group counted 148 homes under construction and $171.8 million in new-build sales through October.
- Reported price points for active projects ranged from about $4 million to $80 million.
Prices and sales reach new highs
The brokerage says 2026 was the strongest year on record for Coral Gables new-construction sales, based on its tally through October. The median price for non-waterfront homes rose 156% over the decade, with most of the increase occurring after 2020. The report also says the median sale price for new homes has remained above $4.5 million annually since 2022.
At the highest end, waterfront pricing has accelerated. The report puts the 2026 median at $3,014 per square foot, compared with $2,155 in 2022 and 2023. It identifies a $47 million sale on Reinante Avenue in Old Cutler Bay as a city record for a new-construction home, at $5,863 per square foot.
Construction pipeline spans the city
The 148 active builds identified by the brokerage are spread across central Coral Gables and waterfront or gated neighborhoods, including Cocoplum, Gables Estates, Old Cutler Bay, Snapper Creek Lakes and Hammock Lakes. The firm says many are sold privately during construction rather than being marketed through public listing sites; that description reflects its market experience and is not a complete public inventory.
For buyers considering a home already underway, the report notes that some developers may allow changes to finishes or other details when a purchase is made sufficiently early. The scope depends on the construction stage and contract terms, so customization should be confirmed in writing.
Land costs shape the build-versus-buy decision
The report argues that lot value has become a key part of the new-home equation. It estimates that a 10,000-square-foot non-waterfront lot east of U.S. 1 may cost $2 million to $2.5 million, while construction of a 5,000-square-foot home at $550 to $600 per square foot would add roughly $2.75 million to $3 million, before design and permitting costs.
Those estimates illustrate why buyers weigh a finished property against a custom build, but they are not a guarantee that building will cost less. Land condition, design, permits, construction choices and project timing can change the final budget. For owners of older homes, the land’s potential value may also factor into decisions about renovating or selling.
What to watch in 2027
The figures provide a strong starting point for understanding Coral Gables’ luxury new-build market, but they do not establish how prices or sales will perform in 2027. Buyers and sellers will want to distinguish closed-sale data from asking prices, and to assess individual properties based on location, lot, construction quality and costs. The brokerage’s report portrays a market with limited new-home supply and substantial variation between inland and waterfront properties.