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Featured local agent — Key West, FL
Sarah Mitchell
Compass Real Estate · Key West, FL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Key West, FL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$1.29Mmedian sale price
How is the Key West, FL housing market right now?
The median home sale price in Key West, FL is $1.29M, up 9.3% year-over-year. Homes sell in an average of 167 days with 268 active listings. The market is currently a buyer's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Key West a buyer's or seller's market?
Key West, FL is currently a buyer's market, based on 6.4 months of supply and homes selling in about 167 days. How we determine this →
Homes sold
42
Last 12 weeks
Days on market
167
Average pace
Active listings
268
6.4 months supply
Sale-to-list
94.1%
Below asking
What does the Key West housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $1.29M |
| Median list price | $1.37M |
| Year-over-year price change | +9.3% |
| Average days on market | 167 days |
| Active inventory | 268 listings |
| Months of supply | 6.4 months |
| Sale-to-list price ratio | 94.1% |
| Median price per sq ft | $1,064/sq ft |
| Homes sold (latest month) | 42 |
| New listings (latest month) | 44 |
| Listings with a price cut | 22.4% |
| Market condition | Buyer's market |
Source: Redfin · Updated monthly
How much do homes cost in Key West by property type?
How the Key West, FL market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $2.10M | $1,156/sq ft | 23 | 154 days |
| Condo / Co-op | $535,000 | $943/sq ft | 7 | 177 days |
| Townhouse | $860,000 | $767/sq ft | 9 | 325 days |
Source: Redfin · Updated monthly
The Key West housing market is currently classified as a buyer's market with a median sale price of $1.29M. Prices have risen 9.3% compared to last year, with homes spending an average of 167 days on market, indicating 6.4 months of inventory.This inventory level gives buyers significantly more negotiating power, allowing time to inspect properties thoroughly and potentially negotiate better terms.The price-to-income ratio of 13.1x provides context for how home values compare to local earning capacity.
Market trends
Homes for sale in Key West
There are currently 268 homes listed for sale in Key West, Florida. The median listing price is $1.4M.
Active listings
268
Homes on market
Median list price
$1.4M
Avg. days on market
167
Days until sale
New this week
44
Newly listed
Who lives in Key West?
Population
25,824
Median income
$78,532/yr
Median age
46.5 years
Owner-occupied
47.4%
College grads
41.2%
Avg commute
14.4 min
Source: U.S. Census Bureau ACS
What are homes worth in Key West?
Zillow home value
$1.03M
Zillow rent index
$3,387/mo
Price-to-rent ratio
25.3x
Price-to-income
13.1x
Source: Zillow Research
What is it like to live in Key West?
Key West is a community of approximately 26K residents with a median age of 46.5 years.The median household income is $78,532, which reflects a relatively affluent area with strong earning potential. 41.2% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 47.4%, showing a blend of owner and renter-occupied properties. The average commute time is 14.4 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Key West offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Key West?
14 schools tracked · 4,272 students
The largest public schools serving Key West, FL by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
KEY WEST HIGH SCHOOL
Grades 9-12 · 1,302 students
HORACE O'BRYANT SCHOOL
Grades PK-8 · 994 students
GERALD ADAMS ELEMENTARY SCHOOL
Grades PK-5 · 665 students
POINCIANA ELEMENTARY SCHOOL
Grades PK-5 · 552 students
SIGSBEE CHARTER SCHOOL
Grades K-8 · 545 students
SOMERSET ISLAND PREP
Grades 9-12 · 89 students
MAY SANDS MONTESSORI SCHOOL
Grades PK-8 · 86 students
MONROE VIRTUAL FRANCHISE
Grades 6-12 · 18 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Key West, FL?
Want a head-to-head view? Compare Key West side-by-side with any other U.S. city using our market-comparison tool.
Is Key West a good real estate investment market?
For investors evaluating Key West, the price-to-rent ratio of 25.3x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has appreciated 9.3% year-over-year, reflecting ongoing demand and value growth.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Key West's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Key West's median home price.
Frequently asked questions
What is the average home price in Key West?
The median home sale price in Key West is $1.29M, up 9.3% from last year.
How long do homes stay on market in Key West?
Homes typically spend 167 days on market before going under contract.
What is the median income in Key West?
The median household income is $78,532 per year.
Is Key West a buyer's or seller's market?
With 6.4 months of supply, Key West is currently a buyer's market.
What is the Zillow home value estimate for Key West?
The Zillow Home Value Index (ZHVI) for Key West is $1.03M, representing the typical home value in the area.
What is the median condo price in Key West?
The median condo/co-op sale price in Key West, FL is $535,000, compared to $2.10M for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Key West?
The median single-family home price in Key West, FL is $2.10M (about $1,156 per square foot).
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