Whether you’re a full time Conch, a part timer escaping the mainland grind, or simply keeping tabs from afar, this update is for you. From starter cottages under $1M to high end estates, here’s where the Key West real estate market stands through October 31, 2025.
And while the Fed hasn’t yet made dramatic moves, borrowing costs remain elevated as buyers and sellers alike watch closely.
📊 What the Numbers Say (And What They Don’t)
For Jan–Oct 31, 2025 vs prior years in Key West
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Homes Sold: 349, down 7 percent vs 2024 (373) but up 3 percent vs 2023 (338)
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Original List Price: $1,651,505 (up 7 percent vs 2024)
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List Price: $1,531,404 (up about 6 percent vs 2024)
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Sold Price: $1,439,161 (up about 5 percent vs 2024)
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Days On Market: 93 days (up 16 percent vs 2024)
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List Price per Sq Ft: $1,045 (flat vs 2024)
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Sold Price per Sq Ft: $983 (down about 1 percent vs 2024)
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Sales by price band vs 2024
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$0 to 1M: 157 sales (down 9 percent)
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$1 to 2M: 127 sales (up 5 percent)
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$2 to 3M: 35 sales (up 19 percent)
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$3 to 4M: 19 sales (up 7 percent)
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$4M and above: 11 sales (up 16 percent)
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So, what does this mean?
The market is holding steady. Prices are modestly higher than last year, but homes are taking more time to sell, and buyers are gaining negotiating leverage.
🧭 What This Means if You’re a Buyer
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More breathing room: With days on market up to 93, sellers can’t count on immediate offers; you have time to inspect, compare, and negotiate.
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Negotiation power: The price per square foot is slightly down, and strong pricing strategy matters more than ever.
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Luxury is gaining ground: Sales in the $2M and above segment are increasing. If you’re buying there, you may face competition, but also see value.
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Timing under spotlight: Rising interest rates remain a head wind, but if you’re pre approved and moving now, you may beat any uptick when rate cuts or stimulus arrive.
KeyWestTed Tip: If you’ve been waiting for rates to drop, remember that longer days on market may allow you to enter quietly now before more buyers flood in.
💬 What This Means if You’re a Seller
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No panic but strategy is key: Prices are up vs 2024, so you’re not in a falling market. But you won’t likely get a frenzied bidding war unless you stage and price carefully.
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Presentation and pacing count: With longer market time, homes that are clean, well staged, and tuned to value will outperform.
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Luxury holds firm: Properties $4M and above saw a 16 percent gain in sales vs last year. If you have a standout property, you’re in a strong segment.
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Price smart, act agile: Sellers who understand the rise in days on market and shift in buyer mindset will perform best.
KeyWestTed Tip: Price your home with intent, stage it thoughtfully, and prepare for a more deliberate buyer. This is a chess match, not a sprint.
💰 Which Price Ranges Are Moving
Here’s how sales shook out Jan through Oct 2025:
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$0 to 1M: Down 9 percent vs 2024
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$1 to 2M: Up 5 percent
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$2 to 3M: Up 19 percent
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$3 to 4M: Up 7 percent
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$4M and above: Up 16 percent
Clear trend: Entry level cooled a bit, while mid to high end ($2M and above) continues to show strength.
🏝️ Final Thoughts from Key West Ted
Markets like Key West don’t stall, they reset. They bring sharper buyers, more discerning sellers, and opportunity for smart moves on both sides.
✔️ Prices are rising modestly, not rushing
✔️ Buyers have more time and leverage
✔️ Luxury is thriving
✔️ Elevated rates persist but rate cut hopes may pull more buyers later
So whether you’re buying, selling, or simply observing the market, this is a time to strategize, not sit still.
If you’re thinking about buying or selling in Key West, I’d love to help you navigate the market. Call or email me anytime at 305-399-0330 or [email protected] to discuss your goals and get started.
You Should Be Here,
🐓KeyWestTed🐓
