Whether you're a longtime Conch, a part-time resident, or simply keeping an eye on the market from afar—this update is for you. From cozy conch cottages to waterfront estates, whether you're actively buying or just daydreaming on Zillow, here's what’s happening in Key West real estate.
And hey, while the Fed held rates steady for the fifth straight time, inflation’s still elevated, growth has cooled, and a rate cut may be coming... but not until mid-September. So what’s happening in the meantime?
📊 What the Numbers Say (And What They Don't)
From January through July 2025:
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Same number of homes sold as 2023 (263) but down 8% from last year’s brief bump.
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Sold prices are up 4% over 2023 ($1.445M vs. $1.387M), and per square foot pricing is up 1%.
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List prices are up 6% over 2023, and sellers are starting bolder.
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Days on market jumped 11% over 2024, and nearly 50% compared to 2023.
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Luxury is leading—homes $3M and up saw double-digit growth over both years.
So yes, we’re in a holding pattern... but holding doesn’t mean halting.
🧭 What This Means if You're a Buyer
If you’ve been waiting for the next rate drop—you’re not alone. The Fed hasn’t moved, and many buyers are sitting tight. But that also means:
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More inventory breathing room—Homes are sitting longer, giving you time to think (and negotiate).
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Sellers are motivated, especially if the home’s been sitting a while.
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Prices are steady, not spiking, so it’s more about finding value than fearing a bidding war.
💡 KeyWestTed Tip: September’s rate decision could bring back competition. If you’re pre-approved, now’s a sweet time to move quietly before the crowd returns.
💬 What This Means if You're a Seller
You might be wondering if the market cooled off too much.
Short answer: Nope.
Longer answer: Not if you play it right.
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Homes are still selling—and for more money than two years ago.
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But Buyers want value—this means cleaner listings, flexible terms, and smart pricing.
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Luxury is doing well—if your property shines, it’ll stand out.
💡 KeyWestTed Tip: Price creatively, show beautifully, and be open to concessions. This isn’t 2021, but it’s not 2009 either. It’s a chess match, not a sprint.
💰 What Price Ranges Are Actually Moving?
Let’s break it down by price:
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$0–1M: Down 19% from 2024, but still 3% up from 2023
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$1–2M: Slight dip (down 8% from 2023), but holding
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$2–3M: Back on the rise, up 7% from last year
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$3–4M: Still strong, with a 15% boost from 2023
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$4M+: The real surprise—up 13% from 2024 and a massive 46% jump since 2023
🏝️ Final Thoughts from Key West Ted
Markets like this don’t stall—they strategize. They create sharper buyers, smarter sellers, and more flexible deals. If you're hoping for a perfect market, it doesn’t exist. But if you’re ready to be smart and bold?
✔️ Rates may drop by fall
✔️ Prices are holding, not falling
✔️ Luxury is thriving
✔️ Sellers are still getting deals done
And when you’re ready to make a move—
You Should Be Here,
🐓KeyWestTed🐓
