Property tax amendments do not usually make for beach reading, but Amendment 3 is worth a few minutes of your sunscreen and coffee time this fall, whether you already own down here or you are still dreaming about it.

Quick Take: If approved by at least 60 percent of Florida voters on November 3, 2026, Amendment 3 would raise the non-school homestead exemption to $150,000 in 2027 and $250,000 in 2028, and lower the non-homestead assessment growth cap from 10 percent to 5 percent. The actual effect on any individual tax bill would still depend on local millage rates, taxable values, and exemptions.

What Amendment 3 Actually Does

On November 3, 2026, Florida voters will decide Amendment 3, a legislatively referred constitutional amendment that would reshape parts of the state’s property tax system. If approved, its main provisions would take effect January 1, 2027.

The core provisions:

• The homestead exemption for non-school property taxes would rise to $150,000 in 2027 and $250,000 in 2028, adjusted for inflation starting in 2029
• The annual assessment increase cap on non-homestead properties, including second homes, rentals, and commercial real estate, would drop from 10 percent to 5 percent
• Counties and municipalities would be directed to focus property tax revenue on designated core categories, including public safety, education and schools, infrastructure, natural resources, debt service, employee retirement benefits, and operations and administration
• People who qualify as Florida residents and otherwise qualify for homestead by December 31, 2026 would be eligible for the expanded exemption starting in 2027; those establishing residency after that date would start with the standard exemption and become eligible for the expanded amount in their fifth year of homestead eligibility

The increased homestead exemption would apply strictly to non-school property taxes. The existing $25,000 school district exemption would remain unchanged.

How Property Taxes and Millage Rates Actually Work

A common misconception is that local governments pick a tax rate arbitrarily. In reality, Florida property tax rates are governed by the state’s statutory Truth in Millage process.

At the individual property level, the basic calculation is straightforward: taxable value multiplied by the applicable millage rate produces the ad valorem tax. Taxable value comes from a property’s assessed value after applicable exemptions and assessment limitations. Each local taxing authority, such as Monroe County, an individual municipality, or a special district, builds an annual budget reflecting its operating and infrastructure needs. The property appraiser certifies the total taxable value of all property in that jurisdiction. Taxing authorities then determine the millage rate needed to meet their budgeted needs, subject to public hearings and statutory millage limits.

If Amendment 3 passes, it would affect the taxable value side of the equation in two different ways. A larger homestead exemption would reduce taxable value on qualifying primary residences, while a lower non-homestead cap would limit how quickly assessed values on affected properties could grow. If a reduced tax base meets a budget that stays roughly the same, a taxing authority could face pressure to adjust its millage rate, revisit spending priorities, or look at other revenue sources. None of those outcomes is automatic or guaranteed.

The Florida Keys Twist

Most statewide coverage of Amendment 3 focuses on primary homeowners. Second homes, vacation rentals, and investment properties make up a meaningful share of the real estate market across Monroe County and the Florida Keys. Monroe County’s own tax roll data shows that non-homesteaded residential property accounts for 60.11 percent of the county’s total taxable value. For many owners here, the change to the non-homestead assessment cap is therefore an important part of the story. Homestead owners benefit directly from the larger exemption, while second home and investment property owners are affected by the change in how quickly assessed values can grow.

The potential effect on Monroe County’s revenue is less straightforward than a single statewide estimate might suggest. Different projections have produced different results because they rely on different assumptions and property value data. What actually happens will depend on the final tax roll, assessment changes, local budgets, and millage decisions.

Local Services and Budget Decisions

A smaller taxable base does not automatically force local budgets down. Taxing authorities retain the legal ability to set millage rates through the TRIM process, provided the required public notices and hearings take place.

In the Florida Keys, where property taxes help fund fire rescue, roads, and hurricane resiliency work, upcoming budget hearings are worth watching regardless of how the vote turns out.

What Buyers Should Keep in Mind

The December 31, 2026 Residency Date

For anyone planning a full-time move to the Florida Keys, qualifying as a Florida resident and for homestead by December 31, 2026 provides access to the expanded exemption starting in 2027. Establishing residency after that date means starting with the standard exemption and becoming eligible for the expanded amount in the fifth year of homestead eligibility. Purchasing a home before December 31 does not by itself confer the exemption. Florida residency and formal homestead qualification still apply.

Assessment Caps Are Not a Cap on the Total Bill

Second homes and vacation rentals do not qualify for the homestead exemption. The proposed 5 percent cap on non-homestead assessment growth offers more predictability on assessed value over time, but it limits growth in assessed value only. The final tax bill can still shift based on millage rate changes or local non-ad valorem assessments.

Proportional Impact Across Price Points

Because the exemption is a flat dollar amount, it provides a larger percentage reduction on moderately priced homes than on multi-million dollar properties. High-value properties still receive the same dollar savings, but the proportional effect on the overall bill is smaller.

What Amendment 3 Does Not Do

• It does not eliminate Florida property taxes. Owners still owe ad valorem taxes based on taxable value and millage rates
• It does not apply to school district taxes. The standard $25,000 school exemption remains unchanged
• It does not extend the homestead exemption to second homes or rental property
• It does not cap the total tax bill at 5 percent. The 5 percent limit applies only to annual assessment growth
• It does not guarantee that any individual property's tax bill will decrease

The Bottom Line

Whatever happens on November 3, the fundamentals of owning in the Florida Keys have not changed. Location, insurance costs, flood zone considerations, and lifestyle still drive most buying decisions here. Amendment 3 is one variable worth understanding alongside those other factors, not the one that should make or break a purchase decision.

Frequently Asked Questions

What is Amendment 3 and what would it change about Florida homestead exemptions?

Amendment 3 is a proposed Florida constitutional amendment on the November 3, 2026 ballot. If approved by at least 60 percent of voters, it would raise the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, with annual inflation adjustments beginning in 2029. It would also lower the annual assessment increase cap on non-homestead properties from 10 percent to 5 percent.

How is a property tax millage rate calculated in Florida?

Taxing authorities adopt annual budgets and establish millage rates through Florida's statutory Truth in Millage process. The property appraiser certifies the taxable value of all property in a jurisdiction, and each taxing authority sets a millage rate applied to that taxable value to generate required revenue.

Who benefits most from the increased homestead exemption under Amendment 3?

Because the exemption is a flat dollar amount rather than a percentage, it shields a larger share of value on lower and mid-priced homestead properties than on high-value homes. The actual savings depend on the property's taxable value and the local millage rates that apply.

When do I need to establish Florida residency to qualify for the higher exemption?

Under Amendment 3, people who qualify as Florida residents and otherwise qualify for homestead as of December 31, 2026 would be eligible for the higher exemption beginning in 2027. Those establishing Florida residency after that date would initially receive the standard exemption and become eligible for the expanded amount in their fifth year of homestead eligibility.

This article is provided for general informational purposes about a proposed constitutional amendment and Florida property tax mechanics. It is not legal, financial, or tax advice. Individual tax outcomes depend on the property, ownership status, taxable value, exemptions, and local taxing authority decisions.

Curious what is currently available across the island chain? Browse current listings or explore featured homes for sale throughout the Florida Keys.

Single-Family vs. Condo: Islamorada's Two Different Markets

When I compare homes across Islamorada, from single-family properties tucked along the islands to condo and townhouse units closer to the water, the market tells two very different stories this month.

July 2026 Takeaway: Islamorada condo/townhouse closed sales more than doubled year-over-year while single-family closed sales fell, but both segments are working with small monthly volume, so the percentage swings are sharper than the underlying activity.

Islamorada Single-Family Homes: Fewer Closings, Higher Pending Activity

What I'm seeing on the ground: single-family closed sales in Islamorada dropped to just 9 for the month, a low enough count that the -31% year-over-year figure shouldn't be read as a firm trend on its own. Pending inventory is up, though, which suggests more contracts are working their way toward closing in the months ahead.

Islamorada Condos & Townhouses: Sharp Gains on Low Volume

Islamorada's condo/townhouse segment also closed on a small base this month, 11 sales. On a sample that size, the +120% year-over-year increase in closed sales reflects low baseline volume more than an established market shift.

Single-Family vs. Condo: What the Contrast Tells Us

For buyers weighing the two segments in Islamorada, the price gap is the widest we've covered in this series, a median difference of $811,539 between single-family and condo/townhouse. Single-family carries far more active inventory (125 vs. 49) and remains the dominant segment by size, but its closed sales count fell this month while condo closings rose. Both counts are small enough, 9 and 11 respectively, that a swing of just a couple of transactions moves the year-over-year percentage significantly. The bigger signal may be pending activity: condo pending inventory jumped 167% and single-family pending inventory rose 24%, both pointing to more deals in the pipeline than the closed-sales numbers alone suggest.

Want the county-wide picture? Read my latest Florida Keys Market Report.

Frequently Asked Questions About the Islamorada Real Estate Market

Is single-family or condo activity stronger in Islamorada right now?

Single-family homes carry far more active inventory in Islamorada, but the condo/townhouse segment posted a much larger year-over-year jump in closed sales in July 2026, though both segments are working with small monthly sample sizes.

Why did Islamorada condo sales rise 120% while single-family sales fell 31%?

Both Islamorada segments closed on low volume in July 2026, 11 condo sales and 9 single-family sales. On sample sizes that small, a swing of just a few closings creates a large percentage change that reflects low baseline volume rather than a broad market shift.

How much less do condos cost than single-family homes in Islamorada?

In July 2026, the median sale price for Islamorada condos and townhouses was $670,000, compared to $1,481,539 for single-family homes, a difference of $811,539.

What islands make up the Islamorada real estate market?

Islamorada, officially known as the Village of Islands, spans several primary keys including Plantation Key, Windley Key, Upper Matecumbe Key, and Lower Matecumbe Key. Residential single-family homes and condos in this report reflect sales across these incorporated islands.

Single-Family vs. Condo: Key West's Two Different Markets

When I compare homes across Key West, from historic Old Town cottages to condo units near the Atlantic Ocean, the market tells two very different stories this month.

July 2026 Takeaway: Key West single-family closed sales held flat year-over-year even as new pending sales more than doubled, while the condo/townhouse segment saw closed sales jump sharply on a still-limited sample and median price move in the opposite direction of single-family.

Key West Single-Family Homes: Steady Sales, Fewer Listings

What I'm seeing on the ground: closed sales in Key West held exactly flat from a year ago, but new pending sales more than doubled, a sign that buyers are moving faster on the listings that do hit the market. At the same time, active inventory and new listings both pulled back, and median price came down with them.

Key West Condos & Townhouses: Rising Sales, Rising Price

Key West's condo/townhouse segment moved on a smaller base this month, 15 closed sales. On a sample that size, a modest increase in closings can still produce a large percentage swing, so the +114% year-over-year jump in closed sales should be read as a sign of activity picking up rather than a fully established trend. Pending activity is telling a different story, though: new pending sales fell 23% year-over-year, a contrast worth watching against single-family's sharp gain in the same metric.

Single-Family vs. Condo: What the Contrast Tells Us

For buyers weighing a condo against a single-family home in Key West, the two segments are moving in different directions this month. Single-family still leads on active inventory (126 vs. 100) and commands the higher price point, with a median gap of $280,000 between the two segments. But single-family median price pulled back 22% year-over-year while condo median price rose 12%, and condo closed sales are closing the gap with single-family, 15 versus 17, on a much smaller active inventory base. The standout stat, though, is pending activity: single-family new pending sales rose 109% year-over-year while condo new pending sales fell 23%, suggesting buyer momentum is tilting toward single-family heading into next month, even as condos led July's closed sales.

Want a county-wide picture? Read my most recent Florida Keys Real Estate Market Report.

Frequently Asked Questions About the Key West Real Estate Market

Is single-family or condo activity stronger in Key West right now?

Single-family homes lead in both active inventory and median price in Key West, and single-family new pending sales rose 109% year-over-year while condo new pending sales fell 23%, even though condos posted the sharper jump in closed sales in July 2026.

Why did Key West condo closed sales jump 114% while single-family sales held flat?

Key West's condo segment is a smaller sample, 15 closed sales in July 2026. A modest increase in closed units on a limited base creates a large percentage swing that reflects low baseline volume rather than a broad market shift.

How much less do condos cost than single-family homes in Key West?

In July 2026, the median sale price for Key West condos and townhouses was $770,000, compared to $1,050,000 for single-family homes, a difference of $280,000.

Single-Family vs. Condo: Marathon's Two Different Markets

When I compare homes across Marathon, from canal-front single-family properties near Sombrero Beach to condo units around Boot Key Harbor, the market tells two very different stories this month.

July 2026 Takeaway: Marathon single-family sales cooled while new listings climbed 39% year-over-year, and the condo/townhouse segment stayed thin enough that a handful of sales swings the percentages sharply.

Marathon Single-Family Homes: Slower Pace, Selective Buyers

What I'm seeing on the ground: closed sales and median price both pulled back from a year ago, even as new listings and new pending sales climbed. More sellers are testing the market from Grassy Key down to Vaca Key, but buyers are staying selective on price before committing.

Marathon Condos & Townhouses: A Thin, Volatile Market

Because our condo market in Marathon operates on relatively low overall transaction volume, a shift of just a few closings creates a large percentage swing on paper. With only 8 closed sales this month, it's a thin segment where a single month's numbers rarely tell the whole story.

Single-Family vs. Condo: What the Contrast Tells Us

For buyers weighing the trade-offs between low-maintenance condo living and managing a single-family property with dockage, the entry point for Marathon ownership remains distinctly split. You're looking at a median price gap of roughly $237,500 between condos and single-family homes, though both segments pulled back from last year's pricing, single-family by 27% and condo by 34%. Single-family remains the larger, more established segment, with more than double the closed sales and nearly triple the active inventory of condos and townhouses this month.

Want a county-wide picture? Read my most recent Florida Keys Real Estate Market Report.

Frequently Asked Questions About the Marathon Real Estate Market

Is single-family or condo activity stronger in Marathon right now?

Single-family homes remain the dominant segment in Marathon, with more than double the closed sales and nearly triple the active inventory of condos and townhouses in July 2026.

Why did Marathon condo sales jump 300% while single-family sales fell?

Marathon's condo segment is a low-volume sample, just 8 closed sales in July 2026. A small change in closed units creates a large percentage swing that reflects low baseline volume rather than a broad market shift.

How much less do condos cost than single-family homes in Marathon?

In July 2026, the median sale price for Marathon condos and townhouses was $742,500, compared to $980,000 for single-family homes, a difference of $237,500.

Key Largo (33037) buyers are locking up contracts faster than sellers are listing new homes. That imbalance, not a single headline number, is the story behind July 2026’s residential statistics.

Market Read: Pending inventory jumped 52% year over year, even as new listings fell 24%. Key Largo buyers are locking up contracts on a shrinking flow of new inventory.

Key Largo Market Report July 2026

Key Largo Residential Statistics: July 2026 vs. July 2025

What Is Driving Key Largo’s Market

Pending inventory jumped 52% year over year, the largest move on the board this month. That is not just contracts stacking up on paper. Closed sales rose 18%, so a growing share of those pending contracts are actually reaching the closing table. The median sale price climbed 21% to $917,500, the kind of gain that shows up when demand is absorbing a limited supply rather than a market cooling off.

The supply side explains why. New listings fell 24% year over year, so sellers are not replenishing inventory at the rate buyers are locking it up. That gap between shrinking new listings and surging pending contracts is what is pushing price and speed higher together.

What This Means for Buyers and Sellers

For buyers, waiting for more listings to hit the market has not been paying off this year. New listings are shrinking, not growing, and the ones that do list are attracting pending contracts quickly. Browse current Key Largo homes for sale to see what is actually on the market today.

For sellers, a 24% drop in new listings paired with a 21% price gain is a favorable combination rarely seen together. If you have been considering listing in Key Largo, this is a reasonable window to talk through timing. Learn more about selling your Key Largo home.

Frequently Asked Questions

How many homes are for sale in Key Largo right now?

Active inventory in Key Largo (zip code 33037) stood at 299 residential listings in July 2026, down 3.5% from a year ago. Supply has held fairly steady rather than swinging sharply in either direction.

Is Key Largo leaning toward a buyer’s market or a seller’s market in 2026?

Seller’s market, and the clearest sign is how fast new listings are finding buyers. Key Largo saw 30 new pending sales against just 32 new listings in July 2026, meaning nearly every home that came on the market picked up a contract in the same month. That kind of near one-to-one match between new supply and new demand favors sellers.

What is the median home price in Key Largo?

The median sale price for Key Largo residential properties was $917,500 in July 2026, up 21% from a year ago, one of the stronger year-over-year price gains in the Florida Keys this year.

Are new listings increasing in Key Largo?

No. New listings in Key Largo fell 24% year over year in July 2026, even as new pending sales rose 15%. Fewer sellers are putting homes on the market while buyer activity keeps building.

Data source: Florida Realtor SunStats, Key Largo (zip code 33037) Residential, July 2026 vs. July 2025. Figures may be revised by the source after publication. Information deemed reliable but not guaranteed.

29663 Saratoga Ave, Pine Channel Estates, Big Pine Key

Homes built this recently, with this much dockage, are hard to come by in the Lower Keys. Located at 29663 Saratoga Ave in Pine Channel Estates, this home was built in 2023 on a 7,500 square foot lot, with 75 feet of dockage on a deep, wide canal. The location is tucked in far enough to stay quiet, while remaining moments from open water and quick access to Pine Channel.

Aerial view of 29663 Saratoga Ave showing the canal, dock, and Pine Channel Estates lot

• Address: 29663 Saratoga Ave, Big Pine Key, FL 33043
• Community: Pine Channel Estates
• Bedrooms / Bathrooms: 3 / 2
• Living Area: 1,508 sq ft
• Year Built: 2023
• Lot Size: 7,500 sq ft (75 x 100)
• Dockage: 75 feet, four foot control depth
• Rentals: Allowed with restrictions, 28 day minimum

Design and Finishes

The 1,508 square foot split floor plan includes custom built-ins, crown moulding, recessed LED lighting, and designer fixtures throughout. Impact windows and doors and durable Hardie board siding carry through the exterior. The kitchen centers the home with quartzite countertops and custom cabinetry, and quartzite continues into the bathrooms for a cohesive feel.

Quartzite countertops and custom cabinetry in the kitchen

Living area with recessed lighting and designer fixtures

Indoor and Outdoor Living

An expansive upstairs screened lanai extends the living space outdoors, with room to relax, dine, and entertain year round. Downstairs adds covered entertaining areas, an outdoor shower, a hot tub, and a 300 square foot enclosure that works as storage, a tackle room, a gym, or a workshop. A true laundry and utility room and custom closet built-ins round out the practical side of the home, a rare feature in Keys construction.

Upstairs screened lanai, built for year-round indoor and outdoor living

Built for Boating and Clear Water

The double framed dock is ready to support a boat lift, and the clear canal water at this address stands out from much of the surrounding area. For anyone shopping Big Pine Key for a move-in ready canalfront home with real dockage, this is worth a closer look.

Backyard and double framed dock, built to support a boat lift

Frequently Asked Questions

How much dockage does this Pine Channel Estates home offer?

The property offers 75 feet of dockage on a deep, wide canal with a four foot control depth, and a double framed dock built to support a boat lift.

Can you rent this home in Big Pine Key?

Rentals are allowed with restrictions, with a 28 day minimum rental period.

What does it cost to insure a newer home in the Lower Keys?

Built in 2023 with impact windows, impact doors, and Hardie board siding, this home carries a combined windstorm and flood insurance cost of roughly 4,809 dollars a year, well below older Keys construction. That breaks down to 2,645 dollars for windstorm and 2,164 dollars for flood.

What features come with this Big Pine Key waterfront home?

29663 Saratoga Ave is a 1,508 square foot home with 3 bedrooms and 2 bathrooms, an upstairs screened lanai, a hot tub, an outdoor shower, and a 300 square foot downstairs enclosure usable for storage, a tackle room, a gym, or a workshop.

Listed by Brian Kruszewski, LoKation Real Estate. View full property details and current pricing.

The headline number this month is not the price, it is how fast homes are moving. Buyers closed 14% more deals this July than a year ago, even with 11% fewer homes on the shelf. A gap like that never stays quiet for long.

July 2026 Key Takeaway: Florida Keys closed sales rose 14% year-over-year in July 2026, driven by an inventory squeeze as active listings fell 11% and new listings dropped 9.8%. With the median price up 7.2% to $970,000, buyers are moving fast before options narrow further.

Florida Keys Residential Market Report: July 2026 vs. July 2025

Pending inventory climbed 8.9% and new pending sales rose 6.8% compared to last July. The pipeline feeding late-summer closings is stacking up fast, while fewer new sellers are stepping in to replace what is selling.

Key Market Highlights — Florida Keys Residential Market, July 2026 vs. July 2025

Why Are Florida Keys Home Sales Outpacing Listings in Summer 2026?

In my view, July confirms what June hinted at: buyers are not waiting on the sidelines for a market pullback. New listings dropped 9.8% year-over-year, and serious buyers are acting quickly on correctly priced inventory.

In my experience, this kind of momentum rarely comes from bargain hunters. It comes from buyers who realize inventory is shrinking and want to secure a property before choices dry up further. With pending activity still climbing, I expect this pressure to carry right into fall.

A Word to Buyers

The math this month is blunt. Fourteen percent more homes sold from a pool that shrank by 11%. Waiting for more options to show up is a losing bet right now — new listings are down nearly 10% year-over-year, so the homes you are hoping for are showing up less often, not more.

Browse the newest Florida Keys homes for sale to see what is available today.

A Word to Sellers

If you have been sitting on the fence about listing, July's numbers are your green light. Demand is clearly outrunning supply, and competition from other sellers is down 11% compared to a year ago. Homes priced accurately and marketed properly are finding buyers before inventory has a chance to build back up.

What actually moves price in this market — flood zone, dock access, view, condition — is not something a computer can weigh. See how selling works in today's market and what it means for your property.

Florida Keys Real Estate — Frequently Asked Questions

What is the Florida Keys real estate market doing in July 2026?

Sales are outrunning supply. Closed sales rose 14% year-over-year to 169 in July 2026, even as active inventory fell 11% and new listings dropped 9.8%. New pending sales rose 6.8% and the median sale price reached $970,000, up 7.2% from July 2025.

Is inventory increasing in the Florida Keys?

No. Active inventory dropped 11% to 1,344 homes in July 2026, while new listings fell 9.8% to 185. Supply and the pipeline replenishing it are shrinking together, giving buyers fewer choices than last year.

What is the median sale price in the Florida Keys?

The median sale price reached $970,000 in July 2026, up 7.2% from July 2025. Growth was steadier than June's sharper jump, but with sales outpacing new listings, sellers still have room to hold firm on price.

Are closed sales increasing in the Florida Keys?

Yes. Closed sales rose 14% year-over-year to 169 in July 2026, the strongest increase of the summer, driven by buyers acting quickly rather than bargain hunting even as active inventory fell 11%.

Key Largo's June numbers tell a different story than the Keys-wide market this month. Buyer activity is accelerating well ahead of price — a pattern worth watching as we head into the second half of the year.

June 2026 Key Takeaway: Key Largo closed sales rose 21% and pending sales jumped 48% year-over-year, while the median sale price increased a more modest 7.3% to $910,000. Active inventory dipped 4.1% and new listings fell 8.2% over the same period — buyer activity is heating up well ahead of price.

Key Largo Real Estate Market Report: June 2026 vs. June 2025

Key Market Highlights — Key Largo Residential Market, June 2026 vs. June 2025

Why Is Key Largo Demand Outpacing Price Growth?

In my experience, when pending sales and closings accelerate this sharply while price growth stays contained, it usually means one of two things: buyers are finding relative value before the broader market catches up, or a backlog of contract activity is about to show up in next month's closed numbers. I think we are seeing both at once here.

Worth noting too: Key Largo's supply contraction is milder than what the Keys overall saw this month. That gives buyers here more room to work with than buyers searching the broader market right now, even with activity picking up.

A Word to Buyers

Price has not caught up to demand yet in Key Largo, and that gap will not necessarily hold. A large share of today's pending contracts will close in the coming months, and closings tend to pull median price up behind them.

If you have been watching Key Largo homes for sale and holding off, the activity data suggests less room to wait than the price data alone would imply. For context on how Key Largo compares to the wider market this month, see the Florida Keys market report for June 2026.

Key Largo Real Estate — Frequently Asked Questions

What is the Key Largo real estate market doing in June 2026?

Compared to June 2025, closed sales in Key Largo rose 21% and pending inventory jumped 48% in June 2026. The median sale price increased 7.3% to $910,000, a more modest gain than the sharper price growth seen Keys-wide this month. Active inventory fell 4.1% and new listings dropped 8.2% over the same period.

Are home sales picking up in Key Largo?

Yes. Closed sales were up 21% and new pending sales rose 25% in June 2026 compared to June 2025. Pending inventory overall climbed 48% year-over-year, signaling a meaningful pickup in buyer activity heading into the second half of the year.

What is the median home price in Key Largo?

The median sale price for Key Largo residential properties was $910,000 in June 2026, up 7.3% from June 2025.

Is now a good time to buy in Key Largo?

Demand is clearly accelerating, with closed and pending sales both up sharply year-over-year, but price growth has stayed comparatively modest at 7.3%. In my view, this combination of rising activity without runaway price growth is one buyers should not assume will last.

What Is Coral Lagoon Resort in Marathon, FL?

Coral Lagoon Resort is a 25-unit waterfront townhome community at 12399 Overseas Highway, Mile Marker 53, in Marathon, Florida, built in 2007 on about six acres. Units are two-story, roughly 1,320 square feet, typically 3 bedrooms and 2.5 baths, with private dockage through the on-site marina, Vaca Cut access to both the Atlantic and Gulf, and an on-site heated pool. Nightly rentals are allowed, which keeps investment buyers interested alongside primary and second-home owners.

If you've searched "Coral Lagoon Resort Marathon" and landed here, you're looking at one of the more distinct waterfront communities on the ocean side of Marathon. It sits almost exactly at the midpoint of the Keys, roughly 90 miles from Miami and 45 miles from Key West, which makes it an easy target for buyers who want boat access without giving up a short drive to either end of the chain.

What sets Coral Lagoon apart from a lot of Marathon condo product is the marina. Units are built around private or deeded slip access, with a full-service marina next door for fuel, storage, and ramp use. For a boating buyer, that's the whole ballgame — you're not trailering anywhere, you're backing out of your own dock.

The community also allows nightly rentals, which is worth flagging up front. Not every complex in the Keys does, and it changes the math for anyone weighing the property as an investment versus a personal getaway.

Because nightly rentals are permitted, Coral Lagoon Resort can carry different HOA restrictions and financing considerations than a standard Marathon condo — worth confirming before you write an offer. For guidance on buying in this community, view active Coral Lagoon Resort listings or browse the wider selection of Marathon condos and townhomes currently on the market.

Frequently Asked Questions

What is Coral Lagoon Resort in Marathon?

Coral Lagoon Resort is a marina-centered townhome community on the ocean side of Marathon, Florida, built around private boat access. It is positioned roughly at the midpoint of the Florida Keys, near Mile Marker 53.

Does Coral Lagoon Resort have a pool?

Yes, Coral Lagoon Resort has an on-site heated swimming pool for residents and guests.

Do Coral Lagoon Resort units come with a boat slip?

Coral Lagoon Resort includes a full-service marina, and units typically offer private or deeded dockage with access to the Atlantic Ocean and Gulf of Mexico via Vaca Cut.

Are nightly vacation rentals allowed at Coral Lagoon Resort?

Nightly rentals are permitted at Coral Lagoon Resort, making units in the community an option for buyers considering short-term rental income.

May's price acceleration was not a one-month blip. June pushed it further: compared to June 2025, the median sale price climbed 30% to $1,100,000 in June 2026, easily the strongest year-over-year gain of 2026, and it happened while both active inventory and new listings shrank.

June 2026 Key Takeaway: Florida Keys home prices climbed to a $1,100,000 median in June 2026, a 30% increase over June 2025 and the sharpest year-over-year gain of the year. The jump coincided with a shrinking supply of homes — active listings down 9.5%, new listings down 7% — while pending sales rose 13%, pointing to continued price pressure favoring sellers.

Florida Keys Residential Market Report: June 2026 vs. June 2025

The number that stands out is not just the 30% price jump, it is what happened around it. From June 2025 to June 2026, active inventory dropped 9.5% and new listings fell 7%, so supply contracted on both sides at the same time demand kept climbing. Pending inventory rose 20%, new pending sales rose 13%, and closed sales were up 7.9% over the same period.

This is the absorption story from the past few months compounding. Supply is not just failing to keep pace with demand anymore, it is actively shrinking.

Key Market Highlights — Florida Keys Residential Market, June 2026 vs. June 2025

Why Are Florida Keys Home Prices Rising in Summer 2026?

Last month I called May the point where a backlog of contract activity started catching price up to demand. In my view, June shows that was not a peak, it was a pivot. Sellers pulled back too, with new listings down 7% year-over-year, which means the supply side is now working against buyers instead of just failing to help them.

In my experience, a market rarely posts its largest price gain of the year and then cools the next month. Pending inventory up 20% from June 2025 and new pending sales up 13% both point to more closings ahead, and with active inventory already down 9.5% year-over-year, there is little cushion to absorb that demand without price climbing further.

A Word to Buyers

The gap between what buyers hoped for and what the market is delivering just widened. Six months ago the conversation was about softening prices. Now the median price is up 30% from June 2025 to June 2026, and there are fewer homes to choose from than there were a year ago.

If you are waiting on mortgage rates to ease before buying, keep in mind that a large pool of buyers is doing the same thing, and shrinking inventory means that pool is competing for a smaller pie every month this trend continues. Cash buyers are not shielded from this either. There is no rate reason to wait, and the numbers say waiting has cost buyers real money every month since spring.

With new listings down and pending inventory up compared to a year ago, the imbalance driving this price growth shows no sign of easing. Browse current Key Largo homes for sale or explore Florida Keys luxury properties to see where today's median price puts you.

Florida Keys Real Estate — Frequently Asked Questions

What is the Florida Keys real estate market doing in June 2026?

It just posted its strongest price growth of the year. Compared to June 2025, the median sale price jumped 30% to $1,100,000, closed sales were up 7.9%, and new pending sales rose 13%. Active inventory fell 9.5% and new listings dropped 7% over the same period, so supply is shrinking as demand grows.

Is inventory increasing in the Florida Keys?

No. Active inventory came in at 1,418 in June 2026, down 9.5% from June 2025. New listings also fell, down 7% to 185 over the same period, meaning both current supply and the pipeline replenishing it contracted at the same time.

What is the median sale price in the Florida Keys?

The median sale price for residential properties was $1,100,000 in June 2026, up 30% from June 2025. That is the largest year-over-year gain recorded in 2026, well ahead of the 12% gain seen in May.

Is it a good time to buy a home in the Florida Keys?

In my view, waiting is the bigger risk right now. Active inventory and new listings both fell from June 2025 to June 2026 while prices accelerated, a pattern that tends to build momentum rather than reverse mid-season. Jim Signor - Florida Keys Real Estate has tracked this market since 1988, and buyers who move while quality options still exist tend to fare better than those waiting for a pullback the data simply doesn't support.