A lot of sailors find the Upper Keys Sailing Club on a visit. They race a regatta, take a lesson, or bring a kid to a youth clinic. Then they join. Then they start looking at houses. If that sounds like where you are, this post is for you.

Sunset over the Upper Keys Sailing Club main dock on Buttonwood Sound. Photo by Jim Signor.

The closest homes are in Buttonwood Shores, Point Pleasant, and Lazy Lagoon. The Sanctuary is the nearest condo, and Islamorada adds more options a few minutes south. Below, I walk through each one in Key Largo and beyond, from the perspective of someone who has been a member for almost 50 years.

A Member Since 1978

My family joined the Upper Keys Sailing Club in 1978, when I was a kid. I watched the clubhouse become a sailing club, and once the pilings were set, I watched club members build the original main dock themselves. That dock still holds the majority of the club’s boat slips today.

I have sailed, and mostly raced, on Buttonwood Sound for nearly 50 years. I started out finishing last in every race of the Portsmouth series, the club’s handicap racing for small boats. Fast forward to today: I recently won the Force 5 Midwinter Championship as I approached my 60s.

My wife and I racing our Flying Scot on Buttonwood Sound.

Racing fleets come and go. Over the years I was very active in the Sunfish and Flying Scot fleets. The club no longer has a Flying Scot fleet, but my wife and I still race the yearly Flying Scot Florida District series, which wraps up each year at the Upper Keys Sailing Club. She and I host that final event.

All those years on the water shaped how I sell real estate here. I have been helping buyers find homes in the Florida Keys since 1988. Many of them first fell for the Keys from the deck of a sailboat, and many still keep their primary home elsewhere in South Florida. When a new member asks me where to live near the club, I answer as a sailor first and a Realtor second.

Where Is the Upper Keys Sailing Club?

The Upper Keys Sailing Club sits at 100 Ocean Bay Drive, near mile marker 99.5 on the bayside of Key Largo. It fronts Buttonwood Sound, one of the best small-boat sailing venues in the Keys.

The club was founded in 1973 and bought its Ocean Bay Drive property a few years later, which is why the clubhouse conversion and the main dock came after. Today it runs a full calendar of club racing, with small boats racing under the Portsmouth handicap and larger boats under PHRF (Performance Handicap Racing Fleet). It also hosts major events like the Force Five Midwinter Championship, and it is just as much home to cruisers and daysailors. Members keep their sailboats in the club’s slips and dry storage, and boats drawing up to 5 feet tie up at the outer end of the main dock.

Families should know about the Mark Sorensen Youth Sailing Program, the youth sailing nonprofit based at the club. It began in 2006 with one generous donation and nothing else: no boats, no kids. I was its first youth sailing director. Today it has its own fleet and a new generation of Keys sailors coming up through it. Each February, the program also runs the Buccaneer Blast Regatta at nearby Rowell’s Waterfront Park on Blackwater Sound.

Neighborhoods Right Next to the Club

Three neighborhoods border the club directly. Buttonwood Shores and Point Pleasant offer a mix of bayfront and non-waterfront homes, and Lazy Lagoon is all non-waterfront, sitting a bit closer to US-1. From any of them, the club is a short walk or bike ride away, whether you head out to race, cruise, or just go for a sail.

These are small neighborhoods, so the inventory of homes for sale can be limited at times. The listing feed on each neighborhood page is live and changes as the market does.

The Club Membership Advantage

Here is the math most sailors miss. With your sailboat in a club slip or dry storage, when space is available, you do not need a waterfront home to sail every week. A non-waterfront home in Buttonwood Shores, Point Pleasant, or Lazy Lagoon, paired with a club membership, can save hundreds of thousands of dollars compared to buying on the water.

Condos Near the Upper Keys Sailing Club

The closest condominium to the club is The Sanctuary. It is a low-density community with a pool, tennis, and dry boat storage with launch service, and it puts condo living a short drive from the club. Inventory there can also be limited at times, and its page shows whatever is on the market right now.

If you want more options, browse all Key Largo condos and townhouses for sale or all Islamorada condos and townhouses for sale. Both pages update from the MLS with current listings.

Buccaneer Point: A Notable Bayside Option

A short drive south, Buccaneer Point sits near mile marker 98. It offers bayfront and lakefront homes on two saltwater lakes, and it is one of the more sought-after bayside neighborhoods in Key Largo for sailors who want a waterfront home near the club.

To see everything currently on the market, browse all Key Largo homes for sale.

Prefer the Ocean Side?

Some sailors also want quick access to the Atlantic and the reef. If that is you, visit our Key Largo oceanside homes page for links to those neighborhoods. The club is still only a few minutes away by car.

If you plan to move a sailboat between the bay and the ocean, know the routes. Sailboats pass through Angelfish Creek to the north or Snake Creek, with its drawbridge, to the south. Adams Waterway connects the two sides in Key Largo, but its fixed bridge keeps standing sailboat masts out.

Living in Islamorada and Sailing at the Club

You do not have to live in Key Largo to be an active member. Islamorada starts a short drive south on the Overseas Highway, and members live in both communities.

Islamorada suits sailors who want a little more distance from the mainland and can still be on Buttonwood Sound in minutes. Browse all Islamorada homes for sale to see what is available.

What Sailors Should Look For in a Keys Home

Buying near the club is different from buying a typical waterfront home. A few things to think through:

• Where the boat will live. If it lives at the club, your home may not need a dock at all, which opens up more neighborhoods.
• Club space and terms. Slip and storage availability depends on the club, so confirm it with them before buying a home that counts on it.
• Room for a trailer and gear. Small-boat sailors often need space for a boat, a trailer, sails, and spars.
• Hurricane plans for both the house and the boat. Ask how the home and the vessel are protected before you buy.

Draft Is the Number That Matters

Compared to many boating destinations, the Florida Keys are shallow-draft waters. If you plan to keep a keelboat or a larger powerboat at home, draft is the single most important measurement in your search.

The critical spot is usually not the canal itself. It is the opening where the canal meets open water. Many Keys canals were dug out, with the fill used to raise the surrounding lots, so the canal often runs much deeper than the entrance that connects it to the bay or ocean.

On the ocean side, the tide adds another variable. A canal entrance that works at high tide may not at low tide, so timing matters when you measure and when you plan to come and go.

Here in the Upper Keys, checking draft is part of how I help buyers during the inspection period. When a buyer needs a real number, we go out by boat and stick a pole in the water at the canal opening to measure it. For a buyer with a deep-draft boat, there is no better first look than seeing it firsthand.

Frequently Asked Questions

Where is the Upper Keys Sailing Club located?

The Upper Keys Sailing Club is at 100 Ocean Bay Drive in Key Largo, near mile marker 99.5 on the bayside, on Buttonwood Sound. It was founded in 1973 and operates as a nonprofit club.

What neighborhoods are closest to the Upper Keys Sailing Club?

Buttonwood Shores, Lazy Lagoon, and Point Pleasant sit immediately next to the club. Buttonwood Shores and Point Pleasant offer a mix of bayfront and non-waterfront homes, while Lazy Lagoon is non-waterfront. The Sanctuary is the closest condominium.

How deep are canal entrances in the Upper Keys?

Most canal entrances in the Upper Keys carry about 4 to 5 feet of water, though some are shallower and some are deeper. The entrance is usually shallower than the canal itself, and on the ocean side the tide also changes the usable depth, so each property should be measured before purchase.

Can I live in Islamorada and still be active at the Upper Keys Sailing Club?

Yes. Islamorada begins a short drive south of the club on the Overseas Highway, and club members commonly live in both Key Largo and Islamorada.

Does the Upper Keys Sailing Club have a youth sailing program?

Yes. The Mark Sorensen Youth Sailing Program at the club offers youth sailing instruction close to the surrounding neighborhoods.

Talk to a Realtor Who Knows the Water

Any agent can pull up listings near the club. Knowing which neighborhoods suit a sailor’s routine, and which canal entrances suit your boat, comes from decades on the water.

I can help you compare homes and condos based on your boat and how you sail. Call me at 305-394-4449 or email [email protected]. You can also start with my Florida Keys home buying page.

Need financing? I am also a licensed mortgage loan originator (NMLS #2773431) with LoKation Mortgage (NMLS #2682974). Visit KeysLender.com to learn more.

Jim Signor - Florida Keys Real Estate, Broker-Associate, LoKation Real Estate

Buyers are asking AI about the Florida Keys before they ever call an agent. What does it cost to insure a canalfront home in Key Largo? Does that Marathon condo allow weekly rentals? Which Islamorada neighborhoods have deep water?

Some of the answers are useful. Some are confidently wrong. In the Keys, the difference between the two can cost you real money.

I have sold Florida Keys real estate since 1988 and lived here since 1977. I built keyslistings.com in 2003, before Zillow existed, and I use AI tools in my own business today. So I am not going to tell you to avoid AI. I am going to tell you where it helps a Keys buyer, where it falls short, and how to use it without getting burned.

The short version: AI is a useful research assistant for Keys buyers. It can explain the area, compare homes, and decode reports. It cannot reliably tell you whether a listing is still active, what a specific home will cost to insure, whether it can be rented short term, whether the dock and seawall suit your boat, or whether a lot can be built on. Those answers take property-specific verification.

This post reflects mortgage rates reported on September 30, 2026. Rates change daily, sometimes hourly. Treat these figures as a snapshot in time, not a rate quote. The trend is what matters.

Rates are up, and that changes the math for every Keys buyer and seller. Here’s how to make it work for you, including why a seller-paid buydown can beat a price cut by a mile.

What Higher Rates Mean for Florida Keys Real Estate

Higher rates raise the cost of every financed purchase. In the Keys, where prices run well above the national average, that adds up fast, especially on the jumbo loans many purchases here require.

Still, from Key Largo and Islamorada to Marathon and Key West, the Keys don’t react to rates the way most markets do. Some buyers pay cash, and many are shopping for a second home rather than a place they need to live. For them, rates shape the decision but rarely make it.

Where higher rates do show up is in the details: fewer financed buyers at showings, longer negotiations, and more room for both sides to get creative. That’s where the opportunity is, for buyers and sellers alike.

A Word to Buyers

Meanwhile, the boat rides, sunsets, and slow mornings you’re waiting for keep happening without you. A home on the water is a choice about how you want to spend the years you have.

A high-rate market can actually work in your favor. When rates climb, some buyers step back. Sellers see fewer showings and fewer offers. That shifts negotiating power toward the buyers who stay active. If you’re ready to be one of them, here’s more on buying a home in the Florida Keys.

Here’s how to make the most of it:

• Buy what works at today’s rate. Know your number before you shop, and make sure the payment works now. If rates fall later, refinancing is a bonus, not the plan.
• Be selective. With less competition, you have time to find the right home, not just an available one.
• Make strong, well-supported offers. Don’t be shy about offering below asking when comparable sales back you up. A well-documented offer gets taken seriously.
• Know your loan type. Second homes and investment properties often carry slightly higher rates than primary residences. Jumbo loans averaged 7.60% on September 30, according to Forbes Advisor. Factor that into your budget early.

A Word to Sellers

Times have changed. The frenzy of the recent boom, when a well-kept home could draw multiple offers in a weekend, is behind us. Buyers today have more choices and less urgency, and many of them are watching rates closely.

The basics still matter: smart pricing, strong presentation, and a pre-inspected, certified home. You’ll find those covered on my page about selling your Florida Keys home. Here, the focus is on what’s changed: rates.

How to adapt:

• Think in payments, not just price. Financed buyers shop by monthly payment. Price your home with what that payment looks like at today’s rates.
• Offer a rate buydown. Instead of cutting your price, help the buyer lower their payment.
• Market the payment. Put the buydown in the listing headline, the MLS remarks, and every social post. A buyer scrolling past a price reduction may not notice. A buyer who sees a lower payment usually does.
• Work within the buyer’s rate lock. Most rate locks last 30 to 60 days. A closing date that fits inside that window protects the buyer’s rate, and your deal.

If Your Home Isn’t Selling

When a listing sits, the reflex advice is to drop the price. Sometimes that’s the right call. But a price cut is a blunt tool. It shrinks your proceeds, and for a financed buyer, it barely moves the monthly payment.

A buydown speaks directly to the buyers who are hesitating because of rates. And because it’s funded from your proceeds at closing, there’s no check to write up front. The example below shows why the math often favors it.

How a Rate Buydown Works: A $600,000 Example

A buydown is money paid at closing, often by the seller, to lower the buyer’s interest rate for a set period. One common version is the 2-1 buydown. The rate drops two points in year one, one point in year two, then returns to the full rate for the life of the loan.

Here’s how that looks on a $600,000, 30-year fixed loan at 7.46%, the national average reported on September 30:

The buyer gets roughly $14,300 in payment savings over the first two years. The seller’s concession to fund it would be close to that amount, with the lender calculating the exact figure based on the loan terms.

Now compare that to a $14,300 price reduction. On a loan this size, a price cut that big lowers the monthly payment by only about $100.

The two tools do different jobs. A price cut permanently lowers the purchase price and loan balance. A buydown delivers far more payment relief in the first two years, when buyers feel the payment most, before the rate returns to the full note rate.

Buydown rules vary by loan type and occupancy, seller contributions are capped, and buyers typically still need to qualify at the full rate. Talk with your lender before building one into an offer. Figures shown are principal and interest only and are for illustration.

The Numbers Behind the Headlines

Want the national numbers? Forbes Advisor’s daily rate report covers them well, and its headline says it all:

“Thirty-year mortgage rates hit a one-year high today.”

Your time is valuable, so we’ll leave the details to them. The short version: by Freddie Mac’s weekly measure, rates are at their highest since early 2025, and the Federal Reserve raised its benchmark rate a quarter point in September. Mortgage rates don’t move in lockstep with the Fed, but the recent trend is unmistakable.

Nationally, higher rates do two things. They price some buyers out, and they keep many owners in place. Millions of homeowners locked in very low rates in the years after COVID, and many would rather stay put than trade that rate for today’s. That keeps homes off the market and slows sales from both directions.

The Bottom Line

Rates are high, and they’re making news. Nationally, that can cool the housing market. In the Keys, the effect is real but different, and it creates openings on both sides of the deal.

Buyers who stay active may find more room to negotiate. Sellers who adapt with smart pricing and creative terms can still close. The ones who struggle will be those waiting for the boom to come back.

Frequently Asked Questions

How do high mortgage rates affect the Florida Keys real estate market?

High rates reduce affordability for financed buyers nationwide, but the Florida Keys market includes many cash buyers, high-income buyers, and second-home buyers, particularly at higher price points. For many Keys buyers, the decision is driven as much by lifestyle as by interest rates.

Should I wait for mortgage rates to drop before buying in the Florida Keys?

No one can reliably predict when or how far rates will fall. Buyers who purchase during a high-rate period may face less competition and more room to negotiate, and refinancing may be possible if rates decline later. If the payment doesn’t work comfortably at today’s rate, waiting or choosing a less expensive property can also make sense.

My Florida Keys home isn’t selling. What should I do?

A price reduction is the most common response, but it isn’t the only option. In a high-rate market, sellers can fund a mortgage rate buydown at closing, market the lower monthly payment, and time the closing to fit the buyer’s rate lock. A buydown can lower a financed buyer’s monthly payment more in the early years of the loan than a price cut of the same cost.

Can I get a DSCR loan in the Florida Keys?

Yes. DSCR (debt service coverage ratio) loans are available for Florida Keys investment properties. A DSCR loan qualifies the property based on its rental income compared with its monthly debt payments, rather than the borrower’s personal income. Because vacation rental rules vary by location in the Florida Keys, a property’s allowable rental use affects how much income a lender can count.

I have some news I’m happy to share. Jessica Gallagher is back in Florida Keys real estate.

If you’ve worked with me before, you may already know her. Jessica was part of my KeysListings Group for years, and some of you may remember her as Jessica Dostie.

Where She’s Been

Jessica stepped away for a little while to help with her family’s business, because family comes first in the Keys. Now she’s back and ready to get to work.

Stepping Forward Under Her Own Name

This time, Jessica is building her own business. She’s with LoKation Real Estate and is one of a select few agents invited to network with KeysListings.com.

She brings the energy, the relationships and the on-camera personality. I’ll be right behind her on research, pricing strategy and contracts. Her clients get her full attention, plus my Keys experience going back to 1988.

Jessica will be focused on helping sellers from Key Largo to Key West, and she’s just as ready to help buyers find their place in the Keys.

Say Hello

If you’re thinking about selling, or you just want to catch up, reach out to her. You can find her contact information on Jessica’s agent page.

Welcome back, Jessica. It’s good to have you on the water with us again.

Frequently Asked Questions

What brokerage is Jessica Gallagher with?

Jessica Gallagher is a licensed Florida Realtor with LoKation Real Estate.

What areas of the Florida Keys does Jessica Gallagher serve?

Jessica serves the Florida Keys from Key Largo to Key West, including Tavernier, Islamorada, Marathon and the Lower Keys.

How do I contact Jessica Gallagher?

Jessica’s phone number and email are listed on her agent page at keyslistings.com/jessica-gallagher-realtor/.

Key West single-family and condo/townhouse statistics for August 2026, compared to August 2025. Full metrics for both segments are below. For trend analysis across the wider Florida Keys market, see the report linked further down this page.

August 2026 Snapshot: Single-family active inventory: 110, down 27% year over year. Condo/townhouse active inventory: 94, down 4.1% year over year.

Single-Family Homes: August 2026 vs. August 2025

Active listings fell 27% from a year ago, while pending contracts and new pending sales both climbed 47%. Closed sales came in at 15 for the month, down 25%, and median price held relatively close to last August at $1,170,000, off just 6.3%.

Condo/Townhouse: August 2026 vs. August 2025

Condo activity was quieter across the board, 8 closed sales for the month against 11 pending and 15 new listings. With volume this low, the figures below are best treated as a single month's snapshot rather than a trend.

A Word to Buyers and Sellers

The numbers below are a snapshot, not a recommendation. What makes sense for your next move depends on your own goals and timing, not a single month of data. The useful part is context, how many other buyers or listings you're up against right now, so you can weigh your decision against what's actually happening on the ground.

Browse current Key West homes for sale to see what is actually on the market today.

For a Broader Look at the Florida Keys Market

Key West is one submarket within the larger Florida Keys, and its monthly figures can shift on a relatively small number of closings. For a view built on hundreds of transactions across the island chain, see the Florida Keys report below.

See the full Florida Keys market report for August 2026

Frequently Asked Questions

How many single-family homes are for sale in Key West right now?

There were 110 single-family homes active in Key West in August 2026, down 27% from August 2025.

What is the median sale price for a condo or townhouse in Key West?

The median condo and townhouse sale price was $700,500 in Key West in August 2026, down 16% from August 2025, based on 8 closed sales.

How many single-family homes are pending sale in Key West?

There were 22 single-family homes pending sale in Key West in August 2026, up 47% from August 2025.

What is the median sale price for a single-family home in Key West?

The single-family median sale price was $1,170,000 in Key West in August 2026, down 6.3% from August 2025, based on 15 closed sales.

Data source: Florida Realtor SunStats, Key West (City), Residential (Single-Family and Condo/Townhouse), August 2026 vs. August 2025. Figures may be revised by the source after publication. Information deemed reliable but not guaranteed.

Marathon single-family and condo/townhouse statistics for August 2026, compared to August 2025. Full metrics for both segments are below. For trend analysis across the wider Florida Keys market, see the report linked further down this page.

August 2026 Snapshot: Single-family active inventory: 128, down 7.2% year over year. Condo/townhouse active inventory: 53, down 31% year over year.

Single-Family Homes: August 2026 vs. August 2025

Active listings slipped 7.2% from a year ago, while pending contracts nearly doubled, up 94%. Closed sales fell to 11 for the month, and median price came in 45% below last August at $857,000, on a sample small enough that the swing likely reflects which homes closed rather than a broad price shift.

Condo/Townhouse: August 2026 vs. August 2025

Only 3 condos closed in Marathon this August. That is too few transactions to read the numbers below as a trend, so treat this segment as a snapshot of one quiet month.

A Word to Buyers and Sellers

These numbers are a starting point, not a verdict. Only you can weigh what's right for your own move, your budget, your timeline, your reasons for buying or selling. What's useful here is context, how tight the competition looks right now, whether you're a buyer eyeing the same handful of listings as everyone else, or a seller sizing up what else is on the market.

Browse current Marathon homes for sale to see what is actually on the market today.

For a Broader Look at the Florida Keys Market

Marathon is one piece of the larger Keys market, and a thin sample like this month's 3 condo closings can swing widely on its own. For trends backed by hundreds of transactions across the island chain, see the Florida Keys report below.

See the full Florida Keys market report for August 2026

Frequently Asked Questions

How many single-family homes are for sale in Marathon right now?

There were 128 single-family homes active in Marathon in August 2026, down 7.2% from August 2025.

What is the median sale price for a condo or townhouse in Marathon?

The median condo and townhouse sale price was $525,000 in Marathon in August 2026, down 30% from August 2025, based on 3 closed sales.

How many single-family homes are pending sale in Marathon?

There were 31 single-family homes pending sale in Marathon in August 2026, up 94% from August 2025.

What is the median sale price for a single-family home in Marathon?

The single-family median sale price was $857,000 in Marathon in August 2026, down 45% from August 2025, based on 11 closed sales.

Data source: Florida Realtor SunStats, Marathon (City), Residential (Single-Family and Condo/Townhouse), August 2026 vs. August 2025. Figures may be revised by the source after publication. Information deemed reliable but not guaranteed.

Islamorada single-family and condo/townhouse statistics for August 2026, compared to August 2025. Full metrics for both segments are below. For trend analysis across the wider Florida Keys market, see the report linked further down this page.

August 2026 Snapshot: Single-family active inventory: 112, down 22% year over year. Condo/townhouse active inventory: 44, down 21% year over year.

Single-Family Homes: August 2026 vs. August 2025

Active listings fell 22% from a year ago, and pending contracts climbed 33% against that smaller pool. Closed sales rose sharply too, 16 for the month. Median price jumped 97% to $1,967,500, a swing that reflects which properties happened to close this month rather than a broad shift in values.

Condo/Townhouse: August 2026 vs. August 2025

Only 7 condos closed in Islamorada this August. That is too few transactions to read the numbers below as a trend, so treat this segment as a snapshot of one quiet month.

A Word to Buyers and Sellers

Numbers show you what happened. They don't tell you what's right for your situation. Deciding to buy or sell isn't really about the monthly report, it's about your own timing and goals. What's worth knowing is the competitive picture around you, how many buyers are chasing the same homes, or how many listings you're up against if you're selling, so whatever you decide, you're deciding with real information.

Browse current Islamorada homes for sale to see what is actually on the market today.

For a Broader Look at the Florida Keys Market

Islamorada is a small submarket within the wider Keys, and any single month's numbers can move sharply on just a handful of sales. For the full regional trend, backed by hundreds of transactions, the Florida Keys report is linked below.

See the full Florida Keys market report for August 2026

Frequently Asked Questions

How many single-family homes are for sale in Islamorada right now?

There were 112 single-family homes active in Islamorada in August 2026, down 22% from August 2025.

What is the median sale price for a condo or townhouse in Islamorada?

The median condo and townhouse sale price was $430,000 in Islamorada in August 2026, down 63% from August 2025, based on 7 closed sales.

How many single-family homes are pending sale in Islamorada?

There were 20 single-family homes pending sale in Islamorada in August 2026, up 33% from August 2025.

What is the median sale price for a single-family home in Islamorada?

The single-family median sale price was $1,967,500 in Islamorada in August 2026, up 97% from August 2025, based on 16 closed sales.

Data source: Florida Realtor SunStats, Islamorada (Village of Islands), Residential (Single-Family and Condo/Townhouse), August 2026 vs. August 2025. Figures may be revised by the source after publication. Information deemed reliable but not guaranteed.

Key Largo’s single-family market stayed tight this August, fewer listings and more pending contracts. Condo activity was too quiet to draw much from, just 4 closings for the month. Full metrics for both segments are below. For trend analysis across the wider Florida Keys market, see the report linked further down this page.

August 2026 Snapshot: Single-family active inventory: 181, down 13% year over year. Condo/townhouse active inventory: 35, down 2.8% year over year.

Single-Family Homes: August 2026 vs. August 2025

Active listings fell 13% from a year ago, and pending contracts climbed 26% against that smaller pool. Closed sales rose too, 16 for the month, a solid enough number to call this a genuinely tight market rather than a one-month blip.

Condo/Townhouse: August 2026 vs. August 2025

Only 4 condos closed in Key Largo this August. That is too few transactions to read the numbers below as a trend, so treat this segment as a snapshot of one quiet month.

A Word to Buyers and Sellers

Numbers tell you what's happening. They don't tell you what's right for you. Whether this is the right time to buy or sell comes down to your own situation, not a monthly report. What matters is knowing how much competition is out there, whether that's other buyers chasing the same homes or other listings competing with yours, so you can make that decision with real information either way.

Browse current Key Largo homes for sale to see what is actually on the market today.

For a Broader Look at the Florida Keys Market

Key Largo is a small island submarket, and single-month numbers here can swing on just a few closings. The Florida Keys report draws on hundreds of transactions instead of dozens, and that's where the trend analysis lives.

See the full Florida Keys market report for August 2026

Frequently Asked Questions

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

There were 181 single-family homes active in Key Largo in August 2026, down 13% from August 2025.

What is the median sale price for a condo or townhouse in Key Largo?

The median condo and townhouse sale price was $750,000 in Key Largo in August 2026, down 26% from August 2025, based on 4 closed sales.

How many single-family homes are pending sale in Key Largo?

There were 29 single-family homes pending sale in Key Largo in August 2026, up 26% from August 2025.

What is the median sale price for a single-family home in Key Largo?

The single-family median sale price was $762,500 in Key Largo in August 2026, down 8.5% from August 2025.

Data source: Florida Realtor SunStats, Key Largo (CDP), Residential (Single-Family and Condo/Townhouse), August 2026 vs. August 2025. Figures may be revised by the source after publication. Information deemed reliable but not guaranteed.

The Florida Keys housing market split into two different stories this August. Single-family buyers are chasing a shrinking pool of homes, while the condo and townhouse market cooled off more broadly. One report cannot capture both accurately, so this month's numbers are broken out by property type. All figures below compare August 2026 directly to August 2025, a year-over-year read rather than a single-month snapshot.

August 2026 Key Takeaway: Single-family inventory is down 15% compared to last August while pending sales are running 18% ahead of last year's pace, a tightening market even as new demand held flat. Condo and townhouse activity cooled overall against last year, though closed sales ticked up 3.6%, with median price down 31% on a thin sample of just 29 closings, a number that reflects small sample size more than a real shift in value.

Single-Family Homes: August 2026 vs. August 2025

Florida Keys Single-Family Market Report: August 2026 vs. August 2025

Single-family supply is shrinking from both ends. Fewer homes are sitting on the market than a year ago, and fewer new listings are arriving to replace them, a double squeeze rather than a one-time dip. Yet buyers are not waiting to see how it plays out. Pending contracts are running well ahead of last year's pace, even though new pending activity itself has barely budged, which points to a backlog of deals working their way toward closing rather than a fresh wave of demand. That combination, tighter supply and a growing pipeline, is likely why the median price held above last year's level even with fewer homes actually closing.

Key Market Highlights: Florida Keys Single-Family Market, August 2026 vs. August 2025

Condo/Townhouse: August 2026 vs. August 2025

Florida Keys Condo/Townhouse Market Report: August 2026 vs. August 2025

The condo and townhouse side of the market tells a quieter story. New listings and new pending sales both trailed well behind last year's pace, a broader pullback rather than the tightening seen on the single-family side. Closed sales are the exception, edging up slightly from a year ago even as the rest of the pipeline slowed. Median price is the number likely to catch attention, down sharply compared to last August, but with only 29 closings for the month, that figure says more about a small sample than it does about where condo values are actually headed. A handful of transactions at either end of the price range can move a median like that without reflecting any real shift in what these properties are worth.

Key Market Highlights: Florida Keys Condo/Townhouse Market, August 2026 vs. August 2025

Why Are Single-Family and Condo Markets Moving in Different Directions?

In my view, this split comes down to buyer pools that behave differently. Single-family buyers in the Keys are often looking for a primary residence or a long-term hold, and they are not waiting around. Pending inventory is running well ahead of last year's pace even as active inventory sits well below where it stood twelve months ago, so contracts are stacking up against a shrinking supply.

In my experience, the condo and townhouse segment tends to draw more investment and second-home buyers, a group that is quicker to pull back when the broader market feels uncertain. New listings and new pending sales both trailed last year's pace by roughly a fifth, even as closed sales edged up 3.6% compared to a year ago, a more even cooling rather than the tightening we are seeing on the single-family side. The 31% drop in median price gets attention, but with only 29 closings for the month, that figure is more a function of a small sample than a signal that condo values are falling across the board.

A Word to Buyers

Single-family buyers are working with less room than they had a year ago. Active inventory sits 15% below where it stood last August, new listings are running 12% behind last year's pace, and pending sales are already climbing. Waiting for more options is a bet against the trend, since supply is tighter than it was during the same period last year, not just from one month to the next. Condo buyers have more breathing room. Inventory and new listings pulled back too, but with fewer other buyers competing for what is available compared to a year ago, this segment favors those ready to move now.

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

A Word to Sellers

Single-family sellers are in a strong position. Competition from other listings is down 15% compared to last August, and pending activity is building. Homes priced accurately are finding buyers before supply has a chance to catch up to where it stood a year ago. Condo sellers face a different picture. Activity has cooled across the board compared to last year, so pricing in line with recent closed sales, not last year's headline numbers, matters more than ever to attract the buyers who are still active.

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.

Local Market Reports

Want the numbers for your specific area? These submarket reports break out single-family and condo/townhouse statistics the same way, for August 2026.

• Key Largo Real Estate Market: August 2026
• Islamorada Real Estate Market: August 2026
• Marathon Real Estate Market: August 2026
• Key West Real Estate Market: August 2026

Florida Keys Real Estate: Frequently Asked Questions

How many single-family homes are for sale in the Florida Keys right now?

There were 811 single-family homes active in the Florida Keys in August 2026, 15% fewer than at this exact time last year. That means fewer choices for buyers shopping this segment right now.

Are Florida Keys condo prices dropping?

Median condo/townhouse price is down 31% compared to August 2025, to $610,000. That is a median, the middle sale price, not an average, and with only 29 closed sales for the month, a handful of transactions can swing that number without signaling a broad drop in property values.

Is the Florida Keys housing market slowing down?

Not by every measure. Single-family pending inventory ran 18% ahead of last year's pace even as active inventory fell 15% compared to last August, meaning contracts are still being written against a shrinking pool of listings. Condo activity cooled overall compared to a year ago, with inventory, new listings, and new pending sales all down double digits, though closed sales ticked up 3.6%.

What is the median sale price for a single-family home in the Florida Keys?

The single-family median sale price was $1,022,500 in August 2026, up 2.3% from where it stood in August 2025, even as inventory tightened.

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.