How much do homes cost in Key West?

Key West is one of the most expensive residential real estate markets in Florida. Recent market data shows median home prices in the range of $950,000 to $1.3 million depending on the source and time period, with average prices running higher due to the influence of luxury waterfront and historic Old Town transactions. Single family homes typically trade above $950,000 at the median while the broader market including condos brings overall figures down somewhat.

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Quick answer

  • Median home price: approximately $950,000 to $1.3 million based on recent market data depending on property type and source
  • Single family homes: median prices above $950,000 with Old Town and waterfront properties well above that threshold
  • Price per square foot: recent data shows approximately $800 to $1,100 per square foot depending on location and property type
  • Days on market: homes in Key West have been averaging 90 to 160 days on market in recent periods reflecting a slower but still active market
  • Old Town premium: historic Conch houses and properties with short-term rental licenses command the highest prices in the market
  • Condos: available at lower entry points - some condo options exist below $500,000 though inventory is limited

What drives price variation in Key West

  • Neighborhood - Old Town properties consistently command premiums over New Town and Stock Island due to historic character, walkability, and rental income potential
  • Short-term rental license - properties with transferable licenses are priced significantly above comparable unlicensed properties reflecting income potential
  • Property type - single family Conch houses, condos, duplexes, and commercial mixed-use properties each trade in distinct price ranges
  • Lot size and outdoor amenities - private pools and outdoor living spaces add substantial value in Key West's dense urban environment
  • Condition and renovation quality - fully renovated historic properties with updated systems trade at the top of the market
  • Waterfront access - bayfront and oceanfront properties command the highest prices in the Key West market

What buyers should understand about Key West pricing

  • Key West pricing reflects a global destination market - buyers compete with investors, vacation home buyers, and lifestyle purchasers from across the US and internationally
  • Insurance costs in Key West are substantial and must be factored into total ownership cost beyond purchase price
  • The value of a short-term rental license is embedded in asking prices for licensed properties - buyers should verify license status and transferability before paying the premium
  • Stock Island adjacent to Key West offers the most accessible entry points in the immediate Key West area and has been attracting increasing buyer interest
  • Working with an agent who knows Key West's specific neighborhoods and zoning rules is essential for accurate pricing evaluation

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