Key West Prices
Key West has a population just under 82,000 and has more million-dollar listings than other major cities. Key West was named one of the top luxury real estate markets due to high entry price for a luxury homes. Key West was defined as the top 10% of the market, homes starting at an average of $4,996,500. Prices rose quickly post pandemic and maintained those elevated prices due to the limited coastal inventory.
Price Gaps
- Key West-Key Largo: Luxury entry is 3.8x the local median.
- Crestview-Destin: Median is $583.5K vs. Luxury entry at $2.8M
- Slower Sales Velocity: As a result of price gaps, high-end inventory faces longer timelines as buyers become more discerning.
- Properties over $4.9M: On market longer due to smaller buyer pools and intense due diligence.
What Buyers Seek Most
In Key West, luxury buyers prioritize turnkey, they want move-in ready homes. The market in Key West relies on the scarcity and limited enclave. The island offers privacy, vibrant culture and mesmerizing views. Buyers should know that the island has boating access, and a laid-back vibe that makes visitors feel like they never want to leave. These are some reasons why many celebrities are aquiering properties fairly quickly.
