Florida Keys Real Estate Home Prices
We’re in Spring 2024, and you’re curious if home prices in the Florida Keys are dropping. Well, I’m here to tell you that they are not. Each month, we analyze the numbers across the entire Florida Keys. You can check out our Florida Keys Home Pricing Report on our marketing page. Be sure to sign up if you want the stats sent directly to you via email. On the marketing page, we delve into details about the numbers, but here’s a general overview.
Florida Keys Home Prices Holding Firm
Over the past year, overall home prices in the Florida Keys have remained stable, if not slightly higher than previous years. They are stable, but they’re still quite high! Frankly, in my 15 years of experience in real estate here in the Florida Keys, I’ve only seen prices go up!
Now, I’ll share that we’re experiencing more inventory. During the crazy real estate run, we were down to just 1,300 listed properties for sale. But now, for the first time in years, we’ve broken over 2,000 homes for sale.
We’ve been diligently tracking the number of listings week by week for some time. In March, we observed our highest number of listings, reaching 2,177 homes for sale. Our high season typically spans from January to April, peaking in March, so that seems to be right on track. I suppose only time will tell if that will be our high inventory level for the year.
I’ve started to notice a decrease in prices in the condo market. I believe the condo market has been hit pretty hard with all the new regulations and requirements. If you’re in the market for a condo and you’re not familiar with all the new laws and regulations, you should definitely check out our blog for more information.
Insurance in the Florida Keys has seen a significant increase in recent years. FEMA’s Risk Rating 2.0 initiative, while a bit chaotic, has notably impacted flood insurance costs. Additionally, Citizens, our main wind insurance carrier, has mandated that if you have wind insurance, you must also have flood insurance, further driving up prices. These insurance factors are starting to influence pricing more here in the Florida Keys. Whether they will pull prices down remains to be seen. Time will tell.
No Dip in Sight: Florida Keys Real Estate Home Prices
So to answer your question, are home prices dropping in the Florida Keys? The short answer is no, not yet. While other places around Florida may be experiencing drops, here in the Keys, it hasn’t started. Be sure to check back often and read our posts, or simply sign up for our email updates. Trust me, we’re closely watching the market, and you’ll know as soon as we do when the prices start coming down!
Ready to make the Move?
We are local real estate agents, deeply familiar with the Marathon and Florida Keys areas, and ready to serve you. Whether you’re considering making the Florida Keys your permanent home, investing in vacation property, or looking to sell, we’re here to assist you every step of the way. Feel free to call us or reach out for any inquiries or assistance you may need. We’re committed to helping you find your perfect piece of paradise in the beautiful Florida Keys.
If you’re ready to buy, head to the Buyer Page where we answer lots of your common questions.
