Keys Real Estate Market Stats –

April 2024 Vs. April 2025

Florida Keys Market Update – April 2025

The first four months of 2025 have revealed a shifting real estate landscape in the Florida Keys, with sales softening and inventory climbing. Here’s a breakdown of the current market:

Number of Sales:
Sales dipped slightly—down 5.2% Keys-wide compared to the same period in 2024. The Upper Keys saw a 5.5% drop, the Middle Keys were down 14.2%, and Key West declined 3.8%. The Lower Keys stood out with a modest increase of 2.1%.

Average Sale Price:
Prices are cooling. The Keys-wide average sale price is now $1,090,520—a 6.1% decline year-over-year. The biggest drop came from the Lower Keys (down 22.8%).

Sale Price to Original List Price:
Homes are still negotiating below asking, averaging 88.45% of original list price across the Keys. This is a slight dip from last year’s 89.52%, showing buyers are still getting some leverage.

Average Price Reduction:
Sellers are adjusting. The average reduction before sale now sits at 5.0%—up from 4.0% in 2024.

Days on Market:
Homes are taking longer to sell. Properties now average 95 days on the market—up from 83 days last year. The Upper Keys are the slowest at 109 days.

Number of Listings:
Inventory is up 17.6% across the Keys. The Lower Keys had the biggest surge—up 20.4%, followed by the Upper Keys at 15.9%. Buyers now have more homes to choose from.

Average List Price:
The average list price is now $1,777,868—holding fairly steady with just a 0.5% increase year-over-year. Key West was the only region to post a notable rise (up 1.8%).

Pending Transactions:
Pending and contingent contracts are down 12.8% overall, indicating buyer hesitation. The Lower Keys dropped the most (down 29.4%), while the Upper Keys saw a small gain of 6.1%.

Up to 900 New Building Rights Headed to the Florida Keys

A new bill awaiting Gov. Ron DeSantis’ signature could bring up to 900 new building rights to the Florida Keys over the next decade. Senate Bill 180, passed nearly unanimously, raises the hurricane evacuation time limit from 24 to 24.5 hours, allowing for limited future development. The building rights must be used on vacant, buildable lots—one per parcel—with priority given to owner-occupied, affordable, and workforce housing. The bill aims to help prevent takings lawsuits while balancing growth with evacuation safety and environmental concerns. Local leaders have praised it as a win for Monroe County.

Skate Park Approved in Marathon

Marathon’s long-anticipated skate and wheel park has officially moved forward with unanimous approval of a $1.5 million design-build contract with Platform Group LLC. The city will cover $1.27 million of the cost, while the remaining $265K will be funded by the Florida Keys Community Center, led by local advocate Matt Sexton. The project will also prepare the site for a future splash pad. City leaders praised Sexton’s years of dedication to creating more community and youth-focused amenities in Marathon.

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Amy Prumo