Keys Real Estate Market Stats –

March 2024 Vs. March 2025

Florida Keys Market Update –  March 2025

The first quarter of 2025 brought some shifts to the Florida Keys real estate market. Here’s a quick look at what’s happening:

Number of Sales:
Overall sales dropped 3% compared to early 2024. The Upper Keys were down 7.8%, Middle Keys fell 16.8%, and Key West slipped 4.6%. But the Lower Keys saw a jump—up 19.5%.

Average Sale Price:

We saw some dips in the average sale price. Across the Keys, the average is now $1,073,416—down 10.2% from last year. Key West held the strongest, averaging around $1.25 million.

Sale Price to Original List Price:
Buyers are still negotiating deals. On average, homes are selling for about 90% of their original asking price—pretty consistent with last year.

Average Price Reduction:
Sellers are adjusting prices before going under contract. The average price cut is 4.1% Keys-wide, with the Middle Keys seeing the biggest reductions at 5.2%.

Days on Market:
Homes are taking longer to sell, now averaging 98 days on the market—that’s up from 83 days this time last year.

Number of Listings:
Inventory is growing. Listings are up 16.5% across the Keys, giving buyers more options. The Lower Keys saw the biggest jump at 22.1%.

Average List Price:

We also saw a slight shift in the average list price. It’s now at $1,782,847—just a bit below last year’s numbers.

Pending Transactions:
Pending sales dipped 3.3% overall. The Lower Keys saw the biggest slowdown at 10.9%, while the Upper Keys held steady.

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Amy Prumo