Making Moves in May: Your Monthly Key West Market Update

Hello Sunshine Seekers!

It’s May in the Florida Keys — and the Key West real estate market is buzzing with activity! If you’re thinking about buying your dream island home, investing in property, or just keeping tabs on the local housing trends, this monthly market update has everything you need to know to keep those real estate wheels turning.

Let’s take a look at what’s happening with homes for sale in Key West right now.

New Listings in Key West: More Homes, More Choices

May has brought a refreshing wave of new homes to the market. From classic Old Town cottages to modern waterfront properties and tropical bungalows, there’s something for every type of buyer. If you’ve been searching for the perfect home for sale in Key West, now is a great time to explore the new inventory.

Buyers — keep your eyes on the market. These new listings are moving quickly, especially those with updated features, pools, and island charm.

Average Home Prices in Key West: Steady and Strong

The average sales price for homes in Key West this month is holding steady at approximately $1.2 million. The market remains strong, with buyers still willing to pay top dollar for properties that are well-maintained and are a perceived value.

While the average sale price remains over a million in the 33040 zip code we are seeing many more options under a million as well.

If you’re a seller, this is your reminder: pricing your property right is key to attracting qualified buyers. This is NOT the market to "test your pricing". Price it right and it will sell overnight. And if you're buying, know that Key West real estate is still a strong long-term investment and sellers are a bit more open to negotiating terms than they have been in previous years.

⏳ How Long Are Homes Staying on the Market?

The average days on market in Key West right now is around 78 days — but that’s not the full story. Well-priced homes in desirable areas are often receiving offers much faster, especially if they feature outdoor living space, water access, or that quintessential island aesthetic.

If you’re thinking about selling, this is the time to stand out. A little staging and professional photography can go a long way in speeding up your sale.

🔍 Buyer Trends: What Are People Looking For?

We’re seeing continued demand from remote workers, retirees, and second-home buyers who are drawn to the laid-back lifestyle and sunshine-filled days of the Keys. Today’s Key West homebuyers are focused on:

• Buyers are looking for a good value when it comes to pricing.

• Outdoor living spaces (think decks, pools, and tropical gardens)

• Proximity to Duval Street and walkable neighborhoods

• Turnkey homes with modern updates and coastal charm

• Investment potential and short-term rental appeal

If your property checks these boxes, there’s a good chance it’ll be scooped up quickly.

Thinking About Buying or Selling in Key West?

Whether you’re just starting your search or ready to sell your home, now is a great time to make a move in the Key West real estate market.

As a local experts with deep roots in the community, we are here to guide you every step of the way with a white-glove, hospitality-first experience that takes the stress out of real estate.

📍 Looking for current listings? Want a free home valuation? Need help deciding your next move?

Let’s chat! Our ShineGroup team is always ready to help you confidently buy or sell your Key West home.

📲 Contact us today— your island dream is closer than you think.