Keys Real Estate by the Numbers

June 3, 2026 - 19:04

The Florida Keys real estate market continues to show a split personality, with high-end luxury properties holding steady while the middle market faces a notable slowdown. According to recent data, the total number of closed sales across Monroe County dropped by roughly 12 percent compared to the same period last year. However, the average sale price actually climbed, reaching just over $1.2 million, driven largely by a handful of multimillion-dollar transactions in Key Biscayne and Islamorada.

Inventory levels have crept up, giving buyers a bit more breathing room than they had during the pandemic frenzy. There are now about six months of supply on the market, up from just three months in 2022. This shift is most visible in the $600,000 to $1 million range, where homes are sitting for an average of 90 days before going under contract. Sellers in that bracket are increasingly offering price reductions or closing cost assistance to attract offers.

On the upper end, the story is different. Properties priced above $3 million are moving faster, especially waterfront homes with deep-water dockage. Cash buyers, many from out of state, continue to dominate that segment. Realtors report that the typical luxury buyer is less sensitive to interest rates and more focused on securing a piece of the Keys lifestyle before prices climb even higher.

the market is normalizing after a wild few years. For buyers, there is more opportunity to negotiate, especially on properties that need updates. For sellers, realistic pricing is key. The days of multiple offers over asking price are largely over, but the dream of owning in paradise is still very much alive for those with patience and the right budget.