Florida Keys Real Estate Market Report – March 2025

Market Overview

The first quarter of 2025 revealed notable changes in the Florida Keys real estate market. Below is a concise summary of key trends and statistics compared to March 2024.

Key Metrics

Number of Sales

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  Overall: Down 3% from Q1 2024.

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  Upper Keys: Decreased by 7.8%.

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  Middle Keys: Dropped 16.8%.

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  Key West: Fell 4.6%.

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  Lower Keys: Increased by 19.5%.

Average Sale Price

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  Keys-Wide: $1,073,416, a 10.2% decrease from last year.

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  Key West: Strongest performer at ~$1.25 million.

Sale Price to Original List Price

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  Homes sold for ~90% of the original asking price, consistent with 2024.

Average Price Reduction

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  Keys-Wide: Sellers reduced prices by 4.1% on average.

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  Middle Keys: Highest reductions at 5.2%.

Days on Market

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  Average: 98 days, up from 83 days in March 2024.

Number of Listings

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  Overall: Listings up 16.5%, increasing buyer options.

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  Lower Keys: Largest increase at 22.1%.

Average List Price

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  Keys-Wide: $1,782,847, slightly down from 2024.

Pending Transactions

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  Overall: Down 3.3%.

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  Lower Keys: Largest decline at 10.9%.

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  Upper Keys: Remained stable.

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