Key West, FL—33040
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Key West, FL
As of Oct '25, the median home price in Key West, FL is $946,000, with a year-over-year change of -6.4%. This indicates that home prices in Key West, FL are decreasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $946,000 | -6.4% |
| Single Family | $1,019,000 | -6.8% |
| Condos | $715,000 | -5.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $598,000 | -6.1% |
2 Bed | $815,000 | -6.8% |
3 Bed | $1,074,000 | -6.4% |
4 Bed | $1,644,000 | -5.7% |
| 5 Bed | $2,780,000 | -5.0% |
% of Housing Stock
Rental Trends — Key West, FL
As of July '25, Rentcast reports the average rent in Key West, FL is $3,630, with a year-over-year rent change of -11.9%. Per bedroom, the median rent as of July '25 in Key West, FL is studios: $2,390, 1-bedrooms: $2,700, 2-bedrooms: $3,710, 3-bedrooms: $4,560, 4-bedrooms: $6,250. The most common rental property sizes in Key West, FL are 2-bedroom and 1-bedroom, accounting for 43.9% and 23.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,500 | $3,630 |
| Studio Rent | $2,500 | $2,390 |
| 1 Bed Rent | $2,800 | $2,700 |
| 2 Bed Rent | $3,500 | $3,710 |
| 3 Bed Rent | $4,500 | $4,560 |
| 4 Bed Rent | $5,500 | $6,250 |
% of Rental Stock
Property Listings — Key West, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Key West, FL is 79. This is a decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 16.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,290,000 | -9.0% |
Listing Count | 306 | -6.0% |
| Listings as % of Homes | 1.3% | -6.0% |
Days on Market | 79 | -1.0% |
Demographics — Key West, FL
As of the latest ACS Survey released in 2023, Key West, FL has a population of 36,100, which has increased by 3.8% over the past 5 years. Key West, FL is a moderately popular place for families, as children make up 16.2% of the population. The area has a moderately educated workforce, with 37.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 36,100 | 3.8% |
% Under 18 | 16.2% | -5.3% |
% Seniors | 19.2% | 30.6% |
% WFH | 8.9% | 102.3% |
% w/ College Degree | 37.8% | 13.5% |
As of the latest ACS Survey released in 2023, Key West, FL is a predominantly white area, with 55.7% of the population identifying as white. The white population has shrunk by 2.3% in the last 5 years. The second most common race or ethnicity in Key West, FL is hispanic, making up 26.1% of the population. Foreign-born residents account for 22.1% of the population in Key West, FL, and this percentage has decreased by 3.1% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 55.7% | -2.3% |
% Black | 13.8% | 13.1% |
% Hispanic | 26.1% | -6.5% |
% Asian | 1.8% | 0.0% |
% Foreign Born | 22.1% | -3.1% |
Mortgage and Risk — Key West, FL
According to HUD data as of 2023, there were 322 mortgage originations in Key West, FL, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Key West, FL. Investor activity is low, as 4.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 322 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 4.0% |
% Second Loans | 23.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Key West, FL
Key West, FL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 992 |
Total Units Section 8 | 376 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 93.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$810 | $2,800 | $1,990 |
| 2 Bedroom | -$1,120 | $3,500 | $2,380 |
| 3 Bedroom | -$1,330 | $4,500 | $3,170 |
| 4 Bedroom | -$2,000 | $5,500 | $3,500 |
Affordability — Key West, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 12.2 |
| Median Home Price | $946,000 |
| Median Household Income | $79,000 |