What Is the Average Home Price in Key West Right Now?

Royal Palms Realty’s FlexMLS-derived Market Pulse recorded an average sale price of $1,399,662 across 87 Key West residential closings in the prior three months, as captured October 20, 2026, at 9:00 a.m. Eastern. The median was $1,050,000. These are mixed-residential figures, not single-family-only prices. For most buyers, the median is the better starting point: a handful of expensive sales can pull the average higher. Active-listing figures below use the October 19, 9:00 p.m. Eastern capture.

What is the current average home price in Key West?

These dated Key West residential snapshots show citywide figures for closed sales captured October 20 at 9:00 a.m. Eastern and active listings captured October 19 at 9:00 p.m. Eastern:

The data covers residential categories together. It does not mean a condo, townhouse, single-family home and multi-unit property should be compared as though they are interchangeable.

Closed sales cover the prior three months; active inventory is a separate point-in-time capture. The Royal Palms Realty Market Pulse publishes its capture timestamps and may show newer figures. The Market Pulse currently identifies its citywide combined snapshot as stale, so these figures should be read as a dated reference, not a real-time quote.

Why is the median lower than the average?

A few expensive closings can pull an average upward. They do not move the median the same way.

The average is calculated by adding all sale prices and dividing by the number of sales. The median is the sale in the middle after the prices are ordered from low to high. The National Association of Realtors explains that a median is generally more typical of market conditions because a relatively small share of upper-end sales can skew an average higher.

Florida Realtors makes the same practical point in its market-statistics glossary: median sale price is its preferred summary statistic because it is less sensitive to a small number of high-priced transactions. It also warns that the mix of homes sold can change from one period to the next.

For a buyer, I’d start with the median for orientation. Then I’d narrow the data to the property type, neighborhood, size and condition that match the actual search.

Does the average asking price show what buyers are paying?

No. The $1.85 million average asking price describes active listings. The $1.40 million average sale price describes 87 different properties that closed during the prior three months.

Don’t subtract one from the other and call the difference a market discount. The two groups can have a different mix of property types, locations, sizes and price points. Active listings also include properties that may be newly listed, already reduced, underpriced, overpriced or simply unusual.

The sale-to-list ratio is more useful for understanding completed negotiations. Even then, 95.7% is a citywide median. It is not the automatic offer formula for every listing. A well-priced home can behave differently from a property that has been sitting for months.

For more context on current negotiation data, see how much negotiating room Key West buyers have right now.

What kinds of properties are included in this Key West price?

This is an all-residential snapshot. That broad view is useful for answering the citywide question, but it is not a substitute for a property-type analysis.

Key West has several residential segments, including:

• Condominiums with different association budgets, reserves, amenities and rental rules.
• Townhouses with varying maintenance responsibilities and shared-property arrangements.
• Single-family homes ranging from smaller cottages to larger waterfront properties.
• Duplexes and other multi-unit properties where legal use and income potential require separate review.

That mix is why the average and median can be far apart. It is also why the citywide number may sit well above or below the segment a particular buyer is considering.

If you are comparing condominiums, use the separate Key West condo price analysis. If your budget is near seven figures, the guide to what $1 million buys in Key West breaks down the choices by property type and location.

How should a Key West buyer use the $1.40 million average?

Use it as a market-orientation figure, not a budget requirement.

A practical buyer process looks like this:

1. Decide which property types fit the intended use.
2. Set a total ownership budget, not only a purchase-price ceiling.
3. Narrow the search by neighborhood and the features that matter.
4. Compare current listings with recent sales from the same defensible segment.
5. Review association obligations, legal use, permit history and rental rules where they apply.
6. Judge the specific property against its closest alternatives.

A buyer looking for a New Town single-family home should not build an offer from an average that also includes Old Town condos and high-end waterfront sales. The relevant question is what comparable buyers have recently paid for the closest substitutes.

How should a Key West seller use the current figures?

Use the citywide figures to understand the broad market, then move quickly to comparable sales and current competition.

A strong pricing review should separate:

• Property type and legal use.
• Neighborhood and immediate location.
• Living area, lot and configuration.
• Condition and permitted improvements.
• Parking, pool and outdoor space.
• Association costs and restrictions, if any.
• Current competing listings.
• Recent closed and pending sales.

The $1.40 million average does not tell an owner what a specific address is worth. A Key West home-value review should produce a supported range based on relevant comparisons. It should not simply repeat a citywide headline.

Can the average home price change even if individual values do not?

Yes. The average can move because the sales mix changes.

If more high-priced homes close in one period, the average may rise even if a typical property has not appreciated by the same percentage. If more lower-priced condos close in the next period, the average may fall without proving that every home lost value.

The median can move for the same reason, although it is less sensitive to a few extreme prices. That is why price trends should be reviewed with the number of sales, the property mix and a consistent time window.

One snapshot answers “what did this group of properties sell for?” It does not, by itself, answer “how much did Key West property values change?”

What price number should I trust when comparing Key West homes?

Trust the number that matches the decision you are making.

For a quick citywide benchmark, use the median closed sale price. To understand current seller expectations, review the median active asking price. To price or buy a particular property, use recent comparable sales and active competition from the same segment.

Here’s the practical order:

1. Citywide median for orientation.
2. Property-type and neighborhood figures for a closer benchmark.
3. Comparable properties for the actual decision.
4. Property documents and ownership costs before committing.

The average still belongs in the conversation. It shows how the upper end affects the overall market. It just should not do work it cannot do.

Frequently asked questions

What is the average Key West home price right now?

Royal Palms Realty’s FlexMLS-derived closed-sales snapshot, captured October 20, 2026 at 9:00 a.m. Eastern, showed an average sale price of $1,399,662 across 87 residential closings in the prior three months. The median was $1,050,000. The active-listing figures use an October 19, 9:00 p.m. Eastern capture.

Is the median home price more useful than the average in Key West?

Usually, yes, for a quick picture of the typical closing. High-priced sales can pull the average upward. The median is the midpoint, so half the sales were above it and half were below. Neither figure values a specific property.

Why is the active asking-price average higher than the closed-sale average?

Active listings and recent closings are different groups. Their property types, neighborhoods, sizes and price ranges may not match. Asking prices are seller decisions; closed prices show completed transactions. The gap is not an automatic discount.

Does the $1.40 million average include condos?

Yes. This citywide snapshot combines residential categories. Buyers should separate condos, townhouses, single-family homes and multi-unit properties before applying the data to a particular search.

Does the average price tell me what my Key West home is worth?

No. A property-specific value requires relevant comparable sales, current competition and adjustments for location, legal use, size, condition, lot, parking, pool, association obligations and other material features.

The bottom line

The current average closed sale price in Key West is about $1.40 million, while the median is $1.05 million. The median is the better first benchmark for most buyers and sellers. The next step is to narrow the data to the same property type, neighborhood and condition as the property you are considering.