How Much Do Key West Condos Cost Right Now?

In the latest Key West condo snapshot, captured October 3, 2026 at 9:00 p.m. Eastern, the median asking price was $865,000. The middle half of the 51 active condo listings ran from about $644,000 to $1,184,000. During the prior three months, 18 condos closed at a median price of $751,500. Those figures are useful benchmarks, but the right budget depends on neighborhood, size, condition, parking, amenities, association costs and rental rules.

What does the current Key West condo market show?

I pulled the latest Royal Palms Realty market snapshot derived from FlexMLS. It was captured October 3, 2026 at 9:00 p.m. Eastern.

Here’s what matters: the active median is an asking-price benchmark. The closed median reflects what buyers actually paid in a different group of units. Neither number is a promise about a particular condo.

The snapshot counts properties classified in the MLS as condos. It does not combine townhouses or condotels with the condo total.

You can see the broader market on the Royal Palms Realty Market Pulse. The data updates twice daily, so current counts may have changed.

How many Key West condos are available in each price range?

The 51 active condos broke down this way:

That means 35 of the 51 active condos were priced below $1 million at the time of the snapshot.

It also shows why “How much does a Key West condo cost?” does not have one simple answer. The market includes smaller units, larger waterfront units, gated-community properties, historic-area condos and buildings with very different services and operating costs.

For a buyer, I would start with the total monthly budget and intended use. Then I would narrow the search by location, size, association condition and rental rules. Purchase price is only the first filter.

Why is the median asking price higher than the median closed price?

Because active inventory and recent sales are not the same group of properties.

Several things can create a gap:

• The current listings may include more expensive units than the condos that recently sold.
• Sellers set asking prices; buyers establish sale prices through completed transactions.
• A small number of high-priced waterfront or luxury units can move the active distribution.
• Recent closed sales reflect earlier market conditions and earlier inventory.
• The 18 closed sales are a modest sample, so the mix matters.

Do not read the $865,000 active median and $751,500 closed median as an automatic discount. A well-priced condo with strong documents can trade differently from an overpriced unit with high carrying costs or unresolved association questions.

The useful comparison is property by property: same community when possible, similar size, similar condition, similar view, similar parking and similar ownership rights.

How much do condo asking prices vary by neighborhood?

The current active snapshot shows a real difference by location. These neighborhood figures are medians of active condo asking prices, not valuations:

Small samples can move quickly, and each neighborhood contains different condo communities. The Meadows figure, for example, came from only five active units. One new listing or sale can change a small group’s median.

These figures are useful for orientation. They are not a reason to assume every New Town condo is less expensive than every Old Town condo.

You can use the Royal Palms Realty neighborhood guide to compare locations and filter for condos.

What makes one Key West condo cost more than another?

The price is usually a combination of the unit, the location and the association.

Location and view

A unit in Old Town, Truman Annex, New Town or Midtown is not competing with the same exact buyer pool. Waterfront position, view, floor level and proximity to the places a buyer plans to use can all affect demand.

Size and layout

Two condos with the same bedroom count can feel very different. Buyers look at living area, storage, outdoor space, bathroom count and whether the layout uses the square footage well.

Condition

A renovated unit may justify a higher price than a similar unit that needs work. But “renovated” is not enough by itself. The quality, scope, age of the work and available permits matter.

Parking and access

Assigned parking, covered parking, elevators and ease of access can affect both daily use and resale. Do not assume a parking space is deeded or permanently assigned without checking the documents.

Amenities

Pools, waterfront access, fitness areas, security, landscaping and on-site services can add value. They also cost money to maintain. The question is not simply whether an amenity exists. It is whether the association can support it without creating an unreasonable financial burden.

Rental rights

Some buyers place significant value on rental flexibility. City rules and association rules are separate. A condo can be in a location where a particular rental use is possible and still have private restrictions that prohibit or limit it.

If rental use is part of your plan, review the Key West short-term-rental guide before treating projected income as part of the purchase decision.

How should I compare the true cost of two condos?

Compare the total ownership package, not just the sale price.

For each property, I would want to see:

• Purchase price and likely financing terms.
• Condominium assessments and what they cover.
• The current budget and recent financial statements.
• Reserve funding and any applicable structural reserve study.
• Pending or recently approved special assessments.
• Master insurance information and the coverage the unit owner must carry.
• Property taxes based on the buyer’s likely taxable value and exemptions.
• Utilities and services not included in the assessments.
• Known unit repairs or planned renovations.
• Rental limitations and application requirements.
• Parking and storage rights.

A $725,000 condo with weak reserves and a large pending assessment may be more expensive to own than an $800,000 condo with stronger finances. The reverse can also be true. You have to read the documents.

Florida’s condominium guidance explains that regular assessments pay common expenses through the annual budget, while special assessments cover expenses outside that adopted budget. It also explains the reserve-study and funding rules that apply to certain buildings.

For a deeper ownership comparison, read Should I Buy a Condo or Single-Family Home in Key West?.

Are lower-priced Key West condos always better values?

No.

A lower asking price can reflect a smaller unit, less desirable location, dated condition, higher assessments, financing limitations, restrictions or upcoming work. It can also simply be a properly priced property.

Do not assume cheap means troubled. Do not assume expensive means superior.

The right question is: what am I receiving for the price, and what obligations come with it?

Before making an offer, compare the unit with recent sales in the same community when possible. Then look at competing units a buyer could purchase instead. That will tell you more than a citywide price-per-square-foot average.

How much cash should I budget beyond the purchase price?

That depends on the property and how you are buying it. Common budget items can include:

• Down payment and lender-required reserves.
• Closing costs and prepaid items.
• Inspection expenses.
• Unit-owner insurance.
• Condominium application or transfer charges allowed by the governing documents and law.
• Immediate repairs, furnishings or renovation.
• Regular assessments and any approved special assessments.

Property taxes also deserve their own estimate. The seller’s current bill may not predict the next owner’s cost. The Key West property-tax guide explains why.

Ask the lender and closing professionals for property-specific estimates. Do not build the budget from a general percentage and assume every Key West condo will fit it.

How current are these condo prices?

The MLS snapshot was captured October 3, 2026 at 9:00 p.m. Eastern.

Active listings can change during the day. A condo may go under contract, return to market, change price or be withdrawn. Closed-sale figures also update as transactions are reported.

Use this article as a dated market benchmark. Before making a decision, pull the current listings and the most relevant recent sales for the specific condo community.

Frequently asked questions

Can I buy a Key West condo for less than $750,000?

Yes. The latest snapshot included 18 active condos below $750,000. Availability, size, condition, location and association requirements varied.

Is $1 million enough for a Key West condo?

Yes. At the time of the snapshot, 35 of 51 active condos were priced below $1 million. The choices were not interchangeable, so compare total ownership cost and community rules.

Are Old Town condos more expensive than New Town condos?

The current active median was higher in Old Town, but medians describe groups, not every unit. Community, view, condition, size and amenities can outweigh the neighborhood label.

Do condo assessments make a lower-priced unit less affordable?

They can. Review what the assessment covers, the association budget, reserves, insurance responsibilities and any special assessments. Compare the full monthly and near-term cost.

Does the asking price include furniture?

Sometimes, but never assume it does. The contract and inventory should identify what conveys with the unit.

Where can I see current Key West condos for sale?

Use the Royal Palms Realty property search and select the condo property type. Confirm current availability and listing details before relying on a saved result.

The bottom line

The current Key West condo market has choices below $750,000, between $750,000 and $1 million, and well above $1 million. The median asking price is useful for orientation. It is not the number every buyer should budget.

Start with the current inventory. Then compare the association, total carrying cost, location and unit-specific facts. That is how you determine whether a condo is priced appropriately for you.