What Does $1 Million Buy in Key West?

As of October 3, 2026, a budget around $1 million can buy a Key West condo, townhouse, duplex, multi-unit property or single-family home. It usually will not buy every feature in every neighborhood. In the current MLS snapshot, 41 active properties were priced from $850,000 to $1.15 million. The real decision is which trade-offs you want to make on location, size, condition, parking, pool and ownership costs.

What does the current Key West market show?

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

At that point:

• Key West had 236 active residential listings in the full city snapshot.
• 95 listings were priced at or below $1 million.
• The median asking price among those 95 listings was $789,000.
• 41 active listings were in the practical “around $1 million” range of $850,000 to $1.15 million.
• The median asking price in that narrower range was $950,000.

That tells us $1 million is a real buying range in Key West. It is not a theoretical entry point with only one or two choices.

But the 95 properties priced at or below $1 million were not interchangeable. They included 36 condos, 29 single-family homes, 23 townhouses, six duplexes and one condotel. Some had pools. Some had association fees. Some offered more space outside the historic core. Some put more of the price into location.

Here’s what matters: start with the property type and neighborhood that fit how you will use the home. Then compare the total cost and the compromises.

What property types are available around $1 million?

In the $850,000 to $1.15 million active range, the property mix was:

Seventeen of the 41 listings were identified as having a pool.

That does not mean every pool is private. With a condo or townhouse, it may be a shared amenity. A single-family listing may have a private pool, but I would still confirm permits, condition, equipment age and the amount of outdoor space left around it.

The bigger point is that a $1 million buyer is not limited to one property type. You have choices. Those choices come with different responsibilities.

A condo may give you a central location or shared amenities with less exterior work, but the association budget, reserves, rules and special assessments matter. A single-family home can give you more control, but you own the maintenance. My guide to Key West condos versus single-family homes goes through that comparison in detail.

Where was the inventory around $1 million?

The same $850,000 to $1.15 million snapshot broke down this way across the city neighborhoods tracked by Royal Palms:

The snapshot did not show an active Casa Marina or Meadows listing inside that exact price band. The major neighborhood buckets in the table account for 40 of the 41 citywide listings in the range; one listing was outside those mapped neighborhood buckets. That does not mean a property can never appear there near $1 million. It means none was available in the captured inventory.

Inventory changes. Use this table as a current map of the choices, not a guarantee about what will be listed next week.

You can review the latest numbers on the Royal Palms Realty Market Pulse and explore current properties through Search Listings.

What does $1 million usually mean in New Town?

In the current snapshot, New Town had the largest number of choices around $1 million.

That price can put single-family homes, condos, townhouses and duplexes into the conversation. Compared with the historic core, New Town properties may offer more conventional floor plans, wider streets, easier parking or larger lots. But none of those features should be assumed from the neighborhood name alone.

For a New Town house, I would compare:

• Interior square footage and bedroom count.
• Lot size and usable outdoor area.
• Off-street parking.
• Pool condition, if present.
• Roof, electrical, plumbing and air-conditioning age.
• Permit history.
• Flood zone, building elevation and current insurance quotes.
• Renovation quality rather than just renovated appearance.

At this price, one property may be larger but need work. Another may be smaller and already updated. A third may have a pool but less interior space.

The right answer depends on which expense and project you would rather own.

What does $1 million usually mean in Midtown?

Midtown East and Midtown West together had 13 active listings in the $850,000 to $1.15 million range.

Midtown can put both single-family and condominium choices on the table. Location within the area still matters. So do parking, lot configuration, condition and the relationship between the building and the parcel.

Don’t compare only price and bedroom count. I would also look at:

• Whether the square footage is permitted.
• How the outdoor space actually functions.
• Whether additions were completed with permits.
• The condition of major building systems.
• Current flood and property-insurance information.
• Resale factors such as parking, layout and obvious deferred maintenance.

A well-maintained smaller home can be a better buy than a larger house with expensive work waiting. Price per square foot does not capture that difference.

Can $1 million still buy a home in Old Town?

Yes. The current snapshot had seven Old Town listings in the band, including six identified as single-family homes.

But buyers need to be realistic about what the money is buying.

In Old Town, a greater share of the value may be tied to the location and historic setting. The trade-off may be a smaller structure, tighter lot, limited parking, renovation needs or fewer modern features than you would get farther east.

Historic review can also affect future work. The City of Key West’s Historic Architectural Review Commission oversees exterior changes within the historic districts and certain individually designated properties. If you are buying with a renovation plan, verify whether the property is under HARC jurisdiction and whether the work will require a Certificate of Appropriateness.

I would not treat “needs updating” as a simple construction budget until the proposed scope has been compared with permits, zoning, floodplain rules and historic-review requirements.

Use the City’s HARC information before assuming the exterior can be changed the way you want.

What can $1 million buy in Truman Annex?

The two current Truman Annex choices in the range were condos.

That is a useful example of why the neighborhood name is not enough. In a planned community, the purchase includes both the unit and the rules and expenses that come with the association.

Before deciding from price, I would want:

• Current regular assessments.
• Any pending or approved special assessments.
• Reserve information.
• Rental restrictions.
• Pet, parking and renovation rules.
• Master insurance information.
• The unit owner’s separate insurance needs.
• Exactly what areas and components belong to the unit.

A lower-maintenance property can be a good fit. It still needs full document review.

What have homes around $1 million actually sold for?

Active listings show what sellers are asking. Closed sales show where transactions were completed.

Across the tracked Key West neighborhoods, 60 properties closed between $900,000 and $1.1 million during the latest trailing 12-month neighborhood snapshots captured October 2, 2026 at 9:15 p.m. Eastern.

The median closed price was $997,500.

The property mix was:

• 34 single-family homes.
• 10 condos.
• 8 townhouses.
• 6 duplexes.
• 2 multi-unit properties.

Thirty-nine of the 60 sales were identified as having a pool.

The neighborhood distribution was also broad: 16 sales in Old Town, 13 in New Town, 12 in Midtown West, 11 in Midtown East, six in Truman Annex and two in The Meadows.

This is why I would not tell a $1 million buyer, “You can only buy a condo,” or, “You have to live in New Town.” The closed data does not support either statement.

You have options. The property type, condition and location change what those options look like.

Does a $1 million asking price mean the property is worth $1 million?

Not automatically.

An asking price is a seller’s position. It is not an appraisal and it is not proof of market value.

For any property around this price, I would compare it with recent closed sales that match as closely as possible on:

• Neighborhood.
• Property type.
• Living area.
• Bedroom and bathroom count.
• Lot size.
• Pool.
• Parking.
• Condition and renovation quality.
• Rental rights, when relevant.
• Association costs and restrictions.
• Flood and insurance characteristics.

A $950,000 property can be overpriced. A $1.05 million property can be the better value. The difference is in the real estate, not the round number.

Current Key West data also shows that buyers may have negotiating room on some properties, but not every seller is in the same position. Read How Much Negotiating Room Do Key West Buyers Have Right Now? for the latest citywide context.

What costs should I budget beyond the purchase price?

The purchase price is only the first number.

For a realistic Key West ownership budget, add:

• Property taxes based on your expected post-sale assessed value.
• Homeowners and flood-insurance quotes for the exact property.
• Condo or homeowners-association assessments.
• Current or likely special assessments.
• Exterior maintenance and major systems.
• Pool service and repairs, if applicable.
• Landscaping and pest service.
• Planned renovations and permitting.
• Utilities.
• Financing and closing costs.

Do not use the seller’s tax bill as your future number. Ownership changes and exemptions can affect the next assessment. Key West property taxes explains how to build a post-sale estimate.

Do not use a neighbor’s flood premium either. Get the quote for the property you are considering. For details, see How Much Does Flood Insurance Cost on a Key West Home?.

Which due-diligence items matter most at this price?

At $1 million, I would want the same disciplined review I would want at a higher price.

For a single-family home or duplex

• Survey and legal description.
• Permit history.
• Roof, electrical, plumbing and air-conditioning information.
• Termite and general inspection.
• Flood zone and any available Elevation Certificate.
• Property-specific insurance quotes.
• Rental status and restrictions, if income is part of the plan.
• Zoning and legal-use confirmation for a duplex or multi-unit property.
• Feasibility of planned renovations.

For a condo or townhouse

• Declaration, bylaws and rules.
• Current budget and financial statements.
• Reserve information and applicable structural reports.
• Meeting minutes.
• Regular and special assessments.
• Master insurance.
• Unit-owner insurance requirements.
• Rental, pet, parking and renovation restrictions.
• Lender project-review requirements.

Here’s what matters: a $1 million property with clean records and manageable future costs may be stronger than a more impressive property with unresolved documents or major work approaching.

How should I search with a $1 million budget?

I would not set the search at exactly $1 million and stop.

A practical initial range might run from roughly $850,000 to $1.15 million, depending on financing, cash reserves and the willingness to negotiate or renovate. That broader view shows you the trade-offs on both sides of the target.

Then sort the results into three groups:

1. Move-in ready, but smaller or in a different property type.
2. More space or location value, but with work or higher carrying costs.
3. Slightly above budget, where market time and property-specific facts may create a negotiation.

That approach is more useful than treating $1 million as a hard wall before you understand the inventory.

Frequently asked questions

Can $1 million buy a single-family home in Key West?

Yes. The current $850,000 to $1.15 million snapshot included 21 single-family listings, and the trailing-year closed range included 34 single-family sales between $900,000 and $1.1 million.

Is Old Town available around $1 million?

Yes, but expect property-specific trade-offs involving size, condition, lot, parking or renovation scope. Seven active Old Town listings were in the snapshot’s $850,000 to $1.15 million range.

Will a $1 million Key West home have a pool?

Possibly, but do not assume it. Seventeen of the 42 active properties in the near-$1 million range were identified as having a pool. Confirm whether it is private or shared and review its condition.

Is a condo automatically less expensive to own?

No. A condo can reduce the maintenance you coordinate directly, but association assessments, reserves, master insurance and special assessments affect the total cost.

How quickly do these numbers change?

Active inventory can change daily. The figures in this article are a dated snapshot, not a standing promise. Use live listings and current closed sales when making a decision.

The bottom line

A $1 million budget gives you legitimate choices in Key West.

The current data shows single-family homes, condos, townhouses and duplexes around that price, with the greatest active concentration in New Town and Midtown and a smaller but real selection in Old Town and Truman Annex.

I would not choose from the headline number alone. Decide which trade-offs you want on location, space, condition, parking, pool, association responsibility and annual carrying cost. Then compare the actual properties and documents.

If you are considering a Key West purchase around $1 million, contact Royal Palms Realty. I’ll help you build the right search, compare the current choices and identify the due-diligence questions before you make an offer.