Florida Keys Real Estate: January 2024 vs. January 2025 Market Trends

As we enter 2025, the Florida Keys real estate market continues to evolve. A year-over-year comparison of January 2024 and January 2025 data provides key insights into shifting trends in home sales, pricing, and market activity across single-family homes and condos throughout the region.

Single-Family Homes: Higher Prices, Fewer Sales, and Longer Market Times

Open Water Homes

• January 2024: 15 homes sold | Average Sales Price: $2,234,533 | Days on Market: 67
• January 2025: 9 homes sold | Average Sales Price: $3,242,955 | Days on Market: 101

Market Insight: Open water homes saw a significant price jump of over $1 million on average, but fewer properties sold, and the time on market increased by over a month, indicating a more selective buyer pool.

Canalfront Homes

• January 2024: 35 homes sold | Average Sales Price: $1,843,031 | Days on Market: 61
• January 2025: 26 homes sold | Average Sales Price: $1,339,019 | Days on Market: 85

Market Insight: Canalfront homes experienced a notable decrease in both sales volume and average price, with homes staying on the market longer. This could indicate buyers becoming more cautious about investment costs.

Non-Waterfront Homes

• January 2024: 32 homes sold | Average Sales Price: $1,227,031 | Days on Market: 81
• January 2025: 33 homes sold | Average Sales Price: $1,354,242 | Days on Market: 83

Market Insight: While the number of non-waterfront homes sold remained stable, there was a modest price increase, suggesting that affordability and location continue to drive buyer interest.

Condos, Townhomes, and Condo-Tels: Market Adjustments

Waterfront View Properties

• January 2024: 19 units sold | Average Sales Price: $1,035,052 | Days on Market: 51
• January 2025: 15 units sold | Average Sales Price: $1,013,666 | Days on Market: 105

Market Insight: Waterfront view condo sales declined, and properties are taking longer to sell, pointing to a more cautious buyer approach despite relatively stable pricing.

Non-Waterfront View Properties

• January 2024: 18 units sold | Average Sales Price: $834,166 | Days on Market: 70
• January 2025: 6 units sold | Average Sales Price: $573,750 | Days on Market: 33

Market Insight: The non-waterfront condo market saw a drastic decline in sales and a significant drop in pricing, making it a potential opportunity for bargain buyers but a concern for sellers.

Key Takeaways for Buyers and Sellers

• Sellers: The market is shifting, and pricing strategically is key. While open water homes command premium prices, other segments, particularly condos, are seeing softer demand.
• Buyers: Opportunities exist in the condo market, where prices are down and market times are up, allowing for negotiation power.
• Investors: With longer market times, now may be a good time to identify properties with strong long-term value and potential appreciation.

As always, understanding the latest market trends is crucial when making real estate decisions in the Florida Keys. Whether you’re buying or selling, staying informed ensures you’re making the most of market conditions.

All data from The Florida Keys Board of Realtors Multiple Listing Service – Flex MLS.  Information is deemed reliable but is not guaranteed.