Florida Keys Real Estate Mid-Year Snapshot (2025)

Florida Keys Real Estate Market Update: Is the Slowdown Here to Stay? (Mid-Year 2025)

If you own property in the Florida Keys—or you’re thinking about buying or selling—understanding where the market stands is more important than ever. As of July 2025, signs are pointing to a noticeable shift: buyer activity has cooled, inventory is rising, and prices are beginning to level off in several areas.

Here’s a closer look at how the market is performing in the Upper, Middle, and Lower Keys, as well as in Key West.

Upper Keys

Includes: Key Largo, Tavernier, Islamorada

• Active listings are up 8% compared to last year

• Properties under contract dropped 18%

• Closed sales fell 10%

• Sales volume declined from $364.8M to $319.6M

• Average sale price dipped slightly from $1.32M to $1.29M

What it means: The Upper Keys are clearly softening. More homes are available, but buyers are more cautious. Prices are holding for now, but momentum is slowing.

Middle Keys

Includes: Marathon, Duck Key, Key Colony Beach

• Listings rose 11%

• Contracts and closings declined

• Sales volume dropped from $213.2M to $175.7M

• Average prices fell from $1.28M to $1.20M

What it means: The Middle Keys are seeing a sharper slowdown. Fewer sales and lower prices are giving buyers the upper hand.

Lower Keys

Includes: Big Pine, Sugarloaf, Summerland, Cudjoe, and surrounding areas

• Inventory surged from 724 to 1,020 active listings

• Closed sales actually increased slightly

• Sales volume held steady

• Average prices slipped from $1.27M to $1.18M

What it means: The Lower Keys have seen a major rise in inventory. While buyers are still active, prices are beginning to ease under the weight of added competition.

Key West

• Active listings are up 8%

• Homes under contract dropped 18%

• Closed sales are down 7%

• Sales volume is steady, around $353 million

• Average sale price jumped from $1.34M to $1.47M

What it means: Key West is a bit of an outlier. Although fewer homes are selling, prices are still rising—suggesting high demand in certain segments and continued interest in premium properties.

Final Thoughts

The Florida Keys market is not crashing—but it is shifting. The number of active listings is rising across the board, while the pace of sales is slowing. Some areas are already seeing price adjustments, while others, like Key West, are still seeing growth at the top end.

If you’re a seller, this is the time to review your pricing strategy and make sure your property stands out. If you’re a buyer, opportunities may be increasing—especially as competition cools.

Need help navigating what this means for your specific property or goals? I’m always happy to provide a detailed, no-pressure market analysis.