Florida Keys Real Estate Market Update: Q1 2025 vs. Q1 2024

The first quarter of 2025 brought noticeable changes to the real estate landscape in the Upper Florida Keys. Comparing market activity from Q1 2024 to Q1 2025 reveals several important shifts, including a drop in closed sales volume, longer days on market, and mixed trends in average sales prices. Here’s a breakdown of what’s happening by property type:

1. Oceanfront & Bayfront Homes: Fewer Sales, Higher Prices

• Q1 2024: 20 properties closed | Avg. Sale Price: $3,065,949 | Avg. Days on Market: 89

• Q1 2025: 11 properties closed | Avg. Sale Price: $3,431,090 | Avg. Days on Market: 109

While the number of sales dropped by nearly half, the average sales price increased by over $365K, suggesting buyers in this luxury category are still willing to pay a premium—but are being more selective. Properties are also taking longer to sell, with average days on market increasing by 20 days.

2. Canalfront Homes: Price Correction Underway

• Q1 2024: 31 closed | Avg. Sale Price: $2,184,212 | Days on Market: 58

• Q1 2025: 28 closed | Avg. Sale Price: $1,857,793 | Days on Market: 88

The canalfront segment experienced a 14.9% drop in average sales price and longer selling times. Despite only a slight dip in volume, this segment may be reflecting price sensitivity among buyers or a rebalancing after prior years of strong appreciation.

3. Non-Waterfront Single Family Homes: Stable Volume, Slower Turnover

• Q1 2024: 29 closed | Avg. Sale Price: $856,321 | Days on Market: 63

• Q1 2025: 30 closed | Avg. Sale Price: $816,976 | Days on Market: 167

The number of closed sales remained steady, but the average time to sell nearly tripled. Prices softened slightly. This suggests that while demand is holding, buyers may have more choices and are negotiating harder or taking more time to commit.

4. Condos & Townhomes: Fewer Sales, Stronger Prices

• Q1 2024: 29 closed | Avg. Sale Price: $750,586 | Days on Market: 75

• Q1 2025: 26 closed | Avg. Sale Price: $830,238 | Days on Market: 144

This is one of the more surprising shifts: higher prices despite slower turnover and fewer sales. It may indicate continued demand for lock-and-leave properties, especially among part-time residents or investors, despite a longer sales cycle.

Key Takeaways

• Pace has slowed across the board, with increased average days on market in every category.

• Luxury segments are still commanding strong prices, particularly oceanfront homes.

• Canalfront homes and non-waterfront single-family properties are adjusting downward, both in price and turnover speed.

• Condos are holding value and even appreciating, despite a slight slowdown in transactions.

What This Means for You

If you’re a seller, pricing strategically and preparing your property for today’s more deliberate buyers is crucial. For buyers, the longer days on market may open negotiation opportunities—particularly in the canalfront and non-waterfront home segments.

Whether you’re buying, selling, or just watching the market, local insights and up-to-date data are essential to making smart decisions in the dynamic Florida Keys market.