THE PEAK OF THE SEASON IS HERE
Just a few years ago, the Key West real estate market was a fast-moving game, with homes selling quickly and prices
climbing higher with each passing month. But as 2025 unfolds, the landscape is shifting. For-sale signs are lingering
longer in front yards, and sellers are adjusting their expectations as inventory rises. This change has led to more competition
among sellers, triggering 160+ price reductions in the first two months alone. Once sky-high home values have started
to dip, with the average price settling at around $1,3650,000—a 1.3% decline from last year. Meanwhile, buyers are still
taking their time, with properties spending on average 64 days on the market. The forces behind this shift are complex.
Increased insurance costs and concerns about climate-related risks have made buyers more hesitant, while broader
economic uncertainty has slowed the once-frantic pace of transactions. Yet, there’s still a glimmer of optimism on
the horizon. As mortgage rates begin to ease and economic conditions improve, experts predict a stabilization in the
market this year. Across Florida, the once-explosive growth in home values is giving way to a more balanced real
estate environment, and Key West is no exception. For those looking to buy, this evolving market presents an
opportunity—more choices, better negotiating power, and the chance to secure a home in paradise at a more
reasonable price.
Scroll below to see how your favorite neighborhood is performing in the current real estate market:
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TEAMKAUFELT TESTIMONIALS
"How do we begin to thank you all-firstly, Lynn and Jackson, who were such good friends to Dad and whose company brought him so much pleasure-and then to you, Ted, for your super-hard work? I know it's been a challenging time in real estate, and we feel so lucky and grateful to have had TEAMKAUFELT to take us through it. It's extra hard selling something with multiple owners who live far away, and y'all were totally valiant keeping us informed and giving us your best instincts to find the right buyer."
NENNA & NICK E.
"Team Kaufelt were the perfect realtor partners at every step - from taking the most fabulous photos and video for marketing, to prepping our property for showing, vetting the prospective buyers, keeping us informed at every stage right up to the successful selling of our home. We could not recommend them highly enough!"
ROSI & JEFF W.
"Ted Stewart was professional, very responsive, and was always a step ahead. Old Town Fitness was the first business we bought in Florida and we are very happy with the service we received from TEAMKAUFELT. From rides to the airport to specific details pertaining to closing the deal, everything was smooth. Looking forward to our next commercial and/or residential deal with you in the future!"
AL F. & JOHN M.
"How do we begin to thank you all--firstly, Lynn and Jackson, who were such good friends to Dad and whose company brought him so much pleasure--and to you, Ted, for your super-hard work. I know it's been a challenging time in Florida real estate, and we feel so lucky and grateful to have Team Kaufelt to take us through it."
FERNANDA E.
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