Key West, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Key West, FL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Key West Housing Market Information

With 25,755 people, 9,524 houses or apartments, and a median cost of homes of $563,510, Key West house prices are not only among the most expensive in Florida, Key West real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Key West, accounting for 38.31% of the city's housing units. Other types of housing that are prevalent in Key West include large apartment complexes or high rise apartments ( 28.58%), duplexes, homes converted to apartments or other small apartment buildings ( 18.58%), and a few row houses and other attached homes ( 11.31%).

People in Key West primarily live in small (one, two or no bedroom) single-family detached homes. Key West has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Key West built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Key West built between 1940-1969 ( 32.47%). A lesser amount of the housing stock also hails from before 1939 ( 23.55%). There's also some housing in Key West built between 2000 and later ( 8.67%).

Vacant housing appears to be an issue in Key West. Fully 33.26% of the housing stock is classified as vacant. Left unchecked, vacant Key West homes and apartments can be a drag on the real estate market, holding Key West real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Key West Home Appreciation Rates

Real estate appreciation rates in Key West's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.40% during the period.

Appreciation rates are so strong in Key West that despite a nationwide downturn in the housing market, Key West real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Key West appreciation rates continue to be some of the highest in America, at 10.41%, which is higher than appreciation rates in 94.90% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Key West. Key West appreciation rates in the latest quarter were at 1.20%, which equates to an annual appreciation rate of 4.89%.

Relative to Florida, our data show that Key West's latest annual appreciation rate is higher than 60% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Key West differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Key West - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Key West real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$563,510

Key West, FL HOME PRICES

Value Range
> $1,390,000 12.3
$1,043,001 - $1,390,000 9.6
$695,001 - $1,043,000 18.6
$556,001 - $695,000 13.4
$417,001 - $556,000 19.3
$278,001 - $417,000 15.5
$139,001 - $278,000 7.9
$69,001 - $139,000 1.2
$0 - $69,000 2.2

Very High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
4.43572014531818 7.05128205128205

Number Of Homes And Apartments:
9,524

Key West Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
127.25% 4.87% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,994 / per month

Homeownership Rate

Homeownership
Owners 42.51
Renters 57.49
Vacant 33.26

Housing Market Details

 

Age of Homes

AGE OF Key West HOMES
2000 or Newer 8.7
1970 - 1999 35.3
1940 - 1969 32.5
1939 or Older 23.6

Types of Homes

TYPE OF Key West HOMES
Single-Family 38.3
Townhomes 11.3
Small Apt. Buildings 18.6
Apt. Complexes 28.6
Mobile Homes 3.2
Other 0.0

Home Size

SIZE OF Key West HOMES
No Bedroom 3.05
1 Bedroom 21.58
2 Bedrooms 43.87
3 Bedrooms 24.98
4 Bedrooms 5.30
5 or more bedrooms 1.22