Key West, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Key West Neighborhoods Since 2000




Key West, FL Real Estate Data


Key West Housing Market Information

With a population of 25,755, 9,226 total housing units (homes and apartments), and a median house value of $642,636, 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 37.37% of the city's housing units. Other types of housing that are prevalent in Key West include large apartment complexes or high rise apartments ( 28.48%), duplexes, homes converted to apartments or other small apartment buildings ( 18.61%), and a few row houses and other attached homes ( 12.21%).

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 ( 32.06%). A lesser amount of the housing stock also hails from before 1939 ( 22.16%). There's also some housing in Key West built between 2000 and later ( 8.48%).

Vacant housing appears to be an issue in Key West. Fully 35.09% 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

Key West's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Key West during the period has been just -1.52%, which is lower than 80% of US communities.

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 9.73%, which is higher than appreciation rates in 97.33% 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 -1.79%, which equates to an annual appreciation rate of -6.99%.

Notably, Key West's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that Key West's latest annual appreciation rate is higher than 50% 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:
$642,636

Key West, FL HOME PRICES

Value Range
> $1,379,000 11.2
$1,034,001 - $1,379,000 8.2
$689,001 - $1,034,000 18.6
$552,001 - $689,000 14.7
$414,001 - $552,000 13.8
$276,001 - $414,000 19.4
$138,001 - $276,000 7.0
$69,001 - $138,000 1.5
$0 - $69,000 5.6

Very High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
3.44908356268665 5.55555555555556

Number Of Homes And Apartments:
9,226

Rent & Ownership

 

Average Market Rent:
$2,389 / per month

Homeownership Rate

Homeownership
Owners 41.71
Renters 58.29
Vacant 35.09

Housing Market Details

 

Age of Homes

AGE OF Key West HOMES
2000 or Newer 8.5
1970 - 1999 37.3
1940 - 1969 32.1
1939 or Older 22.2

Types of Homes

TYPE OF Key West HOMES
Single-Family 37.4
Townhomes 12.2
Small Apt. Buildings 18.6
Apt. Complexes 28.5
Mobile Homes 3.3
Other 0.0

Home Size

SIZE OF Key West HOMES
No Bedroom 2.98
1 Bedroom 22.12
2 Bedrooms 46.07
3 Bedrooms 23.45
4 Bedrooms 4.57
5 or more bedrooms 0.81

Key West Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
108.86% 4.43% 9 10
* 10 is highest