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 Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Key West Housing Market Information

With a population of 25,208, 9,707 total housing units (homes and apartments), and a median house value of $588,249, 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 37.27% of the city's housing units. Other types of housing that are prevalent in Key West include large apartment complexes or high rise apartments ( 29.22%), duplexes, homes converted to apartments or other small apartment buildings ( 20.66%), and a few row houses and other attached homes ( 9.44%).

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 ( 29.43%). A lesser amount of the housing stock also hails from before 1939 ( 25.53%). There's also some housing in Key West built between 2000 and later ( 9.70%).

Vacant housing appears to be an issue in Key West. Fully 29.43% 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

In the last 10 years, Key West has experienced some of the highest home appreciation rates of any community in the nation. Key West real estate appreciated 62.46% over the last ten years, which is an average annual home appreciation rate of 4.97%, putting Key West in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Key West definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 8.92%, which is higher than appreciation rates in 86.08% 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 2.09%, which equates to an annual appreciation rate of 8.62%.

Relative to Florida, our data show that Key West's latest annual appreciation rate is lower 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:
$588,249

Key West, FL HOME PRICES

Value Range
> $1,321,000 13.1
$991,001 - $1,321,000 13.3
$661,001 - $991,000 25.8
$528,001 - $661,000 12.7
$397,001 - $528,000 13.7
$264,001 - $397,000 12.6
$132,001 - $264,000 5.0
$66,001 - $132,000 1.6
$0 - $66,000 2.0

Very High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
5.08029197080292 8.08510638297872

Number Of Homes And Apartments:
9,707

Key West Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
149.63% 4.87%
9
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,541 / per month

Homeownership Rate

Homeownership
Owners 37.00
Renters 63.00
Vacant 29.43

Housing Market Details

 

Age of Homes

AGE OF Key West HOMES
2000 or Newer 9.7
1970 - 1999 35.3
1940 - 1969 29.4
1939 or Older 25.5

Types of Homes

TYPE OF Key West HOMES
Single-Family 37.3
Townhomes 9.4
Small Apt. Buildings 20.7
Apt. Complexes 29.2
Mobile Homes 3.4
Other 0.0

Home Size

SIZE OF Key West HOMES
No Bedroom 5.55
1 Bedroom 18.49
2 Bedrooms 44.02
3 Bedrooms 24.94
4 Bedrooms 5.68
5 or more bedrooms 1.32