Market Overview
Home Prices in Key West, FL
The median home value in Key West, FL is $1,028,034 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 2.9% compared to a year ago and down 5.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Key West are priced151% above average. Key West is part of the Key West, FL metro area.
Over the past five years, Key West home values have risen by approximately29.2%, reflecting strong long-term appreciation in this market.
Price History
Key West Home Price Trend
City Comparison
Key West vs. National Median
At $1,028,034, homes in Key West cost 151% above the national median of $410,000. Buyers in Key West should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Key West?
20% Down Payment
$205,607
on $1,028,034
Monthly P&I
$5,362/mo
30-yr @ 6.8%
Total Monthly Est.
~$6,810/mo
incl. taxes & insurance
Income Needed
$272,400
gross annual (30% rule)
10% Down Option
$102,803
+ PMI applies
Loan Amount (20% dn)
$822,427
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Key West, FL?
The median home value in Key West is $1,028,034 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 2.9% year-over-year.
How much have home prices changed in Key West?
Over the past year, home values in Key West have decreased by 2.9%. Over five years, prices have risen approximately 29.2%.
How much do I need to earn to buy a home in Key West?
To comfortably afford the median home price of $1,028,034 with a 20% down payment ($205,607) at today's rates (6.8%), you'd need a gross annual income of approximately $272,400. This assumes keeping total housing costs at or below 30% of gross income.
How does Key West compare to the national average home price?
The national median home value is approximately $410,000. At $1,028,034, homes in Key West are 151% above the national average.
What metro area is Key West part of?
Key West is part of the Key West, FL metropolitan area. Home prices and market conditions can vary across the broader metro region.