Is Key West, FL 33040 a buyer’s or seller’s market?

The Key West housing market right now

In the three months ending August 31, 2026, 3% of homes in Key West, FL 33040 sold above their list price, the typical home went under contract in 141 days and there were 7.4 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 116 home sales.

Compared with the same period a year earlier, the share selling over asking was about the same (2% then), homes sold more slowly (133 days then) and the median sale price rose 2% to $997,069. Overall, Key West is about as competitive as it was a year ago.

Within Monroe County, homes here sell faster than in 75% of the county’s ZIP codes, and sell more often over asking than in 75%. On our competition score, Key West ranks #739 of 796 FL ZIP codes with enough sales (score 5 out of 100).

Nearby, buyers who want less competition could look at Key Colony Beach 33051 (0% sold over asking) or Big Pine Key 33043 (0% sold over asking), while Marathon 33050 (6% sold over asking) is even more competitive.