Key West, FL 33040 housing market

What this means

• Valuation. Prices are 21% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are down 0.9% over the past year (U.S.: +1.2%), 7% below their 2022-23 peak.
• Supply. Listings are 36% below the 2017-19 norm and rising (+12% vs. a year ago): still a tight market.
• Negotiating. Buyer leverage is high (83/100; U.S.: 54): homes sell for about 4.5% below their final list price; 16% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 79% of the median household income (U.S.: 35%); it takes about $227k a year to keep the payment at 30% of gross pay. That includes about $4,523 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $2,180/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $419 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from hurricanes. Check insurance costs before buying.
• Outlook. No clear direction: likely −7% to +9% over the next 12 months (66% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −6.9% to +9.4% (80% range; middle estimate +2.4%), chance of a rise 66%, of a 5%+ drop 14%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

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