Florida Keys real estate gained momentum in the first half of 2026: sales rose nearly 12% year over year, while the average sale price climbed more than 13%. The gains came as the number of properties for sale fell, though homes took longer to sell. Residential properties continued to dominate the market’s activity and value.
Key takeaways
The latest Coldwell Banker Schmitt report, released Oct. 16, compares January through June 2026 with the same period a year earlier. Its figures cover the Keys’ property market overall, with residential sales accounting for most of the activity.
- Total sales increased from 1,161 to 1,297, a gain of 11.7%.
- The average sale price rose from $1,074,087 to $1,216,424, up 13.3%.
- Listings fell 7.4%, while average time on market grew from 93 to 113 days.
- Residential deals made up 78.4% of transactions and 94.4% of total dollar volume.
Fewer listings, higher prices
The report counted 2,052 properties for sale across the Keys, down from 2,217 a year earlier. At the same time, the average list price increased 3.1%, reaching $1,843,021. The combination of fewer listings and rising sale prices points to a market where supply remained constrained even as buyers took longer to close deals.
The brokerage attributed the market’s strength to demand relative to available properties. It said the relationship between sales and listings persisted despite higher interest rates and global uncertainty.
Waterfront homes lead residential value
Waterfront single-family homes represented the largest share of residential sales by value. Their average sale price across the Keys was $2,282,750. They accounted for 55% of residential dollar volume and 52% of the overall market’s dollar volume.
Prices for these homes varied substantially by area. The reported averages were about $2.78 million in the Upper Keys, $2.70 million in the Middle Keys, $1.42 million in the Lower Keys and $3.58 million in Key West.
Gains varied by submarket
Sales volume rose in every submarket, with growth ranging from 3% in Key West to 23% in the Middle Keys. Average sale prices also increased across the region: 17% in the Lower Keys, 9% in Key West, 7% in the Middle Keys and 5% in the Upper Keys.
The report expects listings to continue declining into the third quarter before rising in the fourth. If buyer demand holds, it says, that pattern could help keep sales and prices elevated.