Florida Keys Real Estate Market Update Q1 2024:
The Florida Keys real estate market remained strong in Q1 2024 despite economic headwinds. While the number of sales was down slightly year-over-year, a 33% increase in listings and continued high demand pushed the average sale price up 15.8% to a record $1.2M.
Limited housing inventory, which remains 38% below pre-pandemic levels, has enabled prices to continue climbing. Residential and vacant land sales accounted for 86% of Q1 transactions.
The luxury market was especially robust, with the Upper Keys and Key West seeing gains in the number of sales and prices. Looking ahead, prices are expected to appreciate at a more moderate pace as inventory levels gradually recover. However, building restrictions and high construction costs will likely prevent prices from dipping back to pre-pandemic levels in the near term.
The Florida Keys remain a highly desirable location, and the market has demonstrated remarkable resilience. With unique supply constraints, the long-term outlook for property values remains bright.
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