1. Be prepared for high prices and act quickly
The median home price in Key West is over $1 million and has increased significantly in recent years. Be ready to make competitive offers, as homes are selling relatively quickly - around 71 days on average[4].
2. Consider different neighborhoods
Look at options in various parts of Key West, from historic Old Town to New Town. Each area has its own character and price points. For example, Old Town tends to have more expensive historic homes, while New Town may offer more affordable options[5].
3. Work with a local real estate agent
The Key West market can be complex and fast-moving. Partner with an experienced local agent who knows the nuances of different neighborhoods and can help you navigate the competitive market[5].
4. Be aware of environmental factors
Consider potential climate impacts like flooding and hurricanes when choosing a property. Look into flood zones and hurricane-resistant features in homes you're considering[2].
5. Understand the unique housing stock
Many homes in Key West are historic or have distinctive architectural styles like Conch houses and eyebrow homes. Be prepared for the maintenance and potential restrictions that come with older or historic properties[5].
Remember that the Key West market has been seeing rising prices and limited inventory, so be prepared to act decisively when you find a property that meets your needs and budget.
Citations:
[1] https://www.rockethomes.com/real-estate-trends/fl/key-west
[2] https://www.redfin.com/city/9311/FL/Key-West/housing-market
[3] https://www.realestatefloridakeys.com/coldwell-banker-schmitts-real-estate-report-and-archives
[4] https://www.zillow.com/home-values/52767/key-west-fl/
[5] https://www.trumanandcompany.com
[6] https://www.zillow.com/professionals/real-estate-agent-reviews/key-west-fl/
[7] https://www.teamkaufelt.com
[8] https://www.key-west-real-estate.net/market-statistics
