33001
Key West, Florida

The 33001 ZIP code demonstrates clear market deceleration with a median sale price of $1,160,000 holding flat year-over-year, a notable shift in this premium Key West market. Properties are averaging 48 days on market, and critically, zero percent of homes are selling above list price—a stark indicator of diminished buyer urgency. This pricing environment represents a fundamental change from the appreciation patterns that historically characterized this island market, suggesting buyers now hold negotiating leverage at the seven-figure entry point.

This environment favors patient buyers with full financing in place who can capitalize on the absence of bidding competition. Sellers facing timeline pressure should recognize that the 48-day absorption period and zero over-ask sales require realistic pricing from listing day one. Cash investors seeking vacation rental properties may find negotiation opportunities unavailable during tighter market cycles, though they must underwrite conservative appreciation assumptions given the flat price trajectory over the past twelve months.

The PropIQ score of 37 signals caution, indicating headwinds likely persist through the next quarter. Monitoring average days on market for further expansion beyond 48 days would confirm additional softening, while any uptick in price reduction frequency among active listings would validate increased seller capitulation. Without demand catalysts emerging in near-term data, this market appears positioned for continued buyer advantage rather than price recovery.