33045
Key West, Florida

The Key West market in ZIP 33045 shows significant distress with a median sale price of $720,000 holding flat year-over-year while properties languish an average 779 days on market. This exceptional time-to-sale period—more than two years—signals severe demand constraints. The absence of any homes selling above list price confirms buyers hold complete negotiating leverage, with sellers unable to command premium pricing despite the high median value point.

Patient buyers with flexible timelines stand to benefit most from these conditions, as the 779-day average DOM indicates sellers facing extended carrying costs and mounting pressure to negotiate. Cash buyers or those pre-approved can leverage the stagnant pricing and prolonged listings to extract concessions on inspection items, closing costs, or final purchase price. Investors seeking immediate appreciation should avoid this market entirely; the data supports only long-term value plays or deep discount acquisitions.

The PropIQ score of 27 out of 100 signals deteriorating fundamentals that warrant serious caution before deployment of capital. With prices already flat and inventory moving at glacial speed, the risk tilts toward further price compression rather than recovery. Monitor month-over-month DOM trends and any increase in distressed sales, as the current 779-day average suggests sellers may soon capitulate with steeper discounts to achieve liquidity.