33040 (Key West)
Housing Market & Home Values
Median sale price $907,500, down 4.3% year over year, with homes going under contract in about 82 days.
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Housing Market Analyst
Prices are down 4.3% versus the prior year, but sellers are still collecting 91.6% of asking. Taken together, the data leans toward buyers — leverage is real for those ready to use it.
Who has leverage right now
Leverage scores are derived from the Momentum Score (supply, demand, speed, pricing power, and trend). Right now the data favors buyers.
- Inventory — tightening over the tracked window; watch whether that holds through the season.
- Mortgage sensitivity — at 11.6× income, this market is highly sensitive to rate moves; rate relief tends to show up in demand here quickly.
Derived from current 33040 data, not a prediction or guarantee. Markets move; talk to an agent before acting on any single reading.
The read on 33040 (Key West)
The median sale price across 33040 currently stands at $907,500, down 4.3% from a year ago. The typical home goes under contract in about 82 days. Sellers are capturing 91.6% of their original asking price on average.
Zillow's home value index for Monroe County stands at $959,843. About 19% of listings county-wide have taken a price cut — a useful gauge of seller flexibility.
Weighing supply, demand, speed, pricing power, and trend together, the Momentum Score for 33040 is 38 of 100 — buyer's opportunity territory. This page recalculates every day as new MLS data lands, so the numbers above reflect the market as of October 1, 2026.
33040 since 2012 — and where it’s heading
A median home here sold for $328,191 in 2012 and $1,177,025 over the last recorded year — 259% appreciation across 14 years of recorded sales.
Median sale price · 2012–2026 (7,007 recorded sales)
Days on market by year
Home value trend · Monroe County (Zillow ZHVI)
For-sale inventory · county (Zillow)
Daily active vs pending · Monroe County (MLS)
Median price · daily recalculation
What’s driving 33040
Top inbound states: CA, IL, MD. Movers arriving report ~$170,384 average income. Source: IRS SOI county-to-county migration, 2022-2023
1,542 Citizens policies in force in Monroe County — the state-backed insurer of last resort. Budget insurance into any Monroe purchase before you fall in love with a house. Source: Citizens Property Insurance, Detail by County, April 2026
239 single-family · 40 multi-family · 3.4 per 1,000 residents. Future supply pressure starts here. Source: U.S. Census Bureau, Building Permits Survey, 2025
The calls we’re making from today’s data
The sharpest 1-yr median swing among tracked communities. Thin samples can exaggerate swings — verify with a comp analysis before treating it as trend.
Buyers: ask for concessions — rate buydowns and repair credits are back on the table. Sellers: presentation and the first two weekends decide your outcome; price accordingly.
Generated from today’s data by Momentum’s analysis engine and reviewed on a rolling basis by our broker team.
Nearby ZIP codes in Monroe
| Market | Median | Active | Score | |
|---|---|---|---|---|
| 33040 ← this page | $908K | — | 38 | |
| 31029 | $505K | 18 | 47 | Open → |
Neighborhoods on the move
| KEY WEST REALTY COSKey West | $987K | ▲ 23% |
| VENTURE OUTCudjoe Key | $650K | ▲ 18% |
| TROPICAL BLDT & INVESTMENT COKey West | $2.35M | ▲ 12% |
| CUTTHROAT HARBOR ESTATESCudjoe Key | $908K | ▲ -0% |
| KEY WEST GOLF CLUBKey West | $662K | ▲ -15% |
| CUDJOE OCEAN SHORESCudjoe Key | $1.15M | ▼ 45% |
| SUMMERLAND KEY COVESummerland Key | $1.10M | ▼ 21% |
| KEY WEST GOLF CLUBKey West | $662K | ▼ 15% |
| CUTTHROAT HARBOR ESTATESCudjoe Key | $908K | ▼ 0% |
| TROPICAL BLDT & INVESTMENT COKey West | $2.35M | ▼ 12% |
| CUTTHROAT HARBOR ESTATESCudjoe Key | $908K | 30 days |
| CUDJOE OCEAN SHORESCudjoe Key | $1.15M | 36 days |
| SUMMERLAND KEY COVESummerland Key | $1.10M | 59 days |
| KEY WEST REALTY COSKey West | $987K | 60 days |
| TROPICAL BLDT & INVESTMENT COKey West | $2.35M | 80 days |
Cities in this ZIP
Most active communities
Put this data to work
The questions people actually ask
Should I buy a house in 33040 right now?
The data says conditions currently favor buyers in 33040 — the Momentum Score reads 38/100. For buyers that means preparation over hesitation: well-priced homes still move fast, but there is more room to negotiate than a year ago. The right timing always depends on your rate, your equity, and how long you plan to stay — not just the market.
Is 33040 becoming more affordable?
Yes, modestly — the median sale price in 33040 is $907,500, down 4.3% versus the prior year, while sellers still capture 91.6% of asking price. Softening prices plus normal-length marketing times mean affordability is improving at the margin, though financing costs matter more than list prices for most monthly payments.
Where are prices falling fastest in 33040?
Among tracked communities with enough sales to measure, the sharpest 1-year median declines are CUDJOE OCEAN SHORES (-45%); SUMMERLAND KEY COVE (-21%); KEY WEST GOLF CLUB (-15%). Note that community-level medians move on small sale counts — a few high- or low-end closings can swing them — so treat these as leads for a comp analysis, not verdicts.
Which 33040 neighborhoods are most competitive?
Measured by speed of sale, the fastest-moving tracked communities right now are CUTTHROAT HARBOR ESTATES (30 days); CUDJOE OCEAN SHORES (36 days); SUMMERLAND KEY COVE (59 days) — homes there go under contract well ahead of the market-wide pace of 82 days.
33040 (Key West) housing market FAQ
Is it a good time to sell a house in 33040?
By the numbers, sellers in 33040 are getting 91.6% of asking price and going under contract in about 82 days. Whether it is a good time for you depends on what you paid and where you are going next, which is a conversation with an agent, not a chart.
What is the 33040 housing market forecast?
Momentum Realty publishes the recorded trend, not a prediction: 33040 median sale prices are down 4.3% year over year. The charts on this page update with every MLS refresh, so the direction shows up here before any forecast catches it.
What is the median home price in 33040?
The median sale price in 33040 is currently $907,500, down 4.3% from a year ago, based on MLS sales data updated October 1, 2026.
Is 33040 a buyer's or seller's market right now?
The data currently favors buyers. 33040 scores 38 of 100 on the Momentum Score. Conditions change; this page updates daily.
How long do homes take to sell in 33040?
The typical home in 33040 goes under contract in about 82 days, per current MLS data.
Are home prices in 33040 rising or falling?
Median sale prices are down 4.3% year over year based on a rolling comparison of MLS sales.
Momentum agents use this intelligence every day to price listings and write winning offers across 33040 (Key West). Talk through what the numbers mean for your move.
Every number on this page is computed directly from licensed Florida MLS feeds, recorded public sales, Zillow Research, and U.S. Census data — nothing is manually adjusted or estimated by hand. Medians use recorded closed sales; supply figures use live listing counts refreshed twice daily; the Momentum Score methodology is summarized .
Analyst oversight: Jon Brooks — Co-Founder, Momentum Realty · CEO, Momentum Research · Housing Market Analyst · methodology reviewed quarterly · Last data refresh: October 1, 2026 at 2:51 PM ET
Statistics on this page are computed automatically from licensed MLS feeds and public data sources (Zillow Research, U.S. Census Bureau) and summarized without manual review. Figures are estimates based on recent recorded activity, are deemed reliable but not guaranteed, and should be verified with a licensed agent before making decisions. This page does not constitute an appraisal or an automated valuation of any specific property. Momentum Realty is licensed in Florida and Georgia. Equal Housing Opportunity.