Market Brief
Monroe County is reworking how it hands out 657 new building rights, while the 120 newly built houses for sale in the Keys on November 2, 2026 asked a median $3,175,000.
New-construction houses ran at 12 listings per contract against 6.4 for resale houses. The county's revised building rights plan returns November 17.
Monroe County commissioners on October 21 backed a revised plan for 657 new building rights in unincorporated Monroe County, reserving 33 for affordable housing and moving awards from quarterly to semiannual rounds, Florida Keys Weekly reported. The plan returns to the commission on November 17 in Key West. On November 2, 2026, our live Florida Keys MLS data showed 120 newly built single-family houses for sale, about 17 percent of the 727 active houses, at a median asking price of $3,175,000, against $1,399,000 for resale houses. New-construction houses ran at 12.0 listings per contract, against 6.4 for resale houses. All MLS figures are ours, computed from Florida Keys MLS records; information is deemed reliable but not guaranteed.
Building rights in the Keys are the county's allocations that let an owner build a new home on a vacant lot. This article sets the county's plan next to the new-construction homes on the market now. Our Florida Keys waterfront homes article covered the waterfront split, and the completed-month figures are in the Florida Keys median price and closed sales articles and on the Florida Keys market data hub.
What did Monroe County change in the building rights plan?
According to Florida Keys Weekly's October 29 report on the October 21 meeting:
- State legislation allowed up to 900 new building rights for the Keys, spread over at least 10 years and limited to vacant, buildable properties. Unincorporated Monroe County's share is 657.
- County staff's original plan split the 657 into 120 market-rate rights and 537 "market rate workforce" rights. Workforce rights would go to owners earning at least 70 percent of their income in Monroe County, with a 99-year deed restriction.
- The state land planning agency, FloridaCommerce, objected to allowing affordable housing in FEMA V-zones and to leaving traditional deed-restricted affordable housing out of the distribution.
- Commissioners backed reserving 33 rights, 5 percent of the total, for affordable housing, and kept the county's ban on affordable housing in V-zones. Planning staff said the county issued 6 affordable rights for single-family projects over the last five years, against 426 for multifamily.
- Award periods move from quarterly to semiannual, and qualifying applicants get one year to switch categories without losing their application dates.
The same meeting reviewed a U.S. 1 travel speed study by AECOM. It put the overall median speed at 46.2 mph, above the county's 45 mph threshold, with one failing segment in Islamorada, from Tea Table Relief Bridge to Whale Harbor Bridge, at 39.2 mph. A revised report is due this month. The plan is not final until the county adopts it.
What do new homes in the Keys cost now?
Most of the new-construction supply sits at the top of the market.
| Single-family asking price | New construction: active / contract | Resale: active / contract |
|---|---|---|
| Under $1 million | 15 / 2 | 217 / 32 |
| $1 million to $1,999,999 | 22 / 2 | 170 / 30 |
| $2 million and above | 83 / 6 | 220 / 33 |
| All | 120 / 10 | 607 / 95 |
Source: Momentum Research, computed from Florida Keys MLS records, live snapshot, November 2, 2026. Single-family houses only; new construction follows the MLS new-construction field; contracts combine pending and under contract. Deemed reliable but not guaranteed.
Of the 120 new-construction houses, 83, about 69 percent, asked $2 million or more, and 15 asked under $1 million. Among resale houses, 217 of 607 asked under $1 million. The median new-construction house had been listed 82 days, against 98 for resale houses. Four- and three-bedroom plans were most common, with 36 and 35 listings.
Where is the new construction?
The Upper Keys hold half of it.
| Area | New construction: active / contract | Median new-construction ask | Resale: active / contract |
|---|---|---|---|
| Upper Keys (Key Largo to Islamorada) | 60 / 4 | $3,683,500 | 191 / 25 |
| Middle Keys (Long Key to Marathon) | 29 / 2 | $3,400,000 | 113 / 18 |
| Lower Keys (Big Pine Key to Stock Island) | 22 / 3 | $1,749,500 | 185 / 34 |
| Key West | 9 / 1 | $3,750,000 | 118 / 18 |
Source: Momentum Research, live snapshot, November 2, 2026. Area follows the listing's island or city. Deemed reliable but not guaranteed.
By place, Key Largo had 35 new-construction houses listed, Marathon 26, Plantation Key 12, Islamorada's Upper Matecumbe Key 11 and Key West 9. The Lower Keys, including Big Pine Key and Cudjoe Key, had the lowest new-construction median at $1,749,500.
Over the four weeks from October 5 to November 1, our feed logged 23 new-construction listings added and 7 new-construction listings moving into a contract, against 215 new single-family listings and 68 single-family contracts overall.
What could the building rights plan mean for housing supply?
The plan sets how many vacant lots can become homes and under what terms. If adopted with the split staff proposed, most of the 657 rights would carry a workforce deed restriction tied to local income, and 33 would be reserved for affordable housing. Today's new-construction listings are mostly priced above $2 million, so restricted rights would add a different kind of home than most of what new building is producing for sale now. Timing matters too: semiannual rounds mean fewer award dates each year, and rights are spread over at least a decade.
For buyers comparing a new house with a resale house, new construction in a flood zone is generally built to current elevation rules, which can lower flood premiums. Our Florida Keys Citizens flood requirement article covers the 2027 flood policy rule, and the Key West, Key Largo and Marathon insurance estimates and our flood insurance calculator help price the difference.
People also ask
How many new building rights does Monroe County have?
Florida Keys Weekly reported that unincorporated Monroe County's share is 657 of up to 900 new building rights allowed for the Keys by state legislation. On October 21, 2026, commissioners backed reserving 33 for affordable housing, and the revised plan returns November 17.
How much does a new house cost in the Florida Keys?
The median newly built single-family house for sale in the Keys asked $3,175,000 on November 2, 2026, in our Florida Keys MLS data. Of 120 listings, 83 asked $2 million or more and 15 asked under $1 million.
Are new homes selling in the Florida Keys?
Slowly. On November 2, 2026, 120 new-construction houses were listed and 10 were in a contract, 12.0 listings per contract, against 6.4 for resale houses.
Limitations
The building rights figures and meeting details come from Florida Keys Weekly's report and are not final until Monroe County adopts the plan; the details may change on November 17 or later. The report covers unincorporated Monroe County, not the incorporated cities. MLS figures are a live snapshot of the Florida Keys MLS and can differ from monthly inventory counts. New construction follows the MLS new-construction field, which agents fill in and which can include homes completed in prior years. Area groupings are ours. Figures may be revised as the MLS updates records. This article is general information, not legal or real estate advice about any specific property or transaction.
Sources and links
- Florida Keys Weekly, Alex Rickert, county commission revamps new building rights, traffic study, October 29, 2026.
- Momentum Research, computed from Florida Keys MLS records (live snapshot, November 2, 2026; listing change log, October 5 to November 1, 2026). Information is deemed reliable but is not guaranteed by the MLS to be accurate.
- Momentum Research, Florida Keys Market Pulse.
- Full monthly series and per-feed attribution: Florida Keys market data
Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.
Market statistics in this article are computed from MLS data licensed by Momentum Realty, and are current as of the date shown. Data may be preliminary and subject to revision by its source. This article is general information, not advice about any specific property, transaction, or financial decision, and is not a representation about any specific property, community, builder, or association.
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