Key West Real Estate
Key West is an island city on the Florida Keys archipelago. It is the southernmost point of the continental US, just 95 miles from Cuba and famous for its coral reefs, beaches and conch-style properties. The official City of Key West comprises parts of separate islands, including Sunset, the north of Stock Island, Dredgers and Fleming. The island is about four miles long and one mile wide, providing around 4.2 square miles of total space for its inhabitants. It connects to the rest of the US via Route 1.
Why Is Real Estate Key West Popular?
Key West, Monroe County, FL, is one of the most popular property markets in the country. Average selling prices hover over $1 million, with many homes being priced substantially higher than this. In April 2021 alone, more than 19 properties worth more than $1.5 million sold in the area.
Key West is popular due to beautiful beaches and sea views offering paradise living. It has a destination-type atmosphere. And the weather is excellent most of the year because of its location at the tip of the Florida peninsula. Daily mean temperatures hover about 80 degrees F between May and October, with lows averaging around 50 to 60 degrees in the winter months from December to February. Rainfall in the region is highest in the summer months, trailing off during the winter. Hours of sunshine are highest in the spring, averaging well over 300 hours per month from March until August.
Many of the properties in the city are traditional pale wooden historic houses, built in the late 1800s. These so-called “conches” were constructed by people moving to the location from the Bahamas in the nineteenth century.
Key West’s long history means that it hosts some notable residences. These include the Little White House, named after President Harry Truman’s regular visits, and Ernest Hemingway’s Home. Tennessee Williams is said to have written the first draft of A Streetcar Named Desire while living in a house in Key West in 1941.
The city attracts anglers from all over the world. The warm waters between mainland Florida and the Keys play host to many species of game fish. Tarpon and permit are both available in the deep waters off the southern coast of Florida.
Key West’s transport is also different from the rest of the country. While there are roads and people own cars, many prefer to cycle or use scooters instead. So it is a popular location for people who want to get around by different means.
Features Of Real Estate Key West Market
In the first quarter of 2020, owners in Key West sold a combined total of 639 properties. That figure jumped to more than 1,061 inthe first quarter of 2021.
According to our source links, the average list price of a house in Q1 2020 was $967,000. A year later it rose to $1,109,000 for the same time period. The median asking price in 2021 was above $1.3 million.
Real Estate In Key West: Neighborhoods
Key West is home to several neighborhoods, including Downtown, Uptown, the historic seaport area, Bahama Village, Heart of Old Town, Casa Marina, New Town, Beach Side, Mid Town and Sunset Key.
The historic seaport and Old Town are the oldest parts of the city. Originally, these areas hosted warehouses that nineteenth century residents would use to unload supplies. But today, they play host to beautiful, late nineteenth-early twentieth century architecture.
Downtown is a small urban district in the center of Key West, close to Old Town. It offers residents access to offices, entertainment, restaurants, bars and places of worship.
Bahama Village is so named because it was home to people moving from the Bahamas in the 1800s. Walking down its streets feels distinctly Caribbean, thanks to its white- and canary blue-painted houses. Even to this day, the district retains its cultural heritage.