Jim Signor - Florida Keys Real Estate

The Florida Keys residential market posted one of its strongest price gains of 2026 in May.

Median sale price climbed 12% year over year to $965,000, matching the gain we saw back in January. Active inventory stayed nearly flat at 1,626 homes, down just 0.8% from a year ago.

Closed sales were up 15% and new pending sales rose 9.1% year over year. Pending inventory climbed 22%, which suggests this momentum has room to continue through the summer.

It's a notable shift. Earlier this year, demand was running well ahead of price. May is the month price caught up.

Interesting data from the Monroe County Property Appraiser. Only 36.91% of eligible properties in the Keys carry a homestead exemption, which tells you a lot about how many owners here are investors, second-home buyers, or seasonal residents rather than full-time locals.

Questions about buying or owning in the Florida Keys? I'm happy to help. 🌴
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Monroe County Homestead Data (as of June 1, 2026)

Recent figures for Monroe County show that out of 44,049 properties eligible for a homestead exemption, 16,259 currently have one, representing 36.91% overall.

Monroe County contains approximately 89,581 parcels, but only 44,049 properties are currently eligible for a homestead exemption, highlighting that many parcels are vacant land, commercial properties, government-owned properties, or otherwise ineligible for homestead status.

Breakdown by jurisdiction:

🐚Key West: 8,800 eligible | 3,517 with exemption (39.97%)
⚓Marathon: 5,023 eligible | 1,610 with exemption (32.05%)
🌴Key Colony Beach: 1,429 eligible | 261 with exemption (18.26%)
🦈Layton: 146 eligible | 51 with exemption (34.93%)
🎣Village of Islamorada: 5,259 eligible | 1,840 with exemption (34.99%)
🏝 Unincorporated Monroe: 23,392 eligible | 8,980 with exemption (38.39%)

These figures reflect differences in homestead exemption participation across the county’s municipalities and unincorporated areas.

Part of Port Largo has a history most people don't know about.
Ocean Cay Drive, one of the neighborhood's prime oceanfront streets, was once a runway. Port Largo Airport operated from the late 1960s until 1985, a dredged-from-the-ocean-floor airstrip with commercial commuter service to Miami. When it closed, that land became some of the most valuable oceanfront real estate in Key Largo.

Today the neighborhood sits on the oceanside near Mile Marker 100. Most homes have canal access straight to the Atlantic. The African Queen is docked minutes away. John Pennekamp is in your backyard.

Full neighborhood guide in the comments.