Housing Market Report
Monroe County, FL
Data through February 2026 · Updated monthly
Homes are selling quickly with few price cuts
Avg Home Value
$933,840
▼ 3.8% year-over-year
Days to Pending
81 days
Homes For Sale
1,415
Avg Rent/Month
$3,562
▼ 1.1% year-over-year
The Monroe County, FL housing market is showing signs of cooling. The average home value is $933,840, down 3.8% year-over-year as of February 2026. Homes are spending a median of 81 days on the market before going pending. 0.2% of active listings have had a price cut.
Monroe County leans toward a seller's market, with 0.0% of homes selling above list price and 0.9% selling below. There are currently 1,415 homes for sale in the county, with 227 new listings hitting the market each month. The median sale-to-list ratio is 95.0%, indicating buyers have negotiating leverage.
The average asking rent in Monroe County is $3,562 per month, down 1.1% year-over-year. For investors, the gross rent multiplier on a median-priced home is approximately 21.8, suggesting this market favors appreciation over cash flow.
For homebuyers, the estimated monthly mortgage payment on a median-priced home in Monroe County with 10% down is $5,795. That is $2,233 more per month than the average rent, making renting the more affordable short-term option. Homes are selling 25% below asking price on average, giving buyers room to negotiate.
Bottom-tier homes (under the 33rd percentile) are currently valued at $589,261, making them the primary target range for investors looking at wholesale deals, fix-and-flip projects, or BRRRR strategies.
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Market Snapshot
Monroe County Housing Market at a Glance
Key metrics for Monroe County as of February 2026. Year-over-year changes show how the market has shifted in the last 12 months.
| Metric | Nov 2025 | Dec 2025 | Jan 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $933,126 | $932,611 | $932,473 | ▼ 0.1% |
| Single Family Value | $990,016 | $989,676 | $989,981 | No Change |
| Median List Price | $1,152,083 | $1,173,000 | $1,188,667 | ▲ 3.2% |
| Median Sale Price | $921,500 | $1,075,000 | $897,500 | ▼ 2.6% |
| Avg Rent/Month | $3,679 | $3,645 | $3,582 | ▼ 2.6% |
| Homes For Sale | 1,283 | 1,299 | 1,348 | ▲ 5.1% |
| New Listings | 172 | 198 | 213 | ▲ 23.8% |
| Days to Close | 34 days | 34 days | 33 days | ▼ 2.9% |
| % Sold Above List | 0.0% | 0.0% | 0.0% | ▼ 50.0% |
| % Sold Below List | 0.9% | 0.9% | 0.9% | ▲ 2.2% |
| % Listings w/ Price Cut | 0.2% | 0.2% | 0.2% | ▲ 6.3% |
| Sale-to-List Ratio | 95.0% | 95.0% | 95.0% | No Change |
Home Values
Monroe County Home Value Trend (2000–2026)
All-home median values including the 2008 housing crash, 2020 COVID surge, and 2022 rate shock. Switch between All Homes, Single Family, Bottom Tier, Top Tier, and Rent to compare trends.
Source: Zillow Research ZHVI / ZORI · Updated monthly
Market Breakdown
What Homes Cost in Monroe County
Home values broken down by bedroom count, ZIP code neighborhood, and property type. 3-bedroom homes are valued at $1,058,981 in Monroe County. 1-bedroom units start at $481,003.
| Bedroom Count | Avg Value | Last 30 Days | Last Year |
|---|---|---|---|
| 1 Bedroom | $481,003 | ▼ 0.2% | ▼ 5.5% |
| 2 Bedrooms | $738,558 | ▲ 0.2% | ▼ 4.6% |
| 3 Bedrooms | $1,058,981 | ▲ 0.2% | ▼ 3.2% |
| 4 Bedrooms | $1,827,652 | ▲ 0.4% | ▼ 0.7% |
| 5+ Bedrooms | $2,912,939 | ▲ 0.5% | ▲ 0.7% |
The table above reflects average home values and rent in Monroe County, broken down by bedroom count, neighborhoods, and property types. Data sourced from Zillow Research.
Market Tiers
Buyer vs. Investor Segments
Bottom-tier homes (under 33rd percentile) are the primary target for wholesale investors using the 70% rule. In Monroe County, bottom-tier homes are valued at $589,261.
Bottom Tier
Under 33rd percentile
$589,261
▼ 3.3% YoY
Wholesale / investor range
Mid Tier
33rd-67th percentile
$933,840
▼ 3.8% YoY
Typical buyer range
Top Tier
Over 67th percentile
$1,960,856
Luxury / high-end
Market Activity
Supply, Demand and Pricing Power
How quickly homes are selling, how many are available, and whether sellers or buyers have the upper hand in Monroe County.
Homes For Sale
1,415
227 new/month
% Sold Below List
0.9%
0.0% sold above
% Listings w/ Price Cut
0.2%
$40,000 median cut
Median Days to Close
33 days
81 days to pending
Median List Price
$1,197,000
Median Sale Price
$897,500
95.0% sale-to-list
Affordability
Monthly Cost to Own in Monroe County
Estimated mortgage payments on the median-priced home at current rates. Compare against the average rent of $3,562/month to evaluate buy vs. rent.
| Down Payment | Est. Monthly Payment |
|---|---|
| 5% down | $7,374/mo |
| 10% down | $7,052/mo |
| 20% down | $5,785/mo |
Avg rent in this market: $3,562/month · Mortgage estimates based on Zillow data at prevailing rates
Rental Market
Rent Trends in Monroe County
Zillow Observed Rent Index (ZORI) tracks typical asking rent, controlling for quality mix. Rent in Monroe County is down 1.1% compared to last year. At current prices, the price-to-rent ratio is 21.8x annual rent.
Avg Asking Rent
$3,562
Year-over-Year
-1.1%
▼ 1.1%
Month-over-Month
-0.6%
▼ 0.6%
Price-to-Rent Ratio
21.8x
Rent trend (ZORI)
Source: Zillow Research ZHVI / ZORI · Updated monthly
Metro Context
Monroe County vs. Key West
How Monroe County compares to the broader Key West metropolitan area.
| Metric | Monroe County | Metro Avg |
|---|---|---|
| Avg Home Value | $933,840 | $933,972 |
| Days to Pending | 81 days | -- |
| % Sold Below List | 0.9% | 0.9% |
| Avg Rent/Month | $3,562 | $3,562 |
Nearby Markets
Other Counties in FL
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Data Sources and Methodology
Market data on this page comes from the Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI), updated monthly by Zillow Research. ZHVI measures the typical home value for a given region based on Zillow's proprietary automated valuation model, smoothed and seasonally adjusted to remove noise. ZORI measures the typical observed market-rate rent across the region, controlling for quality mix changes.
Sale price, inventory, days-on-market, and sale-to-list metrics are sourced from Zillow Research public data releases. All data is refreshed on the 17th of each month. This report was last updated February 2026.
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