This is where the numbers become particularly interesting.

For properties listed between $500,000 and $1 million, only about 35% of closed sales were cash. Financing accounted for the majority of purchases in this price range.

Between $1 million and $2 million, the market was almost perfectly divided, with approximately 49% of purchases made with cash.

Then we get into the luxury market.

For properties priced at $2 million and above, nearly 62% of sales were cash.

That is a significant difference.

It reflects something we see regularly in the Keys. Higher-end buyers are often purchasing second homes, vacation properties or investment properties and may have more flexibility to purchase without financing.

But cash doesn't necessarily mean a seller can name any price.

In my experience, sophisticated cash buyers are often very aware of value. They may be able to close quickly and without a financing contingency, but they can also walk away quickly when the numbers don't make sense.

Cash makes a transaction easier. It doesn't make pricing less important.

Key West Has More Cash Buyers Than the Lower Keys

Location also makes a difference.

Looking at the same six months of sales:

Key West, Stock Island and Key Haven: approximately 54% cash

Lower Keys, including Big Coppitt through Big Pine Key: approximately 39% cash

Marathon and the Middle Keys: approximately 45% cash

Islamorada and surrounding Upper Keys: approximately 47% cash

Key Largo and Ocean Reef: approximately 45% cash

Key West clearly stands out, with more than half of purchases being completed with cash.

The Lower Keys tell a different story. There, approximately 61% of purchases involved financing.

That's a good reminder of something I tell clients all the time: there isn't really one “Florida Keys real estate market.”

Key West can behave differently from Cudjoe Key. Marathon can behave differently from Islamorada. And a $700,000 home can attract a completely different buyer than a $3 million waterfront property.

What Does This Mean If You're Selling?

If you're selling a property under $1 million, particularly in the Lower Keys, financed buyers are an important part of your potential buyer pool.

That means you need to think beyond simply finding someone willing to pay your asking price.

The property's condition, appraisal and ability to obtain appropriate insurance can become important parts of getting a financed transaction all the way to closing.

A property with significant deferred maintenance or other issues may not only cost you money during negotiations—it could potentially reduce the number of buyers who can realistically purchase it.

This is one reason I believe preparation before listing matters so much in the Keys.

Understanding the property's condition, knowing your competition and pricing correctly from the beginning can make a major difference.

What If You're Buying With Financing?

Don't be intimidated simply because you hear that there are cash buyers in the market.

The numbers show that financing is still responsible for a substantial portion of Florida Keys purchases.

The key is being prepared.

Have a strong pre-approval before you start making offers. Understand your estimated insurance costs early. Know what your monthly payment will look like when you include taxes, insurance and HOA or condo fees when applicable.

And when you find the right property, structure the offer carefully.

Price is important, but it isn't always the only thing a seller considers. Deposit amount, contingencies, inspection periods and the closing timeline can all influence how an offer is viewed.

And If You're Paying Cash?

Cash certainly gives you advantages.

You don't have to worry about a mortgage approval, and depending on how your offer is structured, you may be able to close faster and eliminate certain financing-related contingencies.

But here's the important part:

You're not the only cash buyer in the Florida Keys.

When approximately half of the market is already purchasing without traditional financing—and almost 62% of $2 million-plus sales are cash—simply writing “cash” on an offer doesn't automatically create negotiating power.

A strong cash offer is still about the complete package: the price, terms, timeline and certainty of closing.

The Bigger Picture

The most interesting takeaway from these numbers isn't simply that the Florida Keys have a lot of cash buyers.

It's how dramatically the buyer profile changes depending on where the property is located and how much it costs.

A $750,000 home in the Lower Keys and a $3 million property in Key West may both be part of the Florida Keys market, but they are competing for very different buyers.

That's why broad headlines about interest rates, cash buyers or the “Florida market” don't always tell you what is actually happening with your property.

Real estate here is extremely local.

If you're considering buying or selling anywhere from Key West and the Lower Keys through Marathon, Islamorada and Key Largo, I can help you look beyond the headlines and understand what's happening in the specific area and price range that matters to you.

Thinking about selling? I can prepare a property-specific market analysis showing recent sales, current competition and the type of buyer most active in your price range.

Thinking about buying? Let's talk about your budget, financing or cash position and how to structure your offer so you can compete without unnecessarily overpaying.

Data based on closed residential sales reported through the local MLS for March 11–September 11, 2026. Figures include multiple residential property types and are intended to provide a general market overview. Individual neighborhoods, property types and price ranges may perform differently.