In-depth comparison of real estate price increases from 2016 to 2024 for Anna Maria Island, Key West, Longboat Key, Siesta Key, and Sanibel Island, let's look at historical and recent data from various sources.

Why Is Anna Maria Island Expensive?

Anna Maria Island has seen significant real estate price increases over the past eight years. In 2016, the median home price was around $600,000. By 2024, the median home price has surged to approximately $1.2 million, reflecting a 100% increase. This jump is driven by the island's popularity, limited supply of homes, and high demand for vacation properties.

Key West

Key West is known for its unique charm and historic appeal, which consistently drives high demand. In 2016, the median home price was about $800,000. As of 2024, the median home price is approximately $1.6 million, representing a 100% increase. Key West's real estate market benefits from its status as a premier destination for tourists and affluent buyers.

Longboat Key

Longboat Key, with its luxurious lifestyle and private beach access, has also seen substantial price increases. In 2016, the median home price was around $700,000. By 2024, this figure has risen to about $1.3 million, marking an 85% increase. The growth is attributed to the island's appeal to retirees and vacation home seekers.

Siesta Key

Siesta Key is famous for its pristine beaches and has experienced steady price growth. In 2016, the median home price was approximately $600,000. By 2024, the median home price has climbed to $1.1 million, indicating an 83% increase. The rise in prices is largely due to Siesta Key's popularity among tourists and its attractive rental market.

Sanibel Island

Sanibel Island, known for its natural beauty and shell-filled beaches, has seen considerable real estate price increases. In 2016, the median home price was about $650,000. By 2024, the median home price has increased to around $1.2 million, showing an 85% rise. Sanibel's strict building codes and conservation efforts limit development, keeping supply low and prices high.

Summary of Eight Years of Florida Real Estate Growth

From 2016 to 2024, coastal Florida properties have experienced significant price increases:

Anna Maria Island: 100%

Key West: 100%

Longboat Key: 85%

Siesta Key: 83%

Sanibel Island: 85%

These increases are driven by high demand, limited supply, and the desirability of these locations as both vacation spots and permanent residences.