Ed DiMarco MS, MA
- Apr 28
- 5 min read

Comprehensive Analysis of the Naples, FL Real Estate Market as of March 2024

In the picturesque city of Naples, Florida, renowned for its luxurious lifestyle and scenic beaches, the real estate market shows signs of nuanced shifts that require buyers and sellers to be well-informed and strategically agile. As we delve into the March 2024 real estate landscape, several vital metrics indicate how the market is evolving amid broader economic pressures and local trends.

Market Supply Dynamics

The Months Supply of Inventory in Naples stands at 7.28, indicating it would take approximately seven months to sell all current listings at the ongoing sales rate. Historically, a month's supply below six months would suggest a seller's market, while a higher number points toward a buyer's market. The figure indicates a market tipping towards balance but leaning slightly in favor of buyers, particularly when paired with the 12-Month Change in Months of Inventory, which has surged by +105.65%. This significant increase suggests an expanding inventory that could lead to longer listing durations and potentially softer prices if the trend continues.

Pricing and Sales Efficiency

Despite the burgeoning inventory, market efficiency remains relatively robust. Homes in Naples are selling close to their asking prices, with a List-to-Sold Price Percentage of 97.4%. This high percentage indicates that homes are competitively priced against current market expectations, a positive sign for sellers who adhere to realistic pricing strategies. The Median Sold Price currently stands at $665,000, reflecting the high-value nature of the local market and the community's upscale properties.

Navigating Current Market Conditions

Integrating these insights with broader market dynamics, such as the overall median closed price rise from $335,000 five years ago to $625,000 today—a 5% increase from last year—highlights Naples's sustained appeal. However, the decrease in transactions by more than 9%, alongside a 67% increase in available properties, suggests a shift towards a buyer's market. This is further compounded by price adjustments, where February alone saw 2,264 price decreases, signaling a move from aspirational to more realistic market pricing.

Naples Median Estimated Property Value March 2024

Strategic Considerations for Market Participants

These conditions mean that while Naples remains a coveted market, sellers must adjust expectations and pricing strategies to align with the current buyer's market environment. On the other hand, buyers may find more negotiating power and an incredible selection of properties, which could allow for better deals, especially in a market with growing inventory and stabilizing interest rates.

Conclusion

The Naples real estate market in March 2024 presents a complex but rewarding environment. Sellers must navigate the increasing supply and competitive pricing carefully, while buyers have an opportune moment to seek value in a market where luxury and quality remain paramount. For both groups, working with a knowledgeable real estate professional who understands the intricacies of the Naples market is crucial. Stakeholders can navigate this evolving landscape effectively by staying informed and strategically aligning with market trends.

FAQ: Naples, Florida Real Estate Market 2024

1. What is the current Months Supply of Inventory in Naples?

As of March 2024, the Months Supply of Inventory in Naples is 7.28. This metric indicates that it would take approximately 7.28 months to sell all the current inventory at the existing sales pace, suggesting a shift towards a buyer's market.

2. How has the Months Supply of Inventory changed over the past year?

There has been a significant increase in the Months Supply of Inventory, rising by 105.65% over the past year. This increase highlights a growing inventory that may lead to longer days on the market and potential price adjustments.

3. What does a high Months Supply of Inventory indicate?

A high Months Supply of Inventory, such as the current 7.28 months, generally indicates a buyer's market, where supply exceeds demand. This can give buyers more leverage during negotiations and a greater selection of properties.

4. What is the Median Days on the Market for homes in Naples?

The Median Days Homes are On the Market in Naples is currently 51 days, which reflects the average time it takes for homes to sell once they are listed.

5. What does the List to Sold Price Percentage reveal about the market?

The List to Sold Price Percentage in Naples is 97.4%, indicating that homes generally sell for near their listing price, which shows that properties are being priced competitively within the market.

6. What is the current Median Sold Price in Naples?

The current Median Sold Price in Naples is $665,000. This price point provides a benchmark for buyers and sellers and indicates what one might expect to pay for a typical home in the area.

7. How have closed sales changed from last year?

Closed sales have decreased by 4.6% from last year, reflecting a downturn in transactions from March 2023 to March 2024.

8. What trend is observed in cash sales?

Cash sales have slightly decreased by 1.1% year-over-year, showing a minor reduction in the number of transactions completed without financing.

9. How does cash sales as a percentage of closed sales compare to last year?

The percentage of cash sales compared to total closed sales has increased from 51.6% last year to 53.5% this year, indicating that a higher proportion of buyers are purchasing homes outright without financing.

10. What are the current trends in the median sale price?

The median sale price has increased modestly by 1.7% from last year, reflecting a continued appreciation in home values in Naples.

11. How has the average sale price changed this year?

The average sale price has significantly increased by 18.2% compared to last year, highlighting a rise in higher-value transactions within the market.

12. What does the change in dollar volume indicate about the market?

The increase in dollar volume by 12.8% indicates more money is moving through the Naples real estate market, suggesting robust activity despite fewer transactions.

13. What impact does the median percent of original list price have on sellers?

A decrease in the median percent of the original list price, from 94.4% last year to 93.3% this year, suggests that homes sell for slightly less relative to their listed prices, impacting seller returns.

14. What is the significance of the change in median time to contract?

The median time to contract has increased from 43 days last year to 70 days this year, a 62.8% rise, indicating that it is taking longer to reach a sale agreement.

15. What does the increase in median time to sale suggest?

An increase in the median time to sale from 85 days to 106 days suggests a slowdown in the speed at which homes are sold after hitting the market.

16. How have new pending sales changed from the previous year?

New pending sales have increased by 3.5% from the previous year, suggesting a slight uptick in the number of homes going under contract.

17. What is the current trend in new listings?

There has been an 11.1% increase in new listings compared to the previous year, indicating that more properties are being put on the market.

18. How has the pending inventory changed?

Pending inventory has decreased by 12.0% from the previous year, suggesting that fewer homes are being sold compared to last year.

19. What does the rise in active inventory indicate?

A 52.9% increase in active inventory suggests a significant rise in the number of homes available for sale, contributing to the shift towards a buyer's market.

20. How should buyers and sellers interpret the Months Supply of Inventory data?

Buyers should see the increased Months Supply of Inventory as an opportunity to negotiate better terms due to higher availability. At the same time, sellers may need to adjust their expectations and pricing strategies to attract offers in a more competitive environment.