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  • Writer's pictureEd DiMarco MS, MA

Fort Myers Real Estate Market: Housing Market Report 2024

Fort Myers Real Estate Market Housing Market Report 2024

Welcome to the Fort Myers Real Estate Market Report. Whether you're looking to buy, sell, or invest in properties, staying informed about current market trends is crucial. This comprehensive analysis provides insights into housing prices, inventory levels, market demand, and future forecasts. Explore detailed reports to help you make knowledgeable decisions in the dynamic Fort Myers real estate landscape.


Fort Myers, FL Real Estate Market Overview

Understanding various market metrics is essential for real estate professionals to guide buyers and sellers effectively. In Fort Myers, the Months Supply of Inventory currently stands at 6.8 months, indicating the time it would take to sell current homes at the present sales pace. This represents a 119.4% increase from the previous year, suggesting a shift towards a buyer's market.


The 12-Month Change in Months of Inventory shows a significant increase of 115.59%, suggesting more homes are available compared to last year. This increase could potentially offer more negotiating power for buyers in the Fort Myers housing market. With the Median Days Homes are On the Market at 51 days, it reflects how long homes are taking to sell. A lower number means a faster-moving market, whereas a higher number indicates longer times on the market.


Chart showing inventory trends in Fort Myers Real Estate

The List-to-Sold Price Percentage in Fort Myers is 95.5%, showing that homes typically sell for about 95.5% of their list price. This helps sellers set realistic prices and gives buyers an idea of negotiation potential. The Median Sold Price is $372,000, offering insight into current pricing trends (MOVING TO FLORIDA GUIDE).


These metrics suggest the Fort Myers real estate market might be shifting towards buyers, with increased inventory and longer days on the market. Sellers may need to adjust pricing strategies, while buyers could find more opportunities for negotiation. Understanding these dynamics helps both parties navigate the Fort Myers real estate market more effectively​.


Housing Prices in Fort Myers, FL

Housing prices in Fort Myers have seen notable fluctuations over the past year, making it crucial for potential buyers and sellers to stay informed. The median home sale price in April 2024 was $380,000, a 3.8% decrease from $395,000 in April 2023. The average sale price in April 2024 was $436,667, a slight increase of 0.5% from $434,309 in April 2023​.


Chart showing median price trends in Fort Myers Real Estate

The monthly closed sales have shown a modest increase, with 159 homes sold in April 2024 compared to 154 in April 2023, a 3.2% increase. However, cash sales have decreased by 13.3%, from 90 in April 2023 to 78 in April 2024​.


Housing Supply and Market Trends in Fort Myers Real Estate

The current housing market in Fort Myers is somewhat competitive, although it does offer opportunities for both buyers and sellers. The active inventory in April 2024 was 836, nearly doubling from 429 in April 2023, representing a 94.9% increase. This increase in inventory has helped stabilize the market, offering more options for buyers and reducing the intense competition seen in previous years.


Days on Market for Homes in Fort Myers

The days on the market for homes in Fort Myers provide valuable insight into the strengths and trends within the Fort Myers housing market. In April 2024, the median time to contract was 45 days, a significant increase of 136.8% from 19 days in April 2023. This increase suggests that homes are taking longer to sell, which could indicate a cooling market.


Is Fort Myers a Good Place to Invest in Real Estate?

When considering investment opportunities in the Fort Myers real estate market, it's essential to look at various factors that can impact your return on investment. Fort Myers has attracted many investors due to its robust real estate market and steadily rising home values. The demand for homes in Fort Myers remains strong, supported by an influx of new residents and a healthy economy. One of the key advantages of investing in the Fort Myers real estate market is its geographic location. Situated on the Gulf Coast of Florida, the area offers desirable living conditions with beautiful beaches, mild winters, and numerous recreational activities. Additionally, Fort Myers has various amenities, such as top-rated schools, healthcare facilities, and shopping centers, making it an attractive location for families and retirees (Norada Real Estate Investments)​​​.


Is it a Buyer’s or Seller’s Market in Fort Myers?

Fort Myers is currently classified as a buyer's market. A buyer's market occurs when the housing supply exceeds demand, offering buyers more choices and often lowering prices. Conversely, a seller's market happens when demand outstrips supply, giving sellers the advantage of higher prices and quicker sales. The Fort Myers real estate market currently demonstrates characteristics of both market types. Inventory levels are crucial in defining the current market trends in the Fort Myers real estate landscape. While there’s been a steady influx of housing supply, demand remains robust, influencing the market dynamics in various ways.


What is the Real Estate Forecast for Fort Myers in 2024?

The real estate forecast for Fort Myers in 2024 indicates a dynamic shift in the real estate market that potential investors and homebuyers should keep a close eye on. As the housing market in Fort Myers continues to evolve, we can expect a range of developments. The Fort Myers real estate market has shown resilience in recent years, with housing prices remaining competitive and demand steadily growing. The forecast suggests a balanced real estate market in 2024, with stable growth in housing demand and a moderate increase in property values. Historically, Fort Myers real estate has been appealing due to its affordability and quality of life, and these factors are expected to continue to drive interest​ (FL Housing Market)​​.


Is Fort Myers, Florida, Affordable to Live In?

Fortunately, Fort Myers offers a relatively affordable lifestyle compared to many other communities in Florida. The housing market in Fort Myers provides various options that can fit different budget ranges. Whether you're looking for single-family homes, townhouses, or condos, the Fort Myers real estate market features multiple properties. The affordability of Fort Myers is influenced by several factors, including reasonable property taxes, lower-than-average utility costs, and competitive property prices​ (Florida Realtors)​.


Are Home Prices Dropping in Fort Myers, FL?

Yes, home prices in Fort Myers are dropping now. When analyzing the real estate market in Fort Myers, FL, a common question is whether home prices are falling. Over recent months, the Fort Myers real estate market has fluctuated, leading potential buyers and sellers to monitor housing market trends closely. Currently, home prices in Fort Myers are experiencing a mix of stability and minor decreases in specific neighborhoods. This can be attributed to increased housing supply and a slight decline in buyer demand. As a result, those interested in Fort Myers real estate must conduct thorough research and stay updated on specific local conditions​ (Florida Real Estate School)​.


Why is Fort Myers So Cheap?

Fort Myers has continually ranked as affordable in Florida's real estate market. Several factors contribute to the affordability of Fort Myers real estate. The cost of living in Fort Myers is generally lower than in other parts of Florida. This lower cost of living enables more people to afford homes in the area without feeling financially strained. Additionally, the housing market in Fort Myers offers a diverse range of options. From single-family homes to condos, there's something for everyone. Unlike high-demand areas, Fort Myers real estate hasn't experienced extreme price hikes, making it easier for homebuyers to find deals​ (MOVING TO FLORIDA GUIDE)​​​.


Conclusion

The Fort Myers real estate market is attractive for investors and potential homeowners. With a blend of beautiful coastlines, a robust economy, and an array of property types, Fort Myers offers optimum opportunities for every buyer. Staying updated on the latest market trends and working with experienced real estate agents can help you navigate this dynamic market successfully.


FAQ: Fort Myers Real Estate Market in 2024


1. What is the current median sale price for homes in Fort Myers?

The median sale price for homes in Fort Myers in April 2024 is $380,000, down 3.8% from $395,000 in April 2023.


2. How has the number of closed sales changed over the past year in Fort Myers?

Closed sales increased by 3.2%, from 154 in April 2023 to 159 in April 2024.


3. What percentage of home sales in Fort Myers are cash transactions?

In April 2024, 49.1% of home sales in Fort Myers were cash transactions, down from 58.4% in April 2023, a 15.9% decrease.


4. What is the average sale price for homes in Fort Myers?

The average sale price for homes in Fort Myers in April 2024 is $436,667, a slight increase of 0.5% from $434,309 in April 2023.


5. How long are homes typically on the market in Fort Myers?

The median time to contract for homes in Fort Myers in April 2024 is 45 days, up significantly from 19 days in April 2023, representing a 136.8% increase.


6. What is the current inventory level in Fort Myers?

The active inventory in Fort Myers in April 2024 is 836 homes, a 94.9% increase from 429 homes in April 2023.


7. How has the month's inventory supply changed in Fort Myers over the past year?

The months supply of inventory in Fort Myers has increased by 119.4%, from 3.1 months in April 2023 to 6.8 months in April 2024.


8. What is the median percentage of the original list price homes sell for in Fort Myers?

Homes in Fort Myers are selling for a median of 93.0% of their original list price as of April 2024, down from 96.9% in April 2023, a 4.0% decrease.


9. What is the dollar volume of sales in Fort Myers?

The dollar volume of sales in Fort Myers in April 2024 is $69.4 million, a 3.8% increase from $66.9 million in April 2023.


10. How many new listings were there in Fort Myers in April 2024?

There were 182 new listings in Fort Myers in April 2024, down 9.9% from 202 in April 2023.


11. How has the median time to sale changed in Fort Myers?

The median time to sale for homes in Fort Myers in April 2024 is 87 days, a 45.0% increase from 60 days in April 2023.


12. What is the trend in new pending sales in Fort Myers?

New pending sales in Fort Myers decreased by 1.8%, from 167 in April 2023 to 164 in April 2024.


13. What types of properties are available in Fort Myers?

Fort Myers offers many properties, including single-family homes, townhouses, condos, and luxurious waterfront estates.


14. Is Fort Myers considered a buyer's or seller's market?

Currently, Fort Myers is showing signs of being a buyer's market due to increased inventory and longer days on the market.


15. What factors contribute to Fort Myers' affordability?

Fort Myers is affordable due to lower property taxes, competitive property prices, and reasonable utility costs compared to other Florida cities.


16. How has the percentage of cash sales changed over the past year in Fort Myers?

The percentage of cash sales has decreased by 13.3%, from 90 in April 2023 to 78 in April 2024.


17. What is the economic outlook for Fort Myers real estate in 2024?

The economic outlook for Fort Myers real estate in 2024 suggests stable growth with a balanced market expected, driven by steady housing demand and moderate increases in property values.


18. How do interest rates affect the Fort Myers real estate market?

Higher interest rates can reduce buyers' affordability, potentially leading to decreased demand and slower price growth in the market.


19. What demographic trends are impacting the Fort Myers real estate market?

Fort Myers attracts retirees, families seeking good schools, and young professionals due to its favorable climate, amenities, and lifestyle.


20. What is the trend in cash sales as a percentage of closed sales?

Cash sales as a percentage of closed sales have decreased from 58.4% in April 2023 to 49.1% in April 2024.


21. How has the median sale price fluctuated over the past year in Fort Myers?

The median sale price has fluctuated, peaking at $424,500 in March 2024 and falling to $380,000 in April 2024.


22. What is the average list price for homes in Fort Myers?

The average list price for homes in Fort Myers reflects the high demand, with prices climbing due to competitive market conditions.


23. Are home prices in Fort Myers expected to rise or fall in 2024?

Home prices in Fort Myers are expected to remain relatively stable or see moderate increases, depending on market conditions and economic factors.


24. What is the significance of the median time to contract increasing?

The increase in median time to contract, from 19 days in April 2023 to 45 days in April 2024, indicates a cooling market where homes take longer to sell.


25. Why is Fort Myers considered an attractive investment opportunity?

Fort Myers is attractive for real estate investment due to its robust economy, steady population growth, and diverse property options, which offer the potential for both rental income and capital appreciation.


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