I. Introduction:
The Lee County real estate market has recently been a hot topic among investors, home buyers, and sellers. This blog post will take a closer look at the Fort Myers and Lee County housing market, including the average home prices, competition, inventory of homes for sale, and real estate market predictions.
Purpose of the article
Importance of studying the housing market is essential for those who want to invest in real estate or purchase a home. It provides valuable insights into the current market trends, competition, and prices. By understanding the real estate market, buyers and sellers can make informed decisions about buying or selling properties.
II. Fort Myers Housing Market Overview
Average home prices
The average sale price of a home in Fort Myers was $385K last month, up 10.0% from last year. The average sale price per square foot in Fort Myers is $242, up 13.9% from last year.
Average sale price per square foot
The average sale price per square foot in Fort Myers is $242, up 13.9% from last year. This indicates that home prices are increasing, which can be a good sign for sellers.
Competition in the market
The Fort Myers housing market is somewhat competitive, with homes in Fort Myers receiving 2 offers on average. Homes in Fort Myers sell in around 22 days, which is relatively quick compared to other markets.
Average time homes stay on the market
The average time homes stay on the market in Fort Myers is 22 days, which is relatively quick compared to other markets.
Real estate market predictions for 2023
While home prices across the country are expected to depreciate on average by 0.5% in 2023, the Cape Coral-Fort Myers housing market is forecasted to appreciate by 4.5%, according to the latest market statistics. This indicates that the housing market in Fort Myers is expected to remain strong in 2023.
Airbnb and its impact on the housing market
The popularity of Airbnb has significantly impacted the housing market in Fort Myers. Many homeowners are turning their homes into short-term rentals, which has increased supply and competition.
Comparison The Fort Myers housing market
Fort Myers is often compared to the Naples housing market, which is just 35 minutes away. Naples is known for its luxury real estate, upscale shopping, and fine dining. However, Fort Myers offers a more affordable alternative for those looking for a coastal lifestyle with similar amenities and recreational opportunities.
II. Lee County Real Estate Market
Overview of the Market
Lee County is a booming real estate market located in Southwest Florida. The county offers a diverse range of properties and neighborhoods. With its attractive location and strong economy, Lee County is an inviting destination for those seeking a new home in the Sunshine State.
Median Sales Prices per Bedroom
Lee County is known for its diverse and affordable housing options. According to recent data, the median sales prices per bedroom are as follows: 1 Bedroom – $137.1K, up 31.2% 2 Bedrooms – $220K, up 31.8% 3 Bedrooms – $320K, up 21.9% 4 Bedrooms – $399.9K, up 14.2% 5+ Bedrooms – $462K, up 19.0%
Inventory of Homes for Sale
The inventory of homes for sale in Lee County has reached 5,889 and has increased by 12% from December 2022 to January 2023. The average listing age was 37 days in January 2023, with a median list price of $377,683.
Changes in Housing Market Listing Prices and Volume of Homes for Sale
Between December 2022 and January 2023, the Lee County housing market experienced changes in listing prices and the volume of homes for sale. Prices of 1 bedroom properties went up by 31.2%, 2 bedrooms properties became 31.8% more expensive, prices of 3 bedrooms went up by 21.9%, 4 bedrooms properties became 14.2% more expensive, and costs of 5 bedrooms properties went up by 19%. Meanwhile, the quantity of 1 bedroom homes went up by 22.1%, 2 bedrooms homes inventory increased by 16.2%, the number of 3 bedrooms homes increased by 13.8%, 4 bedrooms homes inventory increased by 4.2%, and the quantity of 5 bedrooms homes went up by 2.5%.
Listings Sold Above, At, and Below Listed Price
In January 2023, Lee County saw over 74 listings sold above the listing price, more than 166 sold at listing price, and over 519 sold below. This indicates a solid and competitive market, with a range of properties available for buyers and sellers.
Cape Coral and Lehigh Acres Growth Outlook
Cape Coral and Lehigh Acres are two communities located in Lee County that are expected to grow in the near future due to high demand and limited supply. These communities are poised to become key drivers of growth and development in the area, making them attractive destinations for those seeking a new home or investment property.
City of Fort Myers Real Estate Market Outlook
The city of Fort Myers, located in Lee County, is also a growing real estate market. With its attractive location, strong economy, and diverse range of properties, the city is expected to become an even more attractive destination for homebuyers and investors in the coming years.
