Ed DiMarco MS, MA

Dec 115 min read

Fort Myers vs. Naples: How Do Their Condo Markets Compare?

Southwest Florida is home to two of the most desirable condo markets: Fort Myers and Naples. While both cities boast stunning Gulf Coast views, warm weather, and vibrant communities, their condo markets differ significantly in pricing, inventory, and buyer trends. This article explores these differences to help buyers, sellers, and investors better understand the unique dynamics of each market.

Naples vs. Fort Myers Condo Prices: Luxury vs. Affordability

Naples Condo Market: A Luxury Leader

Naples has long been synonymous with luxury living. In October 2024, the median condo price in Naples stood at $445,000, a slight decline of 1.1% from October 2023. Despite this dip, Naples remains a high-end market, with average sale prices reaching $675,668 in October 2024. High-end waterfront properties and premium amenities continue to drive demand, particularly among affluent retirees and second-home buyers. The city’s reputation for exclusivity ensures steady interest from high-net-worth individuals seeking a piece of paradise.

Fort Myers Condo Market: Affordable and Accessible

Fort Myers offers a more affordable alternative. In October 2024, the median condo price was $313,500, a 3.5% decrease from October 2023. The average sale price in Fort Myers was $372,808 in October 2024, reflecting an 8.3% year-over-year decline. This affordability makes Fort Myers attractive for first-time buyers, snowbirds, and investors looking for strong rental returns. The city’s growing inventory and competitive pricing provide ample opportunities for budget-conscious buyers.

Naples vs. Fort Myers Condo Median Prices (2023-2024)

Naples vs. Fort Myers Condo Inventory: Supply Dynamics

Naples Condo Inventory: Limited and Exclusive

The Naples condo market continues to experience tight inventory levels. Active inventory in Naples increased by 50.9% year-over-year, reaching 2,910 units in October 2024. However, with months’ supply of inventory standing at 7.8 months, the market remains competitive due to the high demand for luxury properties. New developments in Naples primarily target the luxury segment, further restricting options for mid-range buyers.

Fort Myers Condo Inventory: Expanding Opportunities

Fort Myers has seen significant growth in condo inventory, with active inventory rising by 37.2% year-over-year to 3,476 units in October 2024. The months’ supply of inventory reached 8.9 months, indicating a more balanced market. This growth, driven by new developments and resales, creates opportunities for buyers across various price ranges, from budget-friendly units to upscale waterfront properties.

Naples vs. Fort Myers Condo Inventory Levels (2023-2024)

Naples vs. Fort Myers Condo Buyer Trends: Preferences and Priorities

Naples Condo Buyers: Drawn to Luxury and Lifestyle

Buyers in Naples are often seeking luxury, exclusivity, and lifestyle amenities. Many retirees or second-home purchasers prioritize properties with waterfront views, golf course access, and proximity to high-end dining and shopping. Naples saw 52.1% of its closed sales in October 2024 conducted as cash sales, down from 67.5% the previous year, reflecting slightly shifting buyer dynamics. Despite this, the Naples market remains less sensitive to economic fluctuations due to the financial stability of its buyer base.

Fort Myers Condo Buyers: A Broad Spectrum

The Fort Myers condo market attracts a diverse range of buyers. Snowbirds, families, and investors are drawn to its affordability and rental potential. In October 2024, 57.5% of closed sales in Fort Myers were cash transactions, a slight decline from 63.5% in October 2023. Fort Myers’ downtown revitalization and growing cultural scene have also increased interest from younger professionals and remote workers seeking affordable coastal living.

Naples vs. Fort Myers Condo Investment Potential: Comparing ROI

Naples Condo Investments: Safe for Long-Term Value

Investors in Naples benefit from the city’s strong demand for luxury properties and its reputation for exclusivity. While closed sales in Naples decreased by 18.4% year-over-year in October 2024, the median sale price’s relative stability indicates resilience. Naples condos tend to hold their value well, offering long-term appreciation and reliable rental income from high-end tenants.

Fort Myers Condo Investments: High Rental Yields

Fort Myers offers higher rental yields due to its lower entry prices and strong demand for seasonal rentals. Closed sales in Fort Myers dropped by 26.1% year-over-year in October 2024, reflecting broader market trends. However, its affordability and expanding inventory provide ample opportunities for investors targeting short-term vacation rentals. Fort Myers remains a favorite among snowbirds and tourists, making it ideal for value-added investments.

Conclusion: Which Market is Right for You?

Choosing between Fort Myers and Naples depends on your priorities and budget. Naples caters to those seeking luxury, exclusivity, and long-term value, while Fort Myers appeals to budget-conscious buyers and investors looking for high rental returns and diverse options. Understanding the unique dynamics of these markets, supported by data from October 2024, can help you make an informed decision, whether you’re buying, selling, or investing in Southwest Florida real estate.

Frequently Asked Questions About Naples vs. Fort Myers Condo Markets

1. What is the main difference between Naples and Fort Myers condo markets?

Naples is known for its luxury and exclusivity, with higher median prices, while Fort Myers offers affordability and diverse options for budget-conscious buyers and investors.

2. Which market has more affordable condos?

Fort Myers is generally more affordable, with a median condo price of $313,500 in October 2024 compared to $445,000 in Naples.

3. Are Naples condos a good investment?

Yes, Naples condos are a substantial long-term investment due to their luxury appeal, stable pricing, and reliable rental income potential.

4. Which market offers higher rental yields?

Fort Myers offers higher rental yields due to its lower entry prices and strong demand for seasonal rentals.

5. How do inventory levels compare between the two markets?

Naples had an active inventory of 2,910 units in October 2024, while Fort Myers had 3,476 units, reflecting more options in Fort Myers.

6. Are cash sales more common in Naples or Fort Myers?

Cash sales are slightly more common in Fort Myers, making up 57.5% of sales in October 2024, compared to 52.1% in Naples.

7. What types of buyers are attracted to Naples condos?

Naples attracts affluent retirees and second-home buyers seeking luxury properties with premium amenities.

8. What types of buyers are attracted to Fort Myers condos?

Fort Myers appeals to snowbirds, families, and younger professionals looking for affordable coastal living.

9. Which market has a higher median sale price?

As of October 2024, Naples's median sale price was $445,000, compared to $313,500 in Fort Myers.

10. How do these markets handle inventory growth?

Fort Myers has shown significant inventory growth, offering more balanced options, while Naples remains competitive due to limited supply.

11. Is Naples less affected by economic fluctuations?

Yes, Naples is less sensitive to economic changes due to the financial stability of its buyer base.

12. What makes Fort Myers condos attractive to investors?

Fort Myers offers affordability, higher rental yields, and growing demand from snowbirds and tourists.

13. Which market has seen a steeper decline in closed sales?

Fort Myers saw a 26.1% decline in closed sales year-over-year in October 2024, compared to an 18.4% decline in Naples.

14. Are waterfront condos more common in Naples or Fort Myers?

Naples is more renowned for its luxury waterfront condos, catering to high-end buyers.

15. Which market is better for first-time buyers?

Fort Myers is better suited for first-time buyers due to its affordability and variety of entry-level options.

About the Author

Ed DiMarco is a seasoned real estate professional with decades of experience in the Florida market. Specializing in luxury and investment properties across Naples and Fort Myers, Ed has an unparalleled understanding of these dynamic condo markets. His expertise in market trends, pricing strategies, and investment analysis has helped countless clients make informed decisions in this competitive region.