Ed DiMarco MS, MA

Oct 296 min read

South Florida Real Estate Market 2024: Naples, Fort Myers, and Miami

The South Florida real estate market shows varied trends across its major cities, with a general shift toward increased inventory levels and evolving buyer-seller dynamics. We can comprehensively understand the region's current market trends in late 2024 by analyzing critical metrics from Naples, Fort Myers, and Miami. These insights reveal a balanced market environment, with opportunities for buyers and sellers in each city, though local conditions can differ significantly.

Naples Real Estate Market

The Naples real estate market shows moderate inventory levels, with a Months Supply of Inventory at 6.06. This indicates that it would take approximately six months to sell all the homes currently on the market if no new listings were added. Such a supply level suggests a balanced market, providing buyers and sellers with a healthy mix of opportunities.

However, the recent change in Months of Inventory has increased significantly by +83.64% as of September 2024, indicating a strong move towards a buyer's market. This shift suggests that inventory levels have risen compared to the previous year, giving buyers more negotiating power. Homes in Naples spend a median of 75 days on the market, reflecting a balanced demand where neither buyers nor sellers hold a decisive advantage. The List to Sold Price Percentage is 95.1%, meaning homes sell close to their asking prices, showing stable market conditions.

With a Median Sold Price of $590,000, Naples remains an attractive market for buyers seeking premium properties. While sellers can expect competitive offers, the increased inventory means they need to adjust their pricing strategies to attract serious buyers quickly. This balanced supply and demand make the Naples market favorable for both parties, provided they navigate current conditions strategically.

Fort Myers Real Estate Market

In Fort Myers, the Months Supply of Inventory stands at 6.19, indicating a balanced market where supply and demand are relatively stable. The recent change in Months of Inventory shows an increase of +81.52% as of September 2024, highlighting a shift towards a more buyer-favorable market. Buyers have more choices as inventory increases, and the negotiating power begins to tilt in their favor.

The Median Days Homes are On the Market in Fort Myers is 71 days, suggesting that homes take a reasonable amount of time to sell. This duration indicates a market that is neither overly fast nor slow, providing time for buyers to evaluate their options and for sellers to secure competitive offers. The List to Sold Price Percentage is 95%, which suggests that most sellers are achieving prices close to their listing price, indicating that the market is functioning efficiently.

The Median Sold Price in Fort Myers is $347,900, which is lower compared to Naples and Miami, making this market particularly attractive for buyers seeking affordability. With inventory rising, buyers can expect more opportunities and potentially better deals as they navigate the market. For sellers, it will be important to price their properties strategically to remain competitive and attract interest.

Miami Real Estate Market

The Miami real estate market presents a unique dynamic within South Florida. The Months Supply of Inventory is currently at 6.22, which, similar to Naples and Fort Myers, suggests a balanced market. The recent change in Months of Inventory has increased by 39.78% as of September 2024, indicating a shift towards a more balanced or even buyer’s market, as the inventory of homes has risen compared to the previous year.

Homes in Miami are selling relatively quickly, with a Median Days Homes are On the Market of just 36 days. This indicates high demand and competitive pricing, making Miami a more dynamic market compared to Naples and Fort Myers. The List to Sold Price Percentage is 97%, showing that sellers are receiving offers close to their asking prices, which reflects strong buyer interest and competitive negotiations.

The Median Sold Price in Miami is $550,000, providing a benchmark for the market’s pricing trends. This value positions Miami between the more affordable Fort Myers market and the higher-priced Naples market. For buyers, the fast pace and high list-to-sold ratio suggest they need to act quickly when a property meets their criteria. Sellers, on the other hand, benefit from the high demand but should remain mindful of the increasing inventory, which could lead to more competition.

Comprehensive Insights for the Current South Florida Real Estate Market

The South Florida real estate market is experiencing significant shifts across different cities, with a notable increase in inventory levels and a general move towards a more buyer-favorable environment. The Months Supply of Inventory in Naples, Fort Myers, and Miami ranges between 6.06 and 6.22, indicating balanced conditions that provide buyer and seller opportunities, depending on the specific market dynamics.

Buyer Opportunities: The increasing Months Supply of Inventory across all three cities is a clear indicator that buyers will have more options and greater negotiating power. This trend is particularly evident in Naples and Fort Myers, where inventory levels have surged by over 80% as of September 2024.
Seller Considerations: Sellers in South Florida must adjust their pricing strategies to account for the growing inventory and more discerning buyer base. The List to Sold Price Percentage is above 95% across all three markets, which indicates that accurate pricing will still yield strong offers, but sellers must be willing to negotiate as competition increases.
Market Dynamics: Miami stands out as a faster-paced market, with homes spending only 36 days on the market. In contrast, Naples and Fort Myers offer a more moderate pace, which could benefit buyers looking for more time to make purchasing decisions without the pressure of rapid turnover.

In summary, the South Florida real estate market in late 2024 is marked by rising inventory, shifting dynamics towards a buyer's market, and varying demand levels across Naples, Fort Myers, and Miami. Buyers can take advantage of the increased inventory and negotiate favorable deals, while sellers must remain strategic and adaptable to navigate the changing landscape successfully. By understanding these regional trends, buyers and sellers can position themselves for success in the evolving South Florida real estate market.

FAQs: South Florida Real Estate Market Performance

1. Which South Florida market has the fastest pace of sales?

The Miami real estate market has the fastest pace of sales, with homes spending a median of just 36 days on the market.

2. Which city has the highest median sold price in South Florida?

Naples has the highest median sold price, at $590,000, making it an attractive market for buyers seeking premium properties.

3. Is Fort Myers more affordable compared to Naples and Miami?

Yes, Fort Myers is more affordable, with a median sold price of $347,900, making it a great option for buyers seeking affordability.

4. How is the inventory changing in Naples?

Naples has seen a significant increase in inventory, with a recent change in Months of Inventory of +83.64% as of September 2024, indicating a shift towards a buyer's market.

5. What is the median days on market for homes in Fort Myers?

Homes in Fort Myers spend a median of 71 days on the market, indicating a balanced pace for buyers and sellers.

6. Which market is currently most favorable for buyers?

All three markets—Naples, Fort Myers, and Miami—are moving towards a buyer-favorable environment, with increasing inventory levels giving buyers more negotiating power.

7. What is the list to sold price percentage in Miami?

The List to Sold Price Percentage in Miami is 97%, indicating that sellers are receiving offers very close to their asking prices.

8. How does the inventory in Miami compare to Naples and Fort Myers?

Miami's Months Supply of Inventory is 6.22, similar to Naples and Fort Myers, indicating balanced conditions across all three markets.

9. Are homes selling quickly in Naples?

Homes in Naples are spending a median of 75 days on the market, which suggests a moderate pace of sales compared to Miami.

10. Which market has seen the most significant increase in inventory?

Naples and Fort Myers have both seen significant increases in inventory, with changes of +83.64% and +81.52%, respectively, as of September 2024.

11. How should sellers in South Florida adjust their pricing strategies?

Sellers should consider adjusting their pricing strategies to account for the growing inventory and increased competition, especially as the List to Sold Price Percentage remains above 95% across all markets.

12. Which market provides the most negotiating power for buyers?

Given the significant increases in inventory levels in these markets, Naples and Fort Myers provide the most negotiating power for buyers.

13. What is the median sold price in Miami?

The median sold price in Miami is $550,000, placing it between the more affordable Fort Myers market and the higher-priced Naples market.

14. How does the sales pace in Fort Myers compare to Miami?

Fort Myers's homes spend 71 days on the market, which is slower compared to Miami, where homes sell in just 36 days.

15. What opportunities exist for buyers in the current South Florida market?

The increasing inventory levels across Naples, Fort Myers, and Miami provide buyers with more options and negotiating power, making it a favorable time to explore the market.