Florida prices and trends in real estate across the state.
The Fort Myers housing market isn’t that competitive. The median home sales price in August 2024 has decreased in the past 3 months to $337,500. That’s down 11.2% and $42,450 lower than August 2023 of last year. That is lower than the Florida state median home sales price of $402,500. Homes typically sell after 69 days on market, which is slower than the state average and higher than 40 days in August 2023 a year prior.
The median home price in Fort Myers was $337,500 in August 2024, down 11.2% from last year.
The real estate market in Fort Myers had 806 homes for sale in August and is down from 815 homes for sale the month prior and up from 713 homes in August 2023.
There were 150 homes sold in August 2024, trending down from 236 homes sold a year ago.
Homes in Fort Myers are staying on the market for 69 days. That’s 29 days slower than the median in August 2023, which means that the market is less competitive today.
It is considered a balanced market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.5%, making the average house payment $2,503, which is $124 lower than a year before.
Total months of housing supply available for sale is 5.4 months, up 100% from 2.7 month(s) in August 2023.
The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."
Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.
Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.
In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.
Home values have decreased by 6.3% since last year, and the number of days it takes to sell a home has increased from 38 days in August 2023 to 69 days in August 2024.
The best time to sell your home in Fort Myers is in December, when homes sell fastest and for the most money.
Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $20,250 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.
Homes in Fort Myers have a median price of $337,500, which means you’ll need $33,750 for a 10% down payment. Housing costs have decreased 6.3% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.
Home values are only one part of the home affordability equation. When buying a house in Fort Myers, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $33,750 you should have $13,500 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.
Fort Myers home values are 0% the same as Fort Myers and 19.3% cheaper than the state median home value.
The Fort Myers real estate market has a median sale price of $337,500, which is 19.3% lower than the state median sale price of $402,500. Compare other markets or nearby cities, as they can vary significantly.
Fort Myers, FL | Fort Myers, FL | Florida |
---|---|---|
Median home sale | Median home sale | Median home sale |
$337,500 | $337,500 | $402,500 |
Days on market | Days on market | Days on market |
69 | 69 | 61 |
Monthly house payment | Monthly house payment | Monthly house payment |
$2,503 | $2,503 | $2,928 |
Cost to buy a house | Cost to buy a house | Cost to buy a house |
$47,250 | $47,250 | $56,350 |
Cost to sell a house | Cost to sell a house | Cost to sell a house |
$23,625 | $23,625 | $28,175 |
Navigating the Fort Myers housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local Fort Myers real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.
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