Fort Myers, FL housing market

Is it a buyer’s or seller’s market in Fort Myers, FL?

It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.8%, making the average house payment $2,504, which is $216 lower than a year before.

Total months of housing supply available for sale is 4.6 months, up 109.1% from 2.2 month(s) in May 2023.

Months of Supply

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 Ratio

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.

Selling a house in Fort Myers, FL

Home values have decreased by 2.7% since last year, and the number of days it takes to sell a home has increased from 23 days in May 2023 to 57 days in May 2024.

The best time to sell your home in Fort Myers is in June, 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 $22,950 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.

Buying a house in Fort Myers, FL

Homes in Fort Myers have a median price of $382,500, which means you’ll need $38,250 for a 10% down payment. Housing costs have decreased 2.7% 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 the down payment of $38,250 you should have $15,300 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 14% more expensive than North Fort Myers and 10% cheaper than the state median home value.

Fort Myers, FL housing market FAQs

• Are Fort Myers home prices dropping or rising?

  Home prices in Fort Myers are rising overall. Median home prices are down 2.7% since May 2023 but they’re up 27.5% in the past 3 years.

• Is Fort Myers a seller’s market in May 2024?

  The Fort Myers housing market is a seller’s market. Homes in Fort Myers stayed on the market for 57 days in May 2024.

• Is Fort Myers a buyer’s market in May 2024?

  The Fort Myers housing market is is not a buyer’s market, it’s considered a seller’s market. Homes in Fort Myers stayed on the market for 57 days in May 2024, slower than 25 days a year prior.

• When is the best time to buy a house in Fort Myers?

  The best time to buy a house in Fort Myers is in October when homes sell for 95.4% of the list price.

• When is the best time to sell a house in Fort Myers?

  The best time to sell a house in Fort Myers is in June when homes sell for 96.4% of the list price and go pending in 30 days.