The decline in housing prices in the Fort Myers, Florida area may be leveling off, according to a new report in FortMyersAgent.com, which provides real estate news on the South-west Florida real estate market and surrounding communities.
FORT MYERS, Fla., March 12, 2025 /PRNewswire-PRWeb/ -- The decline in housing prices in the Fort Myers, Florida area may be leveling off, according to a new report in FortMyersAgent.com, which provides real estate news on the South-west Florida real estate market and surrounding communities.
The volume of sales in the area, which includes Fort Myers, Fort Myers Beach, Cape Coral and North Fort Myers declined substantially in the last year. Housing prices also fell for the second straight year but shows major signs that prices may be leveling off.
The average sales price of residential real estate, including homes, condos and townhouses fell 3.34% for the year to an average of $510,751 in Lee County. But the average sold price for a single family home in Fort Myers was $537,705 a slight 0.63% decline from a year ago.
Real estate analysts contend the small decline indicates a leveling off in prices may be starting to develop as consumers get accustomed to higher mortgage rates.
Mortgage interest rates fell to historic lows during the COVID pandemic, falling below 3% in 2020 due to emergency actions by the Federal Reserve. As inflation surged in 2022, the Fed raised their discount cost of borrowing, pushing mortgage rates to their highest levels in 20 years.
As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September. The decline in borrowing rates increases homebuyers purchasing power and should provide a strong incentive to make home and condo purchases. Fort Myers is a growing community and a destination for resort buyers, who purchase condos and homes as vacation destinations.
The median price for a single family home in Fort Myers was unchanged from a year ago in February at $459,900. However, condominium sales in Fort Myers continue to show a large drop in prices, falling an average of 15.26% in the last year to $269,763. The drop makes it more affordable for condo buyers looking to make a purchase.
- FortMyersAgent.com provides real estate news and information on the Fort Myers, Fort Myers Beach, Cape Coral and Naples markets, and publishes the Fort Myers Agent newsletter monthly to keep readers informed. For more information, feel free to contact real estate agent Mike Colpitts, who is associated with the RealtyOne MVP through the website.
Media Contact
Mike Colpitts, RealtyOne MVP Group, 1 1239 3792552, [email protected]
SOURCE FortMyersAgent.com
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