Naples Housing Market Update – December 31, 2024
(Data from November 2024 compared to November 2023)
Pre-Season Inventory Surge Signals Strong Start for 2025
Naples, Fla. (December 31, 2024) –
The Naples housing market saw a significant boost in November with a 23% rise in new listings, pushing total inventory up 32.4% compared to November 2023. This increase is great news for buyers entering the winter season, as more options hit the market ahead of peak activity. Pending sales also rose for the first time in five years, reflecting strong buyer interest and Naples’ continued desirability. (Data Source: NABOR®)
Market Overview:
- Inventory Growth: Total properties for sale climbed to 5,368, up from 4,052 a year ago.
- Median Prices: The median closed price dipped slightly (1.7%) to $575,000, driven by a 10.8% decrease in condo prices. Single-family home prices, however, rose 2.8%.
- Months Supply: Inventory reached 8.1 months, approaching a balanced market (historically 12 months).
- Days on Market: Homes stayed on the market for an average of 83 days—up from 59 days last year but still below the 92-day average in 2019.
Naples Area Board of REALTORS® (NABOR®), October 2024 Market Report. Full report available here.
Condo Market on the Rise
Condo inventory surged 41.7%, thanks to a 27.9% increase in new listings. While older condos may see slight cost increases as associations rebuild reserves, most inspections in Naples have reported positive results—a stark contrast to challenges faced on Florida’s east coast. Sellers should price competitively as new listings continue to enter the market.
Pricing Adjustments and Buyer Activity
Over 1,200 price reductions in November suggest sellers are adjusting expectations to match current demand. With mortgage rates expected to hover around 6.5% in 2025, buyers may feel more confident about entering the market, especially if stock market performance supports second-home purchases.
Looking Ahead
More listings are expected in December and early 2025, providing buyers with even more options. Sellers should focus on realistic pricing and address any potential insurance concerns, especially for older roofs. Buyers, meanwhile, are encouraged to work with experienced REALTORS® to navigate pricing trends, inspections, and financing options.
Key Takeaways for Buyers and Sellers
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Buyers: Take advantage of increased inventory and competitive pricing.
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Sellers: Price strategically to attract motivated buyers.
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Both: Partner with an experienced Naples REALTOR® for expert guidance and insights.
Ready to Buy or Sell?
The Naples housing market is poised for growth in 2025. Whether you’re looking for a seasonal getaway or a full-time residence, let me help you navigate this evolving market. Contact me today to get started!
It’s time.
Shawn Stuben
