January 2025 Market Report

Coastal Elegance in the Heart of Naples

Naples Housing Market Update – January 28, 2025

(Data from December 2024 compared to December 2023)

 

Naples Housing Market is Ready for Season

Source: Naples Area Board of REALTORS® December 2024 Market Report

Naples, Fla. (January 24, 2025) – The Naples area housing market closed out 2024 on a strong note, silencing concerns about declining property values and hesitant buyers. With increased inventory and steady demand, the market is positioned to perform well as we head into the busy season.

The overall median closed price in December dipped slightly by 4% to $600,000 compared to $625,000 in December 2023. While the condominium market experienced a 13.9% drop in median price to $447,750, single-family homes saw a modest 2.3% increase, with the median price rising to $767,500.

This positive momentum was driven by increased activity from both buyers and sellers. New listings surged 26% during December, signaling strong seller confidence. Buyers, in turn, responded enthusiastically, with pending sales up 7.4% for the month.

 

 

Naples Area Board of REALTORS® (NABOR®), October 2024 Market Report. Full report available here.

A Strong Year for Naples Real Estate

According to the December 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), 2024 saw a 15.7% increase in new listings, with 15,459 properties added to the market. By year-end, 10,090 properties went under contract, and 7,966 homes closed.

Notably, homes in the $500,000 to $1.5 million price range led the market, accounting for 3,862 closed sales during 2024. East Naples (34114, 34117, 34120, 34137) reported the highest number of single-family home sales, with 1,542 transactions at a median price of $650,000. Meanwhile, North Naples (34109, 34110, 34119) led the condominium market with 1,073 sales and a median price of $489,000.

Condo Market Adjustments

The condominium market saw significant price shifts, particularly in the Naples Beach area (34102, 34103, 34108), where median closed prices fell 29.6% year-over-year to $950,000. A new law requiring structural reserve studies and sufficient reserves for condominiums over three stories may have influenced this decline, as associations adjust fees to meet repair and reserve requirements.

Balancing Supply and Demand

Inventory levels rose 35.7% year-over-year to 5,695 properties in December, contributing to an 8.6-month supply—reflecting a more balanced market. Days on market increased to 84 days, up 42.4% from 59 days in December 2023. While longer days on market may signal more competition among sellers, it also offers buyers greater flexibility in their decision-making.

Mike Hughes, Vice President and General Manager of Downing-Frye Realty, noted that Naples inventory has shifted dramatically in recent years. “Where we sit today, there are now fewer single-family homes for sale priced below $300,000 than those priced above $5 million.”

Prospective buyers should work with an experienced REALTOR® to navigate these changes and understand the potential impact of assessments and fees on condo ownership costs.

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

239-398-8009

ABOUT SHAWN STUBEN

With a broad network of local connections and over 19 years experience helping his friends and clients buy and sell Naples properties, Shawn takes a personal, concierge approach to your real estate needs. With expansive knowledge of the area, Shawn can make your search for residential, retail, marina, investment, and commercial properties a warm Naples breeze and your final move a seamless one.

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Shawn Stuben offers the highest level of expertise in the Naples, FL real estate market. By tracking trends from the global down to a local market, Shawn ensures a sound buying/selling experience.

However, his services do not stop there. Shawn’s concierge offerings can connect you with vetted vendors of any kind, bringing ease to your move to Naples.

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