Naples Housing Market Update – September 2024
(Data from July 2024 compared to July 2023)
Naples, Fla. – As we move through 2024, it’s clear that the Naples real estate market is undergoing some shifts compared to the boom of previous years. While the summer months of June and July saw a modest 2.6% decrease in closed sales compared to the same period in 2023, this isn’t a cause for concern—especially when viewed in the context of a broader market normalization. The good news is that inventory is on the rise, which presents excellent opportunities for both buyers and sellers alike.
Benefits of Increased Inventory for Buyers
For buyers, the current market presents a wealth of opportunity. Inventory levels have increased significantly—up 50.5% compared to July 2023. With over 4,300 properties now available and 6.2 months of inventory on the market, buyers have a much larger pool of homes to choose from. This gives buyers the chance to take their time, explore more options, and potentially negotiate more favorable terms. Whether you’re looking for a beachside property or a home further inland, now is an excellent time to explore the diverse Naples market and find a property that fits your needs.
Sellers: Pricing Right is Key
For sellers, the market remains strong, but it’s more important than ever to price your home competitively. The pandemic-induced frenzy is over, and although home values have increased by 50% since 2019, buyers today are looking for value. Sellers who list their homes at aspirational prices may find their properties sitting on the market longer than anticipated. Pricing your home correctly from the start, based on recent market data and expert guidance, is crucial to attracting serious buyers in today’s more balanced market.
Navigating Interest Rates and Market Timing
One of the current challenges for buyers and sellers alike is navigating the impact of interest rates and market timing. As interest rates remain high, fewer buyers are entering the market with cash offers, and financing hurdles are becoming more common. That said, waiting for interest rates to drop could lead to higher home prices, as decreased rates typically spur demand. On the flip side, if you’re a seller waiting for the winter season to list your home, you might find yourself facing more competition as inventory increases. The key is to work with a knowledgeable REALTOR® who can help you time your transaction for maximum benefit, whether you’re buying or selling.
Two Distinct Markets: Coastal vs. Inland:
Naples is currently experiencing two distinct markets—properties near the coast, especially within five miles of the beach, are seeing more available inventory, while inland areas like Golden Gate Estates are facing surging demand with far less inventory. Buyers interested in the more inland neighborhoods should act quickly, as properties in those areas are in high demand. Sellers in coastal areas should be prepared for more competition and the possibility of needing to adjust their expectations based on the number of available homes in their vicinity.
Work With a Realtor Who Knows the Naples Market
Whether you’re looking to buy or sell, navigating today’s market requires insight and expertise. The Naples market has evolved, and working with a REALTOR® who understands these changes is crucial for maximizing your real estate investment. With the right strategy, buyers can secure their dream homes, and sellers can still achieve strong sales. If you’re ready to explore your options in the Naples real estate market, now is a great time to make your move.
It’s time.
Shawn Stuben
