Cape Coral real estate market trends and projections for 2024
Cape Coral is a city in Lee County, southwest Florida, known for its waterways, warm climate, and family-friendly atmosphere. In recent years, Cape Coral has experienced notable population and economic growth, becoming one of the most attractive destinations to live and invest in the state. What will the Cape Coral real estate market hold in 2024? In this article, we will analyze the trends and projections expected for this year, and how you can take advantage of the opportunities that arise.
Rising demand and housing prices
One of the most evident trends in the Cape Coral real estate market is the increase in demand and prices for homes. According to Zillow’s report, the median home value in Cape Coral has increased 18.9% in the past year and is expected to increase another 11.5% in the next year.
The median sales price of homes in Cape Coral is $300,000, which represents an increase of 12.8% from the previous year. These data reflect the shortage of inventory and high competition among buyers, who seek to take advantage of the low mortgage rates and quality of life that the city offers.
Preference for spacious properties with access to water
Another trend seen in the Cape Coral real estate market is the preference for spacious properties with water access. Buyers increasingly value the space, comfort, and lifestyle provided by homes with large lots, pools, patios, and canal access. These features have become more important due to the pandemic, which has boosted working from home and outdoor recreation. Properties with water access are especially sought after, as they allow you to enjoy water activities such as boating, fishing, and kayaking. According to Realtor.com’s report, the median price of homes with water access in Cape Coral is $525,000, which is a 25.7% increase from the previous year.
Population and economic growth
Cape Coral’s real estate market also benefits from the city’s growing population and economy. Cape Coral is the eighth most populous city in Florida, with more than 200,000 inhabitants, and the fastest growing in the state, with an increase of 22% in the last decade.
The city attracts new residents for its climate, safety, low cost of living, and diversity. In addition, Cape Coral has a dynamic and diversified economy, based on sectors such as tourism, construction, health, education, and services. The city offers employment and business opportunities and has tax and regulatory incentives to attract companies and investors.
Opportunities for investors and owners
The Cape Coral real estate market offers opportunities for investors and owners who want to take advantage of trends and projections for 2024. On the one hand, investors can find properties with potential for appreciation and profitability, both for sale and rental.
According to the Benoit Properties report, rents in Cape Coral have grown 17.6% in the last year, leading the national ranking, due to low supply and high demand. On the other hand, homeowners can benefit from the appreciation of their homes and favorable conditions to sell or refinance their mortgages. According to the ASG Homes report, 2024 will be a good year to sell properties, as prices are expected to continue rising and demand outstrips supply.
Conclusion
The Cape Coral real estate market for 2024 presents positive trends and projections, reflecting the growth and attractiveness of the city. Rising housing demand and prices, preference for spacious and water-accessible properties, population and economic growth, and opportunities for investors and homeowners are some of the highlights expected for this year. If you are interested in the Cape Coral real estate market, we recommend that you inform yourself and seek advice from professionals who can help you make the best decisions. Cape Coral awaits you with open arms!
