SWFL Real Estate: Third Quarter 2024 Report
September 03, 2024 / RERI Research Team
Southwest Florida Real Estate Third Quarter 2024 Report
The residential market continued to level off during Q2 2024, as evidenced by the latest data available. Single-family home sales in the region have plateaued over the past quarters and remain below their 2022 apex, with declines primarily concentrated across the coastal counties. Single-family and condominium real median prices in the region also continued to fall, with declines observed in most Southwest Florida counties.
Despite declines in median prices, affordability issues in the region persisted in Q2 2024. The median family income in Collier County was not enough to afford a median priced residential property, according to latest readings from the Household Affordability Index (HAI). Moreover, real median rents for all three coastal counties continued to fall from their 2023 peaks but still remain elevated compared to pre-Covid values.
Sales of commercial properties also continued to slow down during Q2 2024. Despite the slowdown, real median prices per square foot increased year over year for both retail and office properties, while slipping for entertainment properties.
Other findings from the latest report include:
- Residential property sales for all types continued to decline from Q2 2023 to Q2 2024, including a 3 percent decline in single-family home sales and a 35 percent decrease in condominium sales.
- Real median prices for single-family homes and condominiums also declined in Q2 2024, falling 9 and 7 percent from Q2 2023. Multi-family homes (up 3 percent) and other residential properties (up 8 percent) both increased over the same period.
- The Housing Affordability Index (HAI) for all residential properties was down across the coastal counties, falling between 0.2 and 4 percent from Q2 2023 to Q2 2024.
- Yearly changes in commercial property sales in Q2 2024 varied by type, with entertainment properties (57 percent) and retail sales (21 percent) experiencing declines since Q2 2023, while, office (3 percent) and other commercial sales properties (9 percent) were slightly up since last year’s measure.
Downloads:
Issue Brief: Southwest Florida Housing Affordability
Southwest Florida Real Estate Third Quarter 2024 Report
Acknowledgments:
This report is the product of a collaborative effort between the Regional Economic Research Institute and the Lucas Institute for Real Estate Development and Finance. We would like to thank the various property appraiser offices for providing the data that made this analysis possible.
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