Is NAPLES, FL A Buyers Or Sellers Market?

Randy Keys image By
Published: May 13, 2024
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Imagine a place where the sun always shines, the beaches are pristine, and the lifestyle is simply splendid. Welcome to Naples, Florida, a Gulf Coast gem (population 20,100) that beckons homebuyers and renters with its unique charm! But what about its real estate market? Is it a haven for sellers or a paradise for buyers? Join me on this thrilling exploration, and discover all the answers you need!

Naples is synonymous with a dream come true!

Moving to Naples should be at the top of your list! Spoiler alert! The city vibes are out of this world! It's all about living life in flip-flops, soaking up rays, and getting cozy with nature. However, an expert's assistance who's well-versed in the local housing market will come in handy. I am an established real estate agent in Naples, Florida, who can deliver the latest information to your doorstep! Reach out to me; you'll benefit from the best deals in town! Let's crunch those numbers!

 

downtown of naples florida

 

Get an accurate picture of Naples, Florida's booming real estate market!

Let's address the elephant in the room straight away. Naples properties are indeed pricey, about 200 more expensive than the US average. As of March 2024, the median real estate sale price was approximately $760,000, 1.5 percent higher than a year before. Naples homes for sale spend around 72 days on the market, twice as much as in 2023. 

The local real estate market has recently experienced its fair share of ups and downs. In 2023, median sale prices peaked in February (about $890K) and November ($880K). The lowest point was in October 2023, with a median home sale price of $690K. The good news for homebuyers and investors in Naples is that this year brought a soft market correction with decreased property prices. Based on conservative market valuation, home prices will continue to drop slightly in Q3 2024. 

 

Do buyers or sellers have the upper hand in Naples, FL?

I would call the Naples housing market less competitive in the second semester of 2024. In other words, this stunning and welcoming community is a buyer's market, offering you a once-in-a-lifetime opportunity to move in! Homes for sale proportionately outnumber the demand. What makes me say this? 

 

A real chance of scoring a fantastic deal!

Single-family homes and condos have been on the market for a long time. Secondly, the average property sells about five percent below the list price. You'll have the unique chance of scoring one of the hottest assets in Naples below the initial price! Consider this! 

Suppose you fall in love with an astonishing single-family home or luxury real estate located in one of Naples's trendiest neighborhoods, like Old Naples, Port Royal, or Berkshire Lakes. Then, with an expert negotiator, you will benefit from considerable wiggle room and acquire that gem at a favorable price!

 

What should renters expect when moving to Naples, Florida?

You might be interested in renting an affordable unit in Naples before buying a home. Then, you must know the median rent for all apartment types and bedrooms is about $5,800 as of April 2024. It goes without saying you'll find many properties for rent in Naples, as there were almost 4K units available that month. 

Additionally, the average monthly rent of a one-bedroom apartment in Downtown Naples is about $2,900. The same apartment outside the city center will cost around $2,270. Will you relocate to Naples with a family? If you want to rent a three-bedroom apartment in the city center, expect to pay a monthly rent of  $6,125. The monthly rent of the same rental unit outside downtown is available at $4,300.

 

Neighborhoods: From ritzy to wallet-friendly

naples florida downtown cityscapePort Royal is the place to be if your pockets are deep and you're all about that luxury lifestyle. Known for its mansion-lined streets and private beach access, living here is having the crème de la crème of real estate. Furthermore, Aqualane Shores is another contender in the heavyweight category of plush neighborhoods, featuring waterfront homes that will make your jaw drop.

Fear not if your bank account is still being prepared for the big leagues. Neighborhoods like Golden Gate and East Naples offer more affordable alternatives without skimping on the charm. Here, you can find gems that won't require a millionaire's budget but still provide a comfortable, friendly atmosphere.

 

Final thoughts

In conclusion, Naples is a buyer's market where homebuyers have a slight advantage. Based on personal observations, sellers in Naples still hold a strong position, especially in more luxurious sectors. However, buyers with patience and the right strategy might find room to negotiate. So, whether you're buying or selling in Naples this year, knowing the area and where to look for value can make all the difference.

Simply put, life in Naples is like finding your own slice of heaven. It's the dream coastal life you've always wanted. So, why not make it your reality? If you're up to the task, contact me as soon as possible!

 

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