Southwest Florida Real Estate Market Update [New for March 2024]

What’s in store for the Florida Real Estate Market as we enter the last month of the 1st Quarter in 2024?

Hi, it’s Marcus Larrea, Team Lead, and Founder of Palm Paradise Realty Group, and the numbers for the Southwest Florida Real Estate Market in February are here.

Inventory continues to rise across Southwest Florida in all areas and in all property categories. Inventory is up as high as 68% for condos and townhomes in Lee County and as low as 24% for single-family homes in Collier County.

Sales through February are also down 5% to 17% depending on the county and property type compared to this time last year.

With increased inventory and decreased sales, we are seeing up to a 200% increase from February 2023 in the number of days on the market, ranging from 42 to 52 days currently.

While all signs may point to us being in a “buyer's market,” it is interesting to see that the median sale price is still staying strong. In February 2024, the median sale price was down about 4% for single-family homes in Lee County compared to February 2023. However, the median sale price is up over 2% for condos and townhomes in Lee County compared to last year. In Collier County, price gains are even stronger, up over 20% for single-family homes and up 5% for condos and townhomes.

With sales having dipped drastically and inventory rising, buyers should have room to negotiate when making an offer on a property. However, many sellers are still staying strong on their asking price. We are seeing properties that are new or updated moving much quicker than those that need work, even seeing multiple offers in certain situations. If listing your home, it is important to work with an experienced agent like those at Palm Paradise Realty Group to advise you on potential pre-listing prep strategies to help you get your home sold faster and for more money.

So what’s in store for the remainder of 2024 for the Southwest Florida Real Estate Market?

Despite global uncertainties, Florida's real estate has shown resilience, with closed sales in 2023 nearly matching the post-pandemic boom of 2022, and far exceeding the figures from 2018.

Expert economists like Dr. Brad O’Connor and Dr. Sean Snaith bring good news: interest rates are stabilizing, and the market is ripe for growth. The consensus? We've weathered the worst, and it's time to look forward.

With mortgage rates expected to drop below 6% this year, the dream of homeownership is becoming more attainable. Buyers, encouraged by these rates, are ready to make their move.

Despite challenges like high property insurance and inflation, Florida's real estate market stands strong. Fear of a market crash? Unfounded. The state’s robust market and economy are not only surviving but thriving.

While the nation might face economic headwinds, Florida is well-prepared. A strong labor market, population growth of up to 1,000 people a day moving to the state, and the appeal to remote workers and retirees with high equity keep the state’s economy buoyant.

Florida’s real estate market is more than just surviving; it’s setting the stage for a resurgence.

If you are Stay tuned, and let's embark on this promising journey together. Welcome to the future of Florida real estate.

If you'd like to discuss your upcoming real estate needs, whether you are considering buying or selling, you can connect with any of our experienced agents at Palm Paradise Realty Group by visiting us at or give us a call at 239-955-7256.

Thanks for watching and see you in the next video.

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