The Naples real estate market is one of the most competitive ones in Florida. It’s one of the most coveted cities in the state, with thousands of people looking for homes to settle in the area. However, buying, selling, or investing isn’t easy when the market is so competitive.
The most important part is understanding the landscape of the Naples real estate market before you make any kind of investment. This will help you put your money in the right place. Learn more in this post below.
Median Home Prices
The home prices in Naples have shown a significant increase compared to 2022. As of March 2023, the prices had increased by 12.1 percent, with the average sale price around $740K. This shows an upward trend, which is higher than the average price increase of 3.2 percent around the state.
Moreover, the average asking price per square foot is also higher in Naples than in the rest of the state. For instance, it’s $393 in Naples and $161 around other parts of the state.
Number of Houses Sold
More and more people are moving and staying in Naples as its popularity increases. Around 314 homes were sold during the last years, which was 18 percent less. This shows that people are selling few homes and buying more homes in Naples.
Factors that Affect the Naples Real Estate Market
The rate of borrowing: Lower rates promote borrowing, and higher rates decrease the number of borrowers.
Economic stability: A thriving economy like Naples promotes real estate investment opportunities and attracts investors.
Consumer confidence: The more people have the confidence and power to buy, the better the real estate market will perform.
Inventory: If there’s a low inventory of houses, the prices will be high. On the other hand, if there are many houses, the prices can be negotiated.
Reach Out to Real Estate Experts in Naples to Learn More
Are you planning to buy a home in Naples, Florida? The real estate agents at Southwest Florida RE Group – MVP Realty can help you every step of the way. In addition to helping you find your dream home, we also offer financial assistance. Our real estate experts will closely work with you so that you can get the best deal.
We have a proven track record of award-winning practices and success in the industry. Get in touch with us today for details about our real estate services.