SWFL Real Estate: First Quarter 2025 Report
February 27, 2025 / RERI Research Team
Southwest Florida Real Estate First Quarter 2025 Report
The residential market in Southwest Florida continued to experience notable shifts during Q4 2024, reflecting ongoing adjustments in the post-pandemic and post-hurricane housing landscape, as evidenced by the latest data available. Single-family home sales in the region have come down over the past quarters and remain below their 2022 apex, with declines primarily concentrated in Collier and Lee counties. Single-family and condominium real median prices in the region also continued to fall, with declines observed across all Southwest Florida counties. The percentage of total housing units that were actively listed rose year-over-year in all counties.
Following declines in median prices, affordability showed modest improvement across the coastal counties in Q4 2024. For single-family homes, the Home Affordability Index (HAI) increased by 12 to 14 percent year-over-year, with Lee and Charlotte leading in affordability. 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.
In the commercial sector, property sales and real median prices per square foot continued to decline across all property types during Q4 2024.
Other findings from the latest report include:
- Residential property sales for all types continued to decline from Q4 2023 to Q4 2024, including a 2 percent decline in single-family home sales and a 42 percent decrease in condominium sales.
- Real median prices for single-family homes and condominiums in Southwest Florida also declined in Q4 2024, both falling 13 percent from Q4 2023.
- The Housing Affordability Index (HAI) for all residential properties was up across the coastal counties, increasing between 6 and 18 percent from Q4 2023 to Q4 2024.
- All commercial property types experienced declines in sales in Q4 2024, with entertainment properties (40 percent), office (29 percent), other commercial sales properties (30 percent), and retail sales (12 percent) all seeing declines since Q4 2023.
Downloads:
Southwest Florida Real Estate First Quarter 2025 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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