SWFL Real Estate: Second Quarter 2024 Report
June 13, 2024 / RERI Research Team
Southwest Florida Real Estate Second Quarter 2024 Report
The residential market continued to level off during Q1 2024, as evidenced by the latest data available. Residential sales in the region, specifically in the single-family and condominium markets, continued to fall from their 2022 apex, with declines primarily concentrated across the coastal counties. Single-family and condominium median prices, when adjusted for inflation, have also begun to fall in the region, with declines observed in most Southwest Florida counties.
Despite declines in median prices, affordability issues in the region persisted in Q1 2024. The median family income in both Collier and Lee counties 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 Q1 2024. Despite the slowdown, real median prices per square foot increased 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 Q1 2023 to Q1 2024, including a 14 percent decline in single-family home sales and a 31 percent decrease in condominium sales.
- Real median prices for single-family homes and condominiums also declined in Q1 2024, falling 5 and 3 percent from Q1 2023. Multi-family homes (up 4 percent) and other residential properties (up 2 percent) both increased over the same period.
- The Housing Affordability Index (HAI) for all residential properties was down across the coastal counties, falling between 7 and 12 percent from Q1 2023 to Q1 2024.
- Commercial property sales were down across the board in Q1 2024, with retail, office and entertainment properties down 22, 11 and 33 percent compared to the same quarter last year.
Downloads:
Issue Brief: Southwest Florida Housing Affordability
Southwest Florida Real Estate Second 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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