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Fort Myers, FL: Real Estate Market & Trends 2016

The Fort Myers real estate market continued to thrive in 2016. The first-half of the year experienced positive gains in both home prices and appreciation rates. Home prices, although lower the national average, were up in the first six-months of the year. Better yet, gains in the last three years have extended the price trend of positive price growth since the recession, helping to benefit homeowners and investors alike. Home appreciation also fared well in 2016. One-year and three-year appreciation rates for Fort Myers real estate surpassed the rest of the country, which is expected to continue moving forward.

Market factors boosting the Fort Myers real estate market in 2016 included the local economy, new housing construction and home affordability. Job-growth in the area continued to grow like wildfire during the first-half of the year, while unemployment fared better than the national average. The pace of new housing construction also performed well in 2016. Furthermore, home affordability in Fort Myers was among the lowest in the country. The Fort Myers real estate market is shaping up to become one of the hotter investment markets in the United States.

Fort Myers, FL Real Estate Market Statistics:

Fort Myers real estate investors

Home appreciation rates continued to flourish in 2016. One-year and three-year appreciation rates for Fort Myers real estate reached 7.0 percent and 29.3 percent in the first-half of the year. In comparison, the national average achieved one-year and three-year appreciation rates of 4.9 percent and 17.8 percent respectively. Home appreciation continued to work in favor of the Fort Myers real estate market in 2016, and the trend is expected to continue in 2017. For those considering Fort Myers real estate investments, the following highlights appreciation gains from previous years:

  • Homes purchased in the Fort Myers, FL housing market one year ago have appreciated, on average, by $18,549. The national average was $14,963 over the same period.
  • Homes purchased in the Fort Myers, FL housing market three years ago have appreciated, on average, by $61,459. The national average was $46,878 over the same period.
  • Homes purchased in the Fort Myers, FL housing market five years ago have appreciated, on average, by $124,794. The national average was $82,353 over the same period.
  • Homes purchased in the Fort Myers, FL housing market seven years ago have appreciated, on average, by $155,225. The national average was $77,054 over the same period.
  • Homes purchased in the Fort Myers, FL housing market nine years ago have appreciated, on average, by $3,062. The national average was $31,126 over the same period.

The strength of the Fort Myers real estate market in 2016 belonged to home equity. Price appreciation and principle payments in the last three years have boosted total equity growth since the recession, helping to benefit homeowners and investors alike. Homes purchased a year ago in Fort Myers have appreciated by $18,549, compared to $14,963 by the rest of the country. In fact, the last nine years have experienced equity gains above the national average, except for year nine. The largest gain in home equity was achieved in year seven, when homes appreciated by $155,225. In comparison, the national average achieved gains of $77,054. With prosperity in home equity, the rise in Fort Myers real estate investing is expected to pick up steam.

Foreclosures are another investment opportunity for investors to consider. According to RealtyTrac, there were 1,370 properties in some stage of foreclosure during the month of December. For the Fort Myers real estate market, that number is 60 percent higher than the previous month and 108 percent higher than the same period last year. In terms of bank owned real estate, the number of REO properties in the Myers real estate market increased by 168.2 percent from the previous month, and 280.6 percent from the same period last year. That said, the spike in foreclosures is confirmation that investment opportunities in the Fort Myers real estate market are alive and well.

Fort Myers, FL Real Estate Market Summary:

Fort Myers housing market

  • Current Median Home Price: $230,000
  • 1-Year Appreciation Rate: 7.0%
  • 3-Year Appreciation Rate: 29.3%
  • Unemployment Rate: 4.6%
  • 1-Year Job Growth Rate: 4.1%
  • Population: 68,190
  • Median Household Income: $37,360

Fort Myers, FL Real Estate Market (2016) — Q2 Updates:

Fort Myers real estate investing

The Fort Myers real estate market continued to perform well in 2016. The median home price for Fort Myers real estate was $230,000 during the second quarter, compared to $239,167 by the national average. Appreciation rates performed even better, as one-year and three-year rates reached 7.0 percent and 29.3 percent. Gains in the last three years have surpassed the trend of positive price growth after the recession.

Improvements in the local economy helped to propel the Fort Myers real estate market in 2016. Unemployment was 4.6 percent during the second quarter, lower than the 4.9 percent by the national average. Job-growth also fared well, as one-year growth reached 4.0 percent during Q2. In comparison, the national average experienced one-year job growth at a rate of 1.8 percent. That said, local employment growth in Fort Myers is strong compared to other markets, and should continue in 2017.

Additional factors influencing the Fort Myers housing market included new housing construction and home affordability. Homeowners paid 11.8 percent of their income to mortgage payments, whereas the national average paid 15.8 percent. The Fort Myers real estate market is among the most affordability housing communities in the nation. In addition, construction for new housing continued to pick up steam. The level of construction in the second quarter was 99.2 percent above the long-term average, while single-family housing permits reached 8.0 percent. Construction in Fort Myers is one the rise relative to last year, which suggest that local inventory has stabilized.

Looking ahead, the Fort Myers real estate market is expected to see higher price growth in the next 12 months than the rest of the U.S. According to the National Association of Realtors (NAR), home prices for Fort Myers real estate is predicted to grow by 4.3 percent, compared to the national average of 3.6 percent. Moving forward, the Fort Myers real estate market should see an influx in both home ownership and investment properties moving forward,

*The information contained herein was pulled from third party sites. Although this information was found from sources believed to be reliable, FortuneBuilders Inc. makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. Any reliance on this information is at your own risk. All information presented should be independently verified. FortuneBuilders Inc. assumes no liability for any damages whatsoever, including any direct, indirect, punitive, exemplary, incidental, special, or consequential damages arising out of or in any way connected with your use of the information presented.

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