Prices are down compared to a year
earlier and continue to weaken
3-year (12-quarter) Appreciation (2024 Q1)
5.1%
Local Price Trends
The Cape Coral-Fort Myers market is part of region 5 in the NAR governance system, which includes all of Georgia,
Florida, Alabama, Mississippi, Virgin Islands, and Puerto Rico. The 2024 NAR Regional Vice President representing region
5 is Faron W. King.
Local NAR Leadership
Note: limits are current and include the changes made on January 1st 2024.
$79,200
7-year (28 quarters) Housing Equity Gain*
$212,500
3-year (12-quarter) Housing Equity Gain*
9-year (36 quarters) Housing Equity Gain*
Most buyers in this market have access
to government-backed financing
$498,257
$165,100
FHA Loan Limit
21.2%
Price Activit
y
$385,100$415,000
Fort Myers
Current Median Home Price (2024 Q1)
$1,149,825
Local Median to Conforming Limit Ratio
$766,550
not
comparable
$154,400
$1,149,825
1-year (4-quarter) Appreciation (2024 Q1)
Fort Myers U.S.
$67,467
-4.4%
Local Trend
*Note: Equity gain reflects price appreciation only
Gains in the last 3 years have extended
the trend of positive price growth after
the recession
$181,700
54%
Conforming Loan Limit**
U.S.
Cape Coral-Fort Myers Area
Local Market Report, First Quarter 2024
Today's Market…
23.6%
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2024
Q1
Q32023
Q1
Q32022
Q1
Q32021
Q1
Q32020
Q1
Q32019
Q1
Q32018
Q1
Q32017
Q1
Q32016
Q1
Q32015
Q1
Median Price (Green Line) and One-year Price Growth
Benefits of Ownership:
Total Equity Appreciation
Price Activit
y
FortMyers U.S.
$14,361 $22,451
Total Equity Gained** through 2024 Q1 from quarter in which home was of purchased
Local Trend
$86,390
3-year (12-quarter)*
$99,206
Price trends in the last three years have
undercut the steady post-recession
home equity growth despite owners
paying down principle
*Note: Equity gain reflects price and principle payments since purchase, prevailing 30-year fixed rate mortgage at time of
purchase and a 10% downpayment. Downpayment is not included in total equity
$217,432
1-year (4-quarter)
$180,993
5-year (20-quarter)*
$152,868
$248,074
9-year (36 quarters)*
7-year (28 quarters)*
$196,030 $182,953
-$14,361
$189,271
-$50,000
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
2023 Q12021 Q12019 Q12017 Q12015 Q12013 Q12011 Q1
Total Equity Accrued to Owner by Year and Quarter of Purchase
Natural Resourc 13.7% 42.2 Natural
R
5.4%
#N/A #N/A #N/A #N/A
#N/A #N/A Constru
c
8.2%
Manufacturing 2.6% 8 Manufac 1.9%
Trade/Transport
a
19.5% 60.7 Trade/T
r
14.5%
Information
1.2% 3.6 Inform
a
1.9%
Financial Acti
v
5.0% 15.7 Financi
a
14.5%
Prof. & Busin
e
14.5% 45.2 Profess
i
14.5%
Educ. & Heal
t
11.0% 34.2 Educati
o
16.7%
Leisure & Ho
s
13.6% 42.4 Leisure 10.5%
Other Service
s
3.8% 11.9 Other S 3.7%
Government
15.4% 47.9 86.5% Govern
m
15.0% 98.5%
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
Financial Activities
Prof. & Business Services
Educ. & Health Services
Leisure & Hospitality
Service Providing Excluding Government
100
Trade/Transportation/Utilities
Employment growth has eased, but
remains positive
300
800
-300
200
1,700
NA
Natural Resources and Mining
Natural Resources/Mining/Construction
NA
Share of Total Employment by Industry
Information
Other Services
Government
3.0%
Not
Comparable
12-month Job Change (Mar)
12-month Employment Change by Industry (Mar - 2024)
1-year (12 month) Job Growth Rate
28,600
3,800
U.S.
Construction
2,600
3.8%
3.5%
1.2%
Cape Coral-Fort Myers Area
Goods Producing
-100 Manufacturing
1,400
Local employment growth is poor and
needs to improve
3.4%Current Unemployment Rate (Mar)
Local Economic Outlook Fort Myers U.S.
Drivers of Local Supply and Demand…
Not
Comparable
Unemployment has risen since the
same period last year, but Fort Myers's
labor market has been more resilient
than the national average
Not
Comparable
6,600
36-month Job Change (Mar)
2.1%
-100
NA
NA
12-month Job Change (Feb)
Year-ago Unemployment Rate
Natural
Resources/
Mining/Con
struct
13.7%
Manufactur
ing
2.6%
Trade/Tran
sportation/
Utilities
19.5%
Informatio
n
1.2%
Financial
Activities
5.0%
Prof. &
Business
Services
14.5%
Educ. &
Health
Services
11.0%
Leisure &
Hospitality
13.6%
Other
Services
3.8%
Governme
nt
15.4%
Natural
Resources/
Mining/Con
struct
5.4%
Constructio
n
8.2%
Manufacturi
ng
1.9%
Trade/Trans
portation/Ut
ilities
14.5%
Information
1.9%
Financial
Activities
14.5%
Professional
& Business
Services
14.5%
Educational
& Health
Services
16.7%
Leisure &
Hospitality
10.5%
Other
Services
3.7%
Governmen
t
15.0%
19.9%
6,846
Production above trend for an
extended period of time could cause
prices to moderate as inventory is built
up.
U.S.
New Housing Construction
Single-Family Housing Permits (Mar)
12-month sum vs. a year ago
8.8%
12-month change (2024 - Mar)
not
comparable
36-month change (2024 - Mar)
12.9%16.5%
2.5%
12-month Sum of 1-unit Building Permits
through Mar
9,745
Fort Myers
not
comparable
8-year average for 12-month Sum of 1-Unit
Building Permits
2.9%
Local Fundamentals
U.S.FloridaState Economic Activity Index
The current level of construction is
42.4% above the long-term average
Florida's economy is growing, but
decelerated from last month's 2.67%
change and lags the rest of the nation
Construction is on the rise relative to
last year, suggesting that the local
inventory has stabilized
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
State Total Foreclosure Rate vs. U.S Average
(U.S. Average in Green Dashed Line)
Source: Mort
g
a
g
e Bankers' Association
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Construction: 12-month Sum of Local Housing Permits
(Historical Average Shown in Grey Dashed Line)
*The median family Income was included for the calculation of the mortgage payment to income ratio
*The median family Income was included for the calculation of the median home price to income ratio
The price-to-income ratio is high by
historic standards and getting worse
Less affordable than most marketsHistorical Average 3.6
U.S.
Historical Average More affordable than most markets17.0%16.5%
Affordability
29.1%
U.S.
Ratio for 2024 Q1
Ratio for 2023
Ratio for 2024 Q1
Ratio for 2023
23.7%
Weak by local standards, but better
than the fourth quarter of 2023
25.2%
4.0
Fort Myers
Fort Myers
Median Home Price to Income*
29.6%
4.7
4.7
3.4
3.8
Monthly Mortgage Payment to
Income*
0%
5%
10%
15%
20%
25%
30%
35%
2023202120192017201520132011
Long-Term Trend: Ratio of Local Mortgage Servicing Cost to Income
(Local Historical Average Shown in Grey, U.S. Average in Green)
0%
5%
10%
15%
20%
25%
30%
35%
2024 Q12023 Q42023 Q32023 Q22023 Q12022 Q42022 Q32022 Q2
Recent Trend - Local Mortgage Servicing Cost to Income
(Historical Average Shown in Grey Dashed Line)
During the first quarter of the year, housing affordability improved as mortgage rates fell below 7%. Steady
interest rates from the Federal Reserve helped mortgage rates to ease in the first three months of the year.
Nevertheless, even with this decrease, mortgage rates continued to be higher than a year ago. According to
the mortgage provider Freddie Mac, the 30-year fixed mortgage rate rose to 6.75% in the first quarter from
6.36% a year earlier.
With lower interest rates on the horizon, mortgage rates are expected to ease later this year, thereby
enhancing affordability for potential homebuyers. NAR forecasts the 30-year fixed mortgage rate to average
6.5% at the last quarter of the year.
The Mortgage Market
0
40
80
120
160
200
240
280
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2024
Q1
Q32023
Q1
Q32022
Q1
Q32021 Q1Q32020
Q1
Q32019 Q1
30-year Fixed Mortgage Rate and Treasury Bond Yield
Spread (left axis) 30-Year FRM (Right axis)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2023202120192017201520132011
Ratio of Local Median Home Price to Local Median Family Income
(Local Historical Average Shown in Grey, U.S. Average in Green)
More information on the OMB's geographic definitions can be found at
https://obamawhitehouse.archives.gov/omb/bulletins_default/
Lee County
The Fort Myers area referred to in this report covers the geographic area of the Cape Coral-Fort Myers metro area as
officially defined by the Office of Management and Budget of the U.S. Government. The official coverage area includes
the following counties:
Geographic Coverage for this Report
