Whenever you are planning to jump into the real estate market in Naples or any other city in Florida (or the United States), it is important to understand how the housing market works, what its current condition is, and what the average home prices in Naples are right now. This information will provide you with knowledge of the local market’s overall health and will help you decide if now is the right time to take your real estate journey.
When it comes to buying a home, knowing the average home prices in Naples will ensure that you are making well-informed decisions in regards to finding a home that meets your family’s needs. If you are selling a home, you can rest assured that you are setting a competitive and fair asking price if you know the average home prices in Naples at the moment.
According to realtor.com, Naples is currently a seller’s market (more demand for homes than the supply can handle), so now would be a good time to sell a home and get top dollar for it. As far as the specifics of these average home prices in Naples, our realtors at Your Home Sold Guaranteed Realty - The Cachon Team are happy to discuss them in this post and give you some tips about buying or selling in the current real estate market.
Which Factors Can Have an Effect on Average Home Prices in Naples?
Before we can discuss the particulars of any housing market, we must first make sure that you are familiar with the many factors that can affect average home prices in Naples. Some of the most important factors include:
- Economic conditions. Certain economic conditions can make it very difficult to buy or sell a home because of the financial challenges they present. Such issues as rising interest rates, inflation, recession, and other situations can make buying a home unaffordable and result in home sellers lowering their asking prices.
- Demographic trends. Average home prices in Naples can also be affected by trends in the demographics. Things like age, income, education level, and family size can all play a role in the home prices. Demand could rise, for instance, if a particular age range such as retirees begins moving into the area. They desire certain types of homes so prices for those homes may rise, as with the demand.
- Availability of housing. Supply and demand is an economic principle that is basically taught on day 1 of any economics class because it is so important and can influence prices so dramatically. When there is low supply and high demand, prices skyrocket. On the flipside, low demand and high supply causes prices to plunge.
- Interest rates. Mortgage rates are directly influenced by interest rates. If the interest is high, then the mortgage will also be higher. This is why first-time home buyers, especially, have challenges when it comes to affording the ideal home. Home sellers will often lower their asking prices slightly when they know that interest rates are super high as a way of compensating.
- Seasonal trends. Who wants to move in December or January when the weather is colder and daylight hours are fewer? Not too many people. That’s why demand for homes and their prices are lower than they are during summer months. More home buyers are active during the summer, causing higher demand and higher prices.
Average Home Prices in Naples Right Now
According to information from Rocket Homes, Naples was a seller’s market last year at this time and continues to be a seller’s market right now. However, there has been a slight decrease in the selling price of homes in the same time span. The average home prices in Naples are around $510,000 as of March 2023, which is a 3.8% decrease since last year.
From February to March 2023, the number of homes listed for sale has increased by 2.8%, and the number of homes sold in that period jumped 46.4% from 28 to 41. Even though it is considered a seller’s market, more than half of homes in Naples sold below asking price (53.7%) while only 12% sold above it. The length of time that homes are spending on the market is also on the rise compared to last year (76 days right now as opposed to 48 days last year).
Although the current state of the market favors seller’s, it appears that this trend may soon be changing to a more neutral market in the forthcoming months. This may be due to the increase in interest rates affecting the ability of home buyers to actually afford to make the investment. Home buyers looking right now still need to act fast if they are hoping to buy a home quickly.
Things to Consider as a Home Buyer or Seller in Naples
There are a few considerations to make if you are planning to buy or sell a home any time soon in Naples, based on the data above. With the move toward a more neutral market, home sellers may need to prepare themselves for a longer stay on the real estate market than expected. It may also be time to reconsider your asking price based on current market conditions and trends. Interest rates continue to rise, and selling will be more difficult with a higher asking price.
For home buyers, you may not have as much competition in the forthcoming months, but you should also be aware of the rising interest rates and how that will affect your ability to buy a home that suits your needs perfectly. With less competition, though, a home seller may be more willing to accept a lower offer. It never hurts to ask. They may also be willing to negotiate terms or make unexpected concessions.
The best way to make sure that you have a great real estate experience, regardless of the current market conditions, is to work with a skilled and knowledgeable realtor such as ours at Your Home Sold Guaranteed Realty - The Cachon Team. With our help, you can be well on your way to achieving your real estate goals.
Find Out Your Home’s Current Market Value with Us!
Have you decided to jump into the real estate market as a home buyer or seller? Be sure you are only working with the best in the area. Our realtors at Your Home Sold Guaranteed Realty - The Cachon Team are here to make your experience as easy and stress-free as possible.
We can provide you with plenty of information about historical market trends as well as current average home prices in Naples. Our former clients have generously left us with thousands of five-star reviews because they love working with us and getting top-notch service as well as unparalleled home buyer and seller guarantees.
The Guaranteed Sale Program ensures that your home sells in a specific time frame that is acceptable to you. If it does not, we will buy it ourselves for an agreed-upon price. The Home Buyer Satisfaction Guarantee states that we will buy your home back if, for some reason, you realize that it isn’t right for you. This provides you confidence and a safety net when buying a new home.
If you are ready to start your real estate journey, be sure to contact the most experienced realtors who are dedicated to your 100% satisfaction – Your Home Sold Guaranteed Realty - The Cachon Team. Give us a call today at (239) 399-5432 or fill out the form below with the requested information to learn more about average home prices in Naples or how to begin your buying or selling process.