The Fort Myers housing market is pretty competitive. Homes usually sell in about 59 days. The city keeps growing steadily, thanks to its great weather, stunning beaches, and lively vibe. Lately, the sale-to-list price ratio has been around 96.61%. This means homes are selling for almost what they’re listed at.
By early 2024, the median home listing price in Fort Myers is $416,500. There’s been a small drop of about 2% from last year. Homes are selling for around $375,100 on average. This gap shows that buyers often negotiate prices down a bit. Compared to nearby cities, Fort Myers stays pretty affordable with an annual increase in home prices by about 1.3%.
The rental market in Fort Myers is booming. On average, renting a home costs about $2,395 per month. This makes it pretty attractive for investors since there’s strong demand from both seasonal visitors and permanent residents looking for places to live. Low vacancy rates show just how high the demand is compared to the limited supply of available rentals.
Fort Myers has been experiencing significant population growth in recent years. By 2024, around 104,627 people call it home. That’s a solid growth rate of about 4.33% each year! Since the last Census in 2020, when there were just 87,271 residents, the city’s population jumped by nearly 20%.
Fort Myers is really changing. The Hispanic and Latino community has grown by 64%. Now, it’s the second-largest ethnic group in town. Also, more people are identifying as mixed race—five times more than ten years ago.
The age spread here is pretty balanced, too. About 21% of people are under 18, while another 22% are over 65. This mix shows a blend of young families and retirees living together.
Fort Myers is growing fast, and it’s shaking up the housing market. More people means higher property values and rental prices. It’s getting competitive out there! With so many different people moving in, there’s a need for all kinds of homes—family houses, retirement spots, you name it.
As Fort Myers keeps expanding, real estate investors are likely to see steady demand for both places to live and rentals. This makes the city an exciting place for investment right now.
Fort Myers has a bunch of big employers in different fields. Some top ones are:
Big employers have a huge impact on Fort Myers’ local economy. Lee Health and the Lee County School District offer stable, well-paying jobs that help keep the region steady and growing. Florida Gulf Coast University does more than just hire people; it brings in students and staff from all over, which is great for local businesses.
Retail giants like Publix provide lots of different job opportunities, too—from entry-level to corporate roles. Specialty retailers like Chico’s FAS also play their part by supporting diverse employment options across various levels.
The job market in Fort Myers looks set to keep growing. Investments are pouring into healthcare, education, and retail sectors. Lee Health and the local school district will likely expand as more people move here needing services. Tech companies like Gartner also show promise for growth.
This could mean more high-paying jobs around town soon! With a mix of different industries thriving and ongoing development projects, things look bright for employment prospects in Fort Myers.
The Downtown Fort Myers area, now called the River District, has really come alive. It’s buzzing with cool restaurants, unique shops, art galleries, and places to catch a show. The latest redevelopment efforts are all about blending old charm with new perks.
One of the key projects is a crescent-shaped water basin surrounded by retail spots and eateries. There’s also an expanded marina and better public spaces for everyone to enjoy.
These redevelopment efforts have really bumped up property values around here. Better amenities and improved infrastructure are drawing in both residents and investors.
The River District is now a hot spot for living and business activities. With mixed-use projects, the area has become even more attractive, promising steady growth and investment opportunities.
The River District is getting a big upgrade. One of the key projects is the Royal Palm development, which will bring a luxury hotel and new residences to this historic spot. With $187 million on the table, expect better waterfront amenities and spruced-up public spaces, too!
Investing in the River District expansion looks promising. Property values are set to rise, and rental income could see a boost, too. The area’s prime location and fancy amenities will likely draw in upscale tenants and buyers. It’s shaping up to be a great chance for real estate investors!
Fort Myers has seen some recent upgrades. Roads, public transport, and utilities got a boost. New projects aim to improve connections around the city. With more people moving in, expanding the RSW terminal is also on the list.
$30,000
$30,000
$120,000
$9,101
$758
$30,000
$4,800
$34,800
INCOME ANALYSIS | YEAR 1 | YEAR 2 | YEAR 3 | YEAR 4 | YEAR 5 | YEAR 10 | YEAR 20 | YEAR 30 |
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Gross Operating Income | ||||||||
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Utilities | ||||||||
Homeowners Association | ||||||||
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Total Operating Expenses | ||||||||
Net Operating Income | ||||||||
Capitalization (Cap) Rate (%) | ||||||||
Less Mortgage Expense | ||||||||
CASH FLOW | ||||||||
Cash on Cash Return | 4.8% | 6.1% | 7.5% | 8.9% | 10.4% | 18.7% | 41.4% | 75.3% |
EQUITY ANALYSIS | YEAR 1 | YEAR 2 | YEAR 3 | YEAR 4 | YEAR 5 | YEAR 10 | YEAR 20 | YEAR 30 |
Property Value | $150,000 | $156,000 | $162,240 | $168,730 | $175,479 | $213,497 | $316,027 | $467,798 |
Plus Appreciation | $6,000 | $6,240 | $6,490 | $6,750 | $7,020 | $8,540 | $12,642 | $18,712 |
Less Mortgage Balance | $118,659 | $117,228 | $115,701 | $114,071 | $112,333 | $101,731 | $66,798 | $0 |
TOTAL EQUITY | $37,341 | $45,012 | $53,029 | $61,409 | $70,166 | $120,306 | $261,871 | $486,510 |
Total Equity (%) | 24% | 28% | 31% | 35% | 38% | 54% | 80% | 100% |
FINANCIAL PERFORMANCE | YEAR 1 | YEAR 2 | YEAR 3 | YEAR 4 | YEAR 5 | YEAR 10 | YEAR 20 | YEAR 30 |
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Cumulative Net Cash Flow | $1,686 | $3,823 | $6,432 | $9,531 | $13,143 | $19,651 | $34,042 | $60,237 |
Cumulative Appreciation | $6,000 | $12,240 | $18,730 | $25,480 | $32,500 | $41,040 | $53,682 | $72,394 |
Total Net Profit if Sold | - | $1,309 | $9,548 | $18,158 | $27,158 | $78,674 | $224,020 | $454,393 |
Annualized Return (IRR) | - | 10.9% | 15.7% | 17.6% | 18.4% | 18.6% | 17.5% | 16.9% |