SWFL Real Estate: Fourth Quarter 2023 Report
November 30, 2023 / RERI Research Team / Tag: Lucas Institute for Real Estate Development & Finance
Southwest Florida Real Estate Fourth Quarter 2023 Report
For the third quarter of 2023, existing residential units sold and housing affordability both continued to trend downward. Furthermore, increases in real median sale prices have begun to cool down, while the average age for properties sold continues to increase.
Findings from the latest report include:
- Residential unit sales were down across the board during the third quarter of 2023 for Southwest Florida, headlined by a 40 percent year-to-year decline in multi-family home sales. Single-family home and condominium sales were down 32 and 26 percent respectively.
- While sales declined, sale prices continued rising year over year. Median sale prices for single-family home sales increased 2 percent, while condominium median sale prices improved 5 percent. The median price per square foot also increased year-to-year for both single-family homes (3 percent) and condominiums (5 percent).
- Retail property sales dipped 56 percent in the third quarter of 2023 compared to 2022, while office sales slipped 35 percent.
Downloads:
Issue Brief: Southwest Florida Housing Affordability
Southwest Florida Real Estate Fourth Quarter 2023 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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