Cape Coral Home Prices Expected To Continue Growing In 2024

Southwest Florida property has been a hot commodity, and it looks like that trend will continue into next year. Although, projections show Cape Coral home prices will grow, it should be at a slower rate. This is not true for other parts of Florida.

SmartAsset used Zillow data to rank the largest 2,000 U.S. zip codes by the highest projected home price increases in 2024. What they found, was that only 2 zip codes had higher projected increases than a Florida zip. They show Rio Grande Texas with a 12.3% increase in home values next year. Although this could be some catch up as the increase is the current $113,368 up to the July '24 projection of $127,312. You could buy a city block of Rio Grande homes for the price of one here in Naples, Florida.

Knoxville, Tennessee came in second with a projected price increase of 9.5%. This is more significant as a home value of $283,744 would become $310,699 by July of next year. Our first Florida entry is zip code 33161, which is North Miami. There's a projected 8.8% increase in home values there next year. The $461,145 home this past summer is projected to become $501,725. Another Miami zip code, 33162, is projecting an 8.5% increase.

Essentially that's west of Santa Barbara and south of Veterans. The projected price increase for the area is 4.5%. Quite a bit lower than some areas in Miami, but still substantial when you add in the tremendous gains we've had over the past few years. A Cape Coral house valued at $500,578 this past summer is projected to be $523,104 in summer of 2024. With the current inflation rate at 3.7%, it appears that Cape Coral home prices will continue to rise above inflation.

In a new report released today by WalletHub, Cape Coral ranks near the top of the "2023’s Best & Worst Cities for First Time Home Buyers." Even with the rapidly rising prices and the yearly threat of being wiped out by a hurricane. Wells running dry and people on bikes being run down. And Nile Monitor lizards. And that when you drive over the bridge and don't have a transponder it's now $5 because of the service charge. I just wanted a pizza. Despite all this. It's still a great option for first time home buyers that can afford it.

Another study that may factor in on Cape Coral's attractiveness to home ownership was this one. "Renting A House Is Cheaper Than Buying For Most Of The County – Except in Cape Coral". That's a piece we did back in March that showed the two markets in the country where this was true. Cape Coral, Florida and Springfield, Massachusetts. And now to the sudy.

In 2022, 26% of home purchases were made by first-time buyers.

Often, people begin searching for their dream homes without a realistic idea of market prices. Factor in interest rates or even their eligibility to get a mortgage.

Where a home is located is just as important as what features it has. If the neighborhood is unpleasant, it can sour the experience of a great home. Potential buyers may want to narrow their search down to an area with a good reputation before getting into housing details.

To simplify the process, WalletHub compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability and quality of life. The data set ranges from cost of living to real-estate taxes to property-crime rate.

An interesting stat here. Even with our home prices, Florida ranks tops in large, medium, and small cities. Breaking it down into city size, you see a lot of Florida in here.

To see the full study + expanded tables, check out WalletHub.

To determine the most favorable housing markets for first-time home buyers, WalletHub compared a sample of 300 U.S. cities (varying in size) across three key dimensions: 1) Affordability, 2) Real-Estate Market and 3) Quality of Life.

We evaluated those dimensions using 22 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for first-time home buyers. Data for metrics marked with an asterisk (*) were available at the state level only.

Finally, we determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample. Our sample considers only the city proper in each case and excludes cities in the surrounding metro area. Each city was categorized according to the following population-size guidelines:

Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Bureau of Labor Statistics, Council for Community and Economic Research, U.S. Department of Housing and Urban Development, Federal Bureau of Investigation, Insurance Information Institute, The National Association of Realtors, ATTOM, a property data provider, and WalletHub research.