Naples, Florida, is renowned for its stunning beaches, luxurious golf courses, high-end shopping and dining, and the iconic Naples Pier. For generations, tourists and snowbirds have been drawn to this area.
No wonder an increasing number of people are opting to make this gorgeous city their permanent home. If you are among the many considering a move to Naples, continue reading to learn more about the exciting Naples, FL, real estate market.
Naples housing market forecast 2023
Home values look good
Investing is the way to go
Due to the current market prices, many individuals are unable to afford to buy a home and will resort to renting instead. Additionally, given Naples' status as a tourist destination, there will continue to be a demand for short-term rental properties.
Population inching up
Collier County housing market trends 2023
Interestingly, more than a thousand homes reduced their selling price, with 31% fewer listings in May. Additionally, houses stayed on the market for approximately 53 days in May, representing a 231% increase from last year.
Despite these changes, there is still a demand for housing, though buyers seem to be waiting for interest rates to decrease. Furthermore, buyers are interested in move-in-ready homes and new constructions. Unfortunately, only an average of 100 new homes have been built each month over the past year.
Covid-19 and the Naples market
Naples, in particular, saw increased economic activity, unlike many other parts of the country where numerous businesses were forced to shut down due to the pandemic. Even after the pandemic, people are still relocating to Naples and other areas in Florida, leading to high home prices.
Naples foreclosure statistics
Unfortunately, there were 28 foreclosure filings in May, representing a significant increase compared to the previous year. The total number of foreclosure filings for the year so far is 138. However, it’s important to note that the increase in foreclosures is likely a result of recent hurricane damages.
Naples home prices
However, there is no indication of any further reduction in home values or a downward trend in the market. The demand for homes is still high, while the inventory is limited.
Should you invest?
The job market is also expected to grow by 90% during this timeframe. This presents an ideal opportunity to invest early and be a part of the city's growth. Below are just a few of the many neighborhoods with excellent investment potential.
The community offers numerous amenities, including the Club Pelican Bay Golf Course, tennis courts, and two boardwalks, filling life in Pelican Bay with activities.
Conners at Vanderbilt Beach
The neighborhood blends classic Florida-style homes and modern upscale builds, replacing some older properties with contemporary designs. This presents an exciting opportunity for buyers and investors to create unique homes.
Residents who live along the waterfront can quickly launch their boats into the open waters of the Gulf, while others enjoy kayaking and paddle boarding in Moorings Bay. The homeowner's association regularly sponsors community events, and the private member-owned Moorings Golf and Country Club offers endless entertainment opportunities.
Your journey starts here
Meet Walter Patrick, a globally recognized real estate advisor specializing in luxury properties. As a Naples local, he possesses an in-depth knowledge of the local real estate scene and is committed to helping his clients achieve their goals with utmost privacy and confidentiality.
Walter's marketing expertise and familiarity with the area will give you an edge in the market. Whether you are looking for homes for sale in Naples, exploring investment opportunities, or selling a home, he can help. Contact Walter today and get started on your journey!