The 2024 Lee County Real Estate Report: What Buyers and Sellers Need to Know

Smiling professional woman researching the 2024 Lee County real estate market, holding a pen at her desk with a report in hand.

The numbers are in, and they tell a clear story: 2024 was a year of change in Lee County and across Florida. More homes hit the market, buyers took their time, and the balance of power started shifting. But real estate has always been about life transitions. Some are downsizing for retirement, others are buying their first home, and families are relocating for work, school, or new opportunities. No matter the season of life, someone always needs to buy, and someone always needs to sell. If you’re making a move in 2025, here’s what you need to know!

What Happened in 2024?

Single-family homes held steady, while condos and townhouses faced some challenges. Interest rates slowed things down, inventory grew, and sellers had to get more strategic. If you were buying, you had more choices. If you were selling, patience and smart pricing were key. (3 Things to Consider When Your House Isn’t Selling)

Lee County Single-Family Homes

The market stayed strong, with 13,514 closed sales, down just 1.1% from last year. The median sale price was $400,000, barely changing at +0.3%, while the average sale price jumped 10.2% to $594,776—a sign that higher-end homes continued selling well.

Homes took longer to sell. The median time to contract was 57 days, up 35.7%, and the median time to sale stretched to 96 days. Inventory climbed 29.4% to 8,204 active listings, pushing months supply to 7.3 months—a shift toward a buyer’s market. Cash buyers pulled back slightly, making up 31.5% of sales, down 9.5% from 2023.

Lee County Townhouses & Condos

The condo and townhouse market had a tougher year. Closed sales dropped 16.4% to 4,538, and the median sale price fell 11.3% to $315,000. Average sale prices also dipped 12.8% to $411,093. Inventory skyrocketed 44.8%, leaving a hefty 11-month supply—a clear buyer’s market.

Homes took longer to move, with the median time to contract at 61 days (+35.6%) and time to sale at 103 days (+33.8%). Cash purchases still dominated at 62.2%, but even those slowed a bit.

What About the Rest of Florida?

Statewide, pending sales showed a mixed trend. Single-family home pending sales were up 1% year over year in December, while condos and townhouses dropped 13.5%. By year-end, Florida closed 253,000 single-family home sales, just under 2% below 2023.

Condo and townhouse sales took a hit, with 94,000 sales, a 10.5% drop, the lowest since 2010. Insurance costs and reserve requirements made some buyers hesitant, especially in coastal areas.

New listings were up across the state. Single-family listings jumped 9.5% to 360,000+ new properties, and condo/townhouse listings rose 11%. The idea that condo owners were rushing to sell due to new regulations didn’t really pan out, but buyers were still cautious.

Where Are We Now?

We’re looking at a market with rising inventory and slower sales, but we’re not seeing anything like the downturns of the past. Single-family homes sit at 4.7 months of supply, still slightly in a seller’s market, while condos and townhouses are firmly in buyer’s market territory at 8.2 months of supply.

Prices tell the story.

  • Single-family median price: $415,000 (+1.2%)
  • Condo/townhouse median price: $315,000 (-4.5%)

Even though sales slowed, Florida’s total dollar volume for single-family home sales rose 2.5% to $152 billion. Condos and townhouses didn’t fare as well, with a 9% drop to $45 billion.

What This Means for 2025

If you’re selling, price it right. There’s more competition, and buyers have more time to decide. Move-in-ready homes are still attracting attention, but overpriced listings are sitting longer.

If you’re buying, you’ve got options. More inventory means less competition—especially in the condo and townhouse market, where buyers hold the advantage.

Interest rates will continue to play a role, but one thing is clear: this market is stabilizing. The days of bidding wars on every home are behind us, but strong properties still sell.

Understanding the real estate cycle can give you an edge, whether you’re buying or selling. Our free Real Estate Cycle Guide breaks down the key phases of the market and how to time your move strategically. Download your copy here.

Bottom Line

The Lee County and Florida real estate markets are evolving, and that means opportunity for both buyers and sellers. Buying or selling a home can be stressful — worrying about deals falling through or agents who don’t listen. Serving Southwest Florida since 1989, we help you feel heard, valued, and confident every step of the way. If you’re searching for new homes in Fort Myers, Cape Coral, Estero, or Bonita Springs, the increased inventory gives you more choices and negotiating power. Whether you’re looking for a waterfront home, a new construction property, or an affordable single-family home, now is a good time to explore your options.

For sellers, pricing strategically and ensuring your home stands out is key in a market with more competition. Well-maintained, move-in-ready homes are still in demand, especially in sought-after areas. If you’re selling a condo or townhouse, understanding the current buyer mindset is crucial—buyers are being selective, so positioning your property correctly matters more than ever.

Overall, the market is finding its balance. Prices are holding steady in the single-family sector, while condos and townhouses offer opportunities for buyers looking for value. The days of ultra-competitive bidding wars are over, but strong properties priced right will always find the right buyer. Buyers can negotiate, sellers can still get strong offers with smart pricing, and overall, the market is finding its balance.

Thinking about buying or selling in 2025? Let’s talk. Worthington Realty is here to help you make the right move.

 

Share:
Michael Davis, co-owner of Worthington Realty, smiling in a professional headshot outdoors with a blurred background of trees and sky.

About the Author

Michael Davis is one of the owners of Worthington Realty and a Gallup®-Certified Strengths Coach who helps agents build businesses that fit them—without blending in. With a background in commercial real estate, where he co-founded a firm that grew to $1.3 billion in assets, Michael realized that success isn’t just about numbers—it’s about clarity, trust, and owning what makes you different.

Share:

More Posts

Buying or selling a home can be stressful

Worrying about deals falling through or agents who don’t listen. Serving Southwest Florida since 1989, we help you feel heard, valued, and confident every step of the way.