Current home values in Cape Coral

Since early 2020, the median home sales price in the Cape Coral area has surged by an incredible 50.9%. In March 2020, the typical home in Lee County, FL sold for $265,000, compared to $400,000 in March of this year, as reported by Stellar MLS.

Earlier this year, however, the Cape Coral housing market was characterized by remarkably high amounts of unsold inventory and not enough buyers, resulting in price cuts. The sheer number of homes on the market in Cape Coral jumped about 50% from the year prior, giving much leverage back to buyers.

“Out-of-town homebuyers no longer see Florida as a place to get amazing value,” said Eric Auciello, a real estate agent specializing in Florida’s west coast, in a recent Yahoo! Finance report.

Robert Arnold, managing broker at Sand Dollar Realty Group, also commented in a recent U.S. News & World Report article, “Mortgages have gotten much more expensive. On top of that, prices have gone way up, property taxes have gone up, and the Florida insurance market has gone crazy.” Each of these reasons contribute to why Cape Coral home values have decreased slightly from the same time last year.

The table below illustrates how prices in Lee County, FL have fluctuated over the last five years:

While Cape Coral’s market has slowed in the last year, its overall trend of increasing home values has been unfolding across much of the United States. According to the S&P CoreLogic Case-Shiller National Home Price Index, home prices nationwide have surged by over 50% since the start of the decade.

As a result of this increase, many homeowners have seen significant gains in their equity, which can be used for financial moves such as investing in new property, renovating current homes, or even paying off debts. According to ICE’s Mortgage Monitor, as of early 2024, the average mortgage-holding homeowner has accumulated $299,000 in equity.

For comparison, the table below shows median home prices in cities and suburbs near Cape Coral:

In the next section, we’ll walk you through how to get an accurate estimate of your Cape Coral home’s value.