Home prices in Cape Coral rose nearly 75% from early 2020 to mid-2022, peaking at $441,000. A correction in the housing market is anticipated due to high inventory and unrealistic price growth during this period. Real estate experts suggest that a baseline from 2018 or 2019 is more realistic for evaluating market conditions. Additionally, new construction projects are reducing high homeowners insurance rates, which were previously causing buyer hesitancy. The market is expected to stabilize with annual growth returning to typical percentages.
Cape Coral experienced a dramatic 75% increase in median home prices from early 2020 to mid-2022, reaching a peak of $441,000 in April 2022.
With a significant inventory of 3,046 homes available as of June, compared to only 773 in October 2021, a market adjustment is anticipated.
Experts indicate that a correction is expected with realistic market growth returning to historic annual increases of 5% to 8%.
New construction is aiding in reducing high homeowners insurance rates, which have contributed to buyer hesitation in the housing market.
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