If Florida has been on your radar for a long time, 2020 might be the year to make the move to the sunshine state.
Appreciation rates are projected to remain strong, the cost of living is still dramatically lower than other nearby cities and the other market trends we detail here are making it a wise option to invest in property in Cape Coral.
Let’s explore some predictions for 2020 and get you thinking about purchasing a lovely home in Southwest Florida:
Zillow predicts the Cape Coral housing market cost will only slight increase by September 2020.
Because Cape Coral is such a highly coveted place to live or vacation, prices seem to be only rising over the years. Fortunately, the increase isn’t incredibly drastic for this upcoming year, yet enough that it’s worth snatching up property now before inevitable rises in cost.
Presently in late 2019, Zillow is calculating the median for their listings as $256,000 while its median Zillow Home Value Index (ZHVI) valuation, or how much the website’s homes are typically worth, is at $229,700.
Zillow predicts the Cape Coral housing marketing will increase by 0.7% by September 2020, meaning, if you’re going to buy— do it before the costs creep ever higher.
Cape Coral will have a lower cost of living than nearby cities.
As of this past year, the housing market remains quite costly for other Florida cities. For instance, the median of Zillow’s ZHVI for Fort Myers Beach homes is $395,700— nearly $166,000 more than it would cost to live in Cape Coral.
Saint James City’s median ZHVI is $347,300, also much higher. And let’s not even get started on some of Florida’s most highly desired cities, like Boca Grande, where the median is $1,382,300.
Compared to many nearby regions, Cape Coral is quite an affordable place to live. Even when comparing waterfront homes to other waterfront properties in other areas, you’re still better off living in this part of SWFL.
Appreciation rates in Cape Coral are currently higher than more than three quarters of the cities and towns in the U.S.
In the last 10 years, Cape Coral has really made a name for itself as being one of the best long-term real estatement investments in the U.S.
Upon analyzing data from RealtyTrac, Cape Coral appreciation rates are quite impressive: much higher than 77.30% of the cities and towns in America.
At 7.06% as of September 2018, real estate investors find great value in snagging a home in this stunning Florida city, knowing property will only because more favorable with each passing year.
The average cost per square foot of new construction will be less than the average cost per square foot for existing space.
Could that be possible— would it really be cheaper to build a new home in Cape Coral in 2020 than to buy an already existing house?
The average price per square foot for existing homes in SWFL Florida was around $150 in 2018. The average price per square foot for new construction in Cape Coral during this same window of time was around $119. These numbers haven’t shifted that dramatically, and the gap is still relatively consistent.
Not only could building a new home grant you all the special features you want for less, but you can also add features that homeowners most desire. When it comes time to resale, you can maximize your profit.
More Housing Trends
Here at SC Homes, we’re aware of all the latest market trends for Cape Coral homes and all across SWFL.
But the housing market is only one of the important things to consider before building a new home in Cape Coral. In fact, we also shared our insights on the top housing trends to avoid as well as outdated interior design styles to avoid to make the most of your investment.