Fort Myers is considered one of the markets in the U.S. that has shown the most dramatic fluctuations over the past five years. It has gone through various phases in a short period, including the pandemic boom, hurricanes, and recent adjustments.

According to Zillow data, the current average home value in Fort Myers is approximately $310,000 as of May 2026. Five years ago, in early 2021, it was around $235,000, indicating an increase of about 32% over the five years.

During the same period, the national average increase was in the range of 38-40%. Fort Myers is slightly below the national average. However, this reflects the recent adjustments, and if we only consider the peak in 2022, the five-year increase was likely much higher.

Looking at the yearly trends, from 2021 to 2022, the influx of people moving to Florida combined with low interest rates led to explosive price increases.

In the second half of 2022, Hurricane Ian struck southwest Florida, significantly shaking some local markets, and the subsequent interest rate hikes led to a continued adjustment phase. Over the past year, prices have dropped by about 8.4%, marking the largest decline among the cities examined.

The recent adjustments are analyzed as a result of several overlapping factors. The surge in new supply during the pandemic has only recently hit the market, increasing inventory, the burden of skyrocketing home insurance costs after the hurricane, and the dampening of buyer sentiment due to high interest rates all seem to be at play. In fact, the inventory of homes for sale in southwest Florida has increased from less than a month's supply in 2021 to about 7-9 months' worth recently.

A cautious approach is needed regarding future prospects. The burden of inventory and insurance issues does not seem likely to be resolved in the short term, and additional adjustments or a flat phase may continue for a while. However, Florida's unique appeal for relocation and the benefit of no state income tax remain factors that will support demand in the long run.

For Korean households, the current adjustment phase may be an attractive buying opportunity, but it is essential to consider the burden of home insurance and management fees. If you are considering relocating after retirement or a second home, now may be a practical choice with more room for negotiation, and if you already own a property, it may be advisable to wait for a time when the inventory burden eases rather than rushing to sell.