The real estate market in Fort Myers, has experienced major fluctuations in recent years, with prices surging in the aftermath of the COVID-19 pandemic, followed by a slowdown that many are now calling a “crash.” Fort Myers condos for sale during the crash can be the best investment of a lifetime and the worst.
Buyers looking for condos in this area are facing challenges and opportunities in the current environment.
Fort Myers, known for its stunning beaches, outdoor lifestyle, and access to a range of amenities, has long been a desirable destination for retirees, vacation homeowners, and investors. The market saw rapid growth during the pandemic, driven by increased demand for second homes and the flexibility of remote work. In 2021 and 2022, property values soared, only after increasing in value for more than 15 years. The spike had many buyers facing fierce competition, often leading to bidding wars and homes selling above asking prices.
However, as interest rates began to rise in response to the Federal Reserve’s actions to combat inflation, the housing market started to cool. The rapid pace of price increases could not be sustained, and in 2023, many areas, including Fort Myers, saw a noticeable slowdown. As of early 2025, this period is clearly turning into a “crash” due to significant price corrections, combined with the lingering effects of rising interest rates, inflation, and higher condo fees.
For potential condo buyers in Fort Myers, this market downturn presents both risks and potential rewards. On one hand, lower prices might seem appealing. Sellers who purchased properties at the height of the market could be eager to offload their units, and those with flexible timelines may find opportunities to negotiate favorable deals. The increased availability of properties also means more choices, making it easier to find a condo that suits your needs, whether you’re looking for a vacation home or a permanent residence.
Despite the potential benefits, it’s important to approach the Fort Myers condo market with caution. The broader economic slowdown, coupled with potential new construction, means that condo prices could continue to fluctuate. Buyers should be wary of overestimating the long-term value of their investment, especially if they’re purchasing in a building that is part of an oversupplied market. Many condos that are over 30 years old may be particularly hard hit in the future economy.
Other condos listed for sale built during the boom years of the pandemic may struggle with depreciation if demand continues to decline or if future market trends lean toward renting over ownership.
Financing remains a critical factor. While interest rates may have peaked, rates are still higher than they were during the pandemic boom, and this can significantly affect affordability. Buyers who rely on financing may face higher monthly mortgage payments compared to a few years ago, especially when combined with rising property taxes and insurance costs. Fort Myers, like much of Florida, has faced challenges with insurance rates, which have been rising due to hurricane risks and are part of the true cost of ownership.
For those willing to weather the uncertainty, Fort Myers condos still offer a range of desirable amenities, from waterfront views to access to golf courses and community pools. The area’s lifestyle—marked by sunny weather, outdoor recreation, and proximity to Southwest Florida’s attractions—remains a strong selling point. Yet, prospective buyers must conduct thorough due diligence. It is vital to understand the full scope of potential costs, including maintenance fees, homeowners’ association rules, and future market conditions, before committing to a purchase in this shifting market.
While Fort Myers condos for sale in the current market may appear more affordable, it’s essential to tread carefully. Mike Colpitts has helped hundreds of condo purchasers navigate the condo buying experience to find their right individual deal. The fluctuating nature of the market, combined with higher interest rates and other economic factors, means that buyers need to be strategic and well-informed making decisions.