All About Cape Coral Real Estate

How does 355 days of sunshine sound? That’s what you get in Cape Coral, the center of sunny Southwest Florida. Cape Coral is renowned for its scenic waterways, ecotourism, and many lifestyle options while halfway between Tampa and Miami. After being hit by Hurricane Ian in 2022, Cape Coral’s real estate market is on the rebound, with supply increasing as of July 2023.

The desirable real estate landscape makes Cape Coral a fantastic place to visit and a dream place to invest or live. Our market profile will help you get to know Cape Coral and its real estate market. 

About Cape Coral

Cape Coral is one of the Gulf Coast’s most quirky cities. Just look at it on Google Maps; you’ll see blue lines everywhere! This “waterfront wonderland” has over 400 miles of canals plus sits on a peninsula. Talk about waterfront living!

You’ll find plenty to do here with its access to world-famous Gulf Coast beaches, lush golf courses, and family attractions like the popular Sun Splash Family Waterpark. The shopping outlets, tennis courts, athletic parks, and nature preserves found in and around Cape Coral offers are a bonus! 

The city has been designated as one of the best places to live in Florida; its desirable waterfront properties, sunny climate, and laid-back lifestyle draw locals and out-of-towners.

What county is Cape Coral, FL in?

Lee County is one of Florida’s most populous counties, ranked 8th. It’s the Gulf Coast’s beachfront vacation destination with attractive cities such as Bonita Springs, Fort Myers, and Sanibel Island. The Boston Red Sox and Minnesota Twins escape here for spring training, joined by an influx of part-timers from the north seeking milder winters. 

Tourism is key to the area’s economy, but it’s not just the golfing resorts and island beaches drawing people. Ecotourism thrives thanks to four wildlife refuges that include the endangered Florida panther. 

Unfortunately, Lee County had a direct hit from Hurricane Ian in 2022, devastating Sanibel and Captiva islands. The area is rebounding from the catastrophic damage that wiped out whole bridges and entire buildings with its storm surge and high winds. However, rebuilding the infrastructure, hotels, and businesses takes time.

Is Cape Coral, FL growing?

Cape Coral is indeed growing, with the population surging by over 11.9% since the 2010 census. It is now at a population of just over 204,000 residents. From 2019 to 2020, 15,000 new residents moved to the town! It’s larger than Fort Lauderdale and closing in on Tallahassee.

Population projections have the greater Lee County area reaching one million residents by 2040. Notably, around 25% of its residents are 65 years and older. 

What is the cost of living in Cape Coral, FL?

Cape Coral has a cost of living 1% higher than the Florida average and 4% above the national average. It may surprise you that housing isn’t the main contributor to why its expenses are higher. The most significant costs are groceries, transportation, and health care. 

Housing expenses are near the national average–$413,525 in Cape Coral and $410,200 nationally. So buying a home here isn’t any more than what you could expect to pay elsewhere, but it comes with the bonus of living near a highly desirable waterfront in southwest Florida.

Cape Coral real estate market overview

Greater Cape Coral is a desirable destination for retirees, young professionals, and families. As of July 2023, it had 1,935 active listings, but its new listings were down like much of the nation. Still, it had a 4.7 months’ supply of inventory, which was better than most markets across the nation and in Florida.

The area’s median sale prices had been rather stagnant over the prior twelve-month period, with July 2023 reporting single-family homes at $413,525 in July 2023, down only 0.2% year-over-year. The average price per sq ft was $208. 

It’s noteworthy that Cape Coral real estate, like much of southwest Florida, has a real estate “busy season” that typically runs from January to April, when more vacationers and part-timers are visiting. People come specifically to look for vacation or second homes, which increases the market’s sales activity. The summer months usually have a slower sales pace.

Are there any condos or townhomes available in Cape Coral, FL? 

As a destination for vacationers and retirees, Cape Coral does have a diverse selection of condo and townhome properties for those who want an amenity-rich or maintenance-free lifestyle. July 2023 had almost 300 listings in this category at a median price of $285,000. New listings were also down in this category, with a 9.6 months supply. 

What is the property tax rate for Cape Coral, FL?

Cape Coral’s property tax rate is subject to change depending on the county’s assessments and millage rates. Florida homes can qualify for a $50,000 homestead exemption on property taxes (but not school taxes). You can also earn a property tax discount for paying early. Learn more about the structure of Florida’s property taxes.

As of 2022, Cape Coral adopted a property tax rate of 6.375 mils, which it forecasted to maintain through 2026. The Lee County property tax rate was 3.76 mils as of 2022-2023. One mil equals $1 for every $1,000 of property valuation. 

Aside from property taxes, homeowners in Cape Coral benefit from no state income taxes, a contributing factor in making Florida one of the nation’s most desirable places to live. 

What neighborhoods are in Cape Coral, FL?

Cape Coral’s many neighborhoods have a distinct character, whether historic and quiet or contemporary master-planned developments. Some of the notable areas in Cape Coral include: 

• Trafalgar – While small, Trafalgar is in a popular area of town and highly desirable in Cape Coral. It’s close to The Shops at Surfside, within walking distance of retail stores and restaurants. Mature landscaping adds to its charm.
• Cape Royal – This gated golf community winds around a 27-hole championship golf course, grand clubhouse, pool, fitness center, tennis courts, and more. It’s in western Cape Coral and near Fort Myers.
• Cape Harbor – Live waterfront in this prime southwest neighborhood with direct access to the Caloosahatchee River and the Gulf of Mexico. Cape Harbor breaks into sub-communities with homes ranging from condos to high-end luxury single-family homes on the waterfront. Shopping and dining are accessible along the waterfront boardwalk.
• Coral Lakes – In the northeast, this desirable master-planned community provides a resort-style lifestyle with the peace of mind of living in a gated neighborhood. Its numerous amenities include swimming pool complexes, tennis courts, in-neighborhood parks, and a fitness center. A nature preserve is directly across the street from the main gates.
• Emerald Cove – This hidden gem is tucked away from the bustle of the city but still has waterfront living options along Lake Weatherly and the Cape Coral canal system. As a bonus, it’s close to commercial centers on Pine Island Road.

This is just a sampling of the neighborhoods available in Cape Coral; explore even more great communities to find your next home. 

Are there any waterfront properties found in Cape Coral, FL?

Seeing how Cape Coral has 400 miles of canals, is at the mouth of Caloosahatchee River, and faces Matlacha Pass–yes, there are abundant waterfront properties! About half of all available listings as of August 2023 had “waterfront” as a feature, making this prime housing hunting ground to live on the water. 

Some of the most desirable waterfront homes are in southwest Cape Coral, around Cape Harbor, Caloosahatchee, and Pelican. Your choices include condominiums, townhomes, and single-family homes. But really, given the extensive access, you can find waterfront living at all price points and housing styles across the city.

How is golf in Cape Coral, FL?

Cape Coral is an excellent place to practice your golf skills thanks to its many courses and year-round temperate weather. Inside the city limits are four public and private courses to hone your craft or spend a beautifully mild winter morning.

Golfers looking for a challenge can try their luck at Palmetto Pine County Club, an equity-owned 18-hole course designed by Arthur Hills. It’s semi-private, with memberships and public tee times available. 

Hunter’s Run Golf Course is an executive facility built by Dick Wilson. The nine holes are almost as old as Cape Coral itself and are open to the public. 

Cape Royal Golf Club has 27 holes of play in a wild and pristine south Florida setting. The semi-private course has memberships and public tee times.

Coral Oaks Golf Course is a municipal course built around eight lakes and 37 bunkers to test your game. Arthur Hills designed the course through a century-old oaks hammock.

Are there golf course communities in Cape Coral, FL? 

Your top choice for golf course community living is Cape Royal. It has 27 holes of championship golf created by renowned course designer Gordon Lewis, but membership is not required to own a home here. The HOA does own the golf course. The development also comes with resort-style amenities, including a grand clubhouse, fitness center, swimming pool, tennis courts, and much more. 

You can find single-family homes here for sale and lots to build your dream home on the fairway.

What areas are near Cape Coral, FL?

Cape Coral is Fort Myer’s next-door neighbor; the county seat is right across the Caloosahatchee River. It is also near the famous vacation islands of Sanibel and Captiva Islands and the Gulf of Mexico. They’re so close that taking your boat to the islands is sometimes faster and easier than driving around the bridges!

The west side faces Matlacha and Pine Island, both classic island towns in the rebuilding process as of 2023. Locals prize their slower pace of life, with commercial fishermen docked at the marinas near restaurants and bars serving fresh seafood daily. You can drive or take your boat. 

It’s a short drive to many attractions, including the Fort Myers Beach and Bonita Springs beaches. The famous “Edison & Ford Winter Estates” are in downtown Fort Myers, while thousands of acres in the Florida hammock nature preserves provide peace and quiet from city life. 

What to know about living in Cape Coral, FL

Hurricanes are a fact of life living in Florida. While Hurricane Ian in 2022 was the most recent (as of drafting) to directly hit southwest Florida, it’s not the only one. Hurricane Charley roared ashore in 2004 near Captiva Island and Bokeelia on Pine Island, devastating the Punta Gorda and Cape Coral region. So if you buy a home here, just be aware of your storm risk.

Cape Coral has a busy local economy. Major employers include Lee County Public Schools, Lee Memorial Health System, and Gartner. Hospitality is obviously a big part of the economic engine. Finding well-paying jobs here while enjoying the waterfront lifestyle is relatively easy.

And while people dream of the tropical Florida lifestyle, and many come for the warm winters, you may want to “try on” a summer before making a year-round move. July has an average high of 92F with an average of 14 days of rain–read, hot and steamy! Those conditions linger from June to September.

But overall, Cape Coral has an appealing lifestyle with real estate for everyone – affordable condos near shopping and restaurants or luxury waterfront homes with private boat docks. No matter what your real estate goals are, Cape Coral is the place to find it!