In Punta Gorda, FL, housing prices peaked in July 2022, before entering a correction phase. A home purchased for $985,000 in June 2022 is now listed for $899,000 after multiple price cuts. The area's home prices have dropped 18.6% since their peak. Single-family homes are down 13.6%, while condos show a steeper decline of 20.4%. The ongoing price drops raise questions about market recovery and buyer interest moving forward.
In June 2022, a home in Punta Gorda, FL, was purchased for $985,000, but its value has since declined significantly, now facing an asking price of $899,000.
Home prices in the Punta Gorda metro area peaked in July 2022 and have since dropped by 18.6%, marking it as one of the weakest markets in the U.S.
While single-family home prices in Punta Gorda fell by 13.6% from their 2022 peak, condo prices decreased more significantly by 20.4%, indicating market weaknesses.
Bank of America's AVM model estimates the current value of the home at $721,615, highlighting a disparity between assessed and market values amid ongoing corrections.
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