How Is The Orlando Real Estate Market?

Orlando Buyers Broker | Buyers Broker of Florida
How Is The Orlando Real Estate Market?

The Orlando real estate market is one of the top hottest real estate markets in the United States right now. The median home price has remained the same since August of 2021 and the median home price is $320,000. This is 16% higher than last year. Homes are on the market for an average of 25 days and this is a record low for the Orlando area.

The Orlando Real Estate Agent

Much of the excitement in the market here is because of investors coming in from other states. The other part of this trend is to note the many buyers that are moving out of state along with the record low-interest rates. It is competitive if you are a buyer because it is a seller’s market and there are not enough homes available compared to buyers looking.

Those that have cash offers are getting the homes that they desire above others looking to finance. Most homes see at least 6 offers with an average of 13 days on the market. This is a new hot spot for people moving but also one of the biggest tourist towns in America and this area see’s about 70 million visitors a year. This is why investors are buying up property as quickly as they can so they are able to turn around and rent it out.

Property values are increasing rapidly and it is a good time to get in if you can. Many who are struggling to get their foot in the door with this market are standing back to ride it out and see if it slows down. Recently, there was a decrease in the number of sales and an increase in inventory which has not been seen in about a year so some have hoped that this is a cooling trend beginning. However, this is only leaving about a 3 week supply of available homes, and in order for something to become a new market trend, you are looking for a 6 month supply. This means it will take more time before the Orlando market cools off.

The market is not friendly to first-time buyers and many of the buyers you are seeing in Orlando are purchasing their second or third home, or they are investors with multiple properties in tow. Being in the seller’s position is where you want to be if you are living in Orlando, however, be careful because you may have a hard time finding your next home during the process. Homes are selling for about 2% above their listing price and are pending in about 4 days. It is said that the most affordable neighborhood is South Semoran.

The market is expected to continue in this trend into 2021-2022. The growth is not expected to change and the property appreciation values are continuing to rise while investors continue to move in. If you are looking into Orlando real estate, it is competitive, but it’s where you want to be to invest in real estate.

Looking to relocate to the Orlando area, perhaps outside the hustle and bustle of downtown? At Buyers Broker of Florida, we work solely with buyers looking to find the perfect home for their lifestyle and budget. Contact us at any time to start your search for Orlando homes for sale and all surrounding communities and towns.