The housing market in Orlando has always been lucrative. To learn more about the market insights, check out our article.
In the housing market, properties are purchased and sold directly to buyers or through real estate brokers. Different macro and micro-economic factors impact the current trend of the housing market in a particular region.
In Florida, Orlando is the third-largest metropolitan city. It’s quite popular and has a hefty value in the housing market. Job seekers and students who like to live at a low price move to Orlando to enjoy its amenities. The people there are the ones who set the trend in the housing market.
If you are eager to buy property in Orlando, you need to understand the present condition of the market there. Before that, let us take a look at Orlando and discuss a few benefits of living there.
Orlando is one of the most popular cities in the United States. The job opportunities here are fruitful, and people from all spheres of life can find work that pays well. There are also plenty of amazing amusement parks for your entertainment. But the biggest benefit of living in Orlando is the low living cost.
The average living cost in Orlando is much lower than the national average living cost, which is why students who do not have a big income or retirees who are looking to buy an inexpensive property are mostly the ones buying property in Orlando.
Recent marketing trends show that buying a property in Orlando has financial benefits. Here are some of the recent trends you should know about before investmenting.
As of 2020, the median value of properties in Orlando is $262,000. This is slightly higher than the national average of $254,000. Many experts believe that the median value of properties will increase more in 2021 and in the years to come.
This makes the initial cost of buying the house a bit difficult, but people will also get a higher value out of them later on. Since the prices are going up, you can buy a house with upfront cash or mortgage and sell it later to get almost double the money in return. It’s best if you do so through a reputable real estate company, like- We Buy Houses Orlando. They can provide accurate insights, update you on market conditions, and even help you get a preferred mortgage price.
Buying a house does not necessarily mean you have to live there. You can buy a property and rent it out. Since there is a high demand for houses all across Florida, it will be very easy to find tenants.
As of 2020, the average renting price of properties in Orlando is $1,598, but since the value of properties is increasing, people believe that the renting price will also increase. In 2014, the price was only $1230. The rent value of properties has increased by almost 30%, but it is still comparatively lower than other states.
Over the last decade, the population of Orlando has increased by 22%. On the other hand, the national population growth was only 6%. This shows how popular Orlando is becoming. The current population of Orlando is estimated to be around 2.6 million.
And it is only going to increase. All of these people need homes to live in, which sets the market value and impacts the property prices. The more people are willing to buy or rent houses in Orlando, the more the prices will increase.
Orlando has a lot of recreational places and tourist spots. Parks and recreational places are a great way to stay away from the bustling city life and enjoy the clean, fresh air. So, parks are a great tool for cities to attract people. Orlando has some amazing parks where you can enjoy the beauty of nature.
Each year, around 68 million tourists visit Orlando. This makes it one of the most popular cities for tourists in the United States. This high number of tourists also increases the value of houses in Orlando, since tourists can pay a slightly higher rent than regular residents.
With the amount of recreational and tourist spots increasing around Orlando, it is obvious that the number of visitors will increase over the next decade. This is why it will be financially beneficial to buy a property now in Orlando and rent it. It will be a great source of passive income, especially in the peak touring seasons.
Orlando is quite lucrative for job seekers. As of 2020, job opportunities have decreased in Orlando by 9.5% due to the ongoing coronavirus pandemic.
If we take the pandemic out of the equation and check records of previous years, we can see a very healthy job market. So even though the city is facing increased population growth, it can still maintain a lot of people because of the large numbers of jobs available.
Media can play a major role in almost everything, and the housing market in Orlando is no different. Many newspapers and popular websites post a lot of positive things about Orlando and how it is getting more and more famous for the people.
For your quick understanding, here we are going to summarize all the statistics from 2021 related to the housing market in Orlando.
● In May 2021 the average sale price of a house had increased by 11.7%. The average price was around $297,000.
● In June, house prices had increased by 15.7% compared to 2020.
● In 2020, homes used to sell after 26 days on the market which has drastically reduced to only 9 days.
● By July 2021, 1508 houses had been sold.
● The median price of houses in Orlando is around $300,000.
Real estate marketing faces loss in various regions, but not in Orlando. If we look at the records, we will only see positive results. These positive numbers are expected to grow even more in the future, so now would be a very good time to invest in properties in Orlando.