Home Sale Prices In Orlando Have Gone Up Drastically
Those who have visited Orlando before probably associate it with a couple of things: exciting theme parks and boiling-hot weather. However, while these are common correlations, a lesser-known fact is that the city isn't filled with retirees like many other places in Florida. In fact, according to PODS, the median age is 34, which makes it one of the youngest demographics in America. Some choose to raise their families there because the city offers an impressive school system and numerous job opportunities.
If you're looking to buy a home in Orlando, know the housing market is extremely competitive and continues to be a seller's market, per Redfin. Typically, residences are sold for around their list price and are usually only on the market for about 20 days. Further, costs have continued to increase since 2018. Below, you'll find more information about home prices in Orlando, as well as a positive way to look at the rising costs.
The silver lining
According to the above House Digest chart compiled with data from Redfin, at the beginning of 2018, house prices were below $230,000, but were starting to increase. In June, costs rose above $400,000. If they continue to rise another $30,000, the average cost of a single-family home will have doubled since 2018.
However, while prices have only gotten steeper, there is some good news for buyers: Orlando's houses are also much more inexpensive compared to other Florida cities. For instance, Best Places states homes in Orlando typically cost about $100,000 less than those in Miami and $10,000 less than those in Tampa.
Additionally, when comparing out-of-state, New York City's residences could easily cost $500,000 more, per Property Shark. Redfin adds that the average number of sold homes has decreased, while the median number of days on the market has increased, meaning Orlando could be becoming slightly more of a buyer's market.