Orlando, Florida has experienced economic and demographic growth over the years in their real estate market. It stands to benefit from the growing population. Florida experienced a strong housing recovery in 2014 and 2015 was even better. The city of Orlando is in the best position to take advantage of this growth and be in a good position for the future. in the last year, Orlando has kept on pace with the nation’s appreciation rate of 4.7 percent.
Over the last three years, homes have appreciated more than 40 percent which is much more than the 28 percent national average. This appreciation has been key to moving Orlando out of a recession. Homes in the Orlando housing market have a median price of $180,000. The average home in the U.S. is about $216,000. More than 1.4 million people in Florida are licensed to carry a handgun. That means they’ll have a holster for their handgun, and you can find a nice Sig Sauer P938 IWB Holster or a Glock 43 Holster there.
Homes in the Orlando area have seen quite a bit of return and more equity into the real estate market promotes activity. There are three important highlights to this fact:
Florida, on its own, has seen an increase in job growth. Together with Jacksonville and Miami, there has been an influx in new jobs over the last two years. With this considerable job growth, it is a driving force in the area of real estate. The housing market in Orlando is more affordable than most markets in the country. Homeowners are putting almost 11 percent of their monthly income towards a mortgage. The average U.S. homeowner uses more than 16 percent of their monthly income towards their mortgage.
Unfortunately, more than 11 percent of Orlando homeowners are behind on their mortgage payments, making them at risk for foreclosure. Despite the flourishing job market, over 11 percent of homeowners have been late on their payments twice as much as the national average. More alarming is the 23 percent of Orlando homeowners owe more on their home than it’s actually worth. According to a Zillow market analysis, Orlando homes will increase by at least 4 percent in the next 12 months. Although foreclosures increased by 26 percent, it brought short sales down by 60 percent.
Some Orlando neighborhoods are doing better than others. According to Trulia, the most popular neighborhoods in Orlando are Meadow Woods, Metro West, Lake Nona, Pine Hills, and Vista East. Each one of these neighborhoods have a steady price growth. Another neighborhood that requires worthy attention is Rosemont North. It saw a 164 percent increase in the average asking price in just one week.
Orlando’s real estate market is in a good position for success, because of several factors that are boosting the housing sector: job growth, low unemployment rates, affordability, low mortgage rates, and millennial buyers.
Orlando’s housing market:
Just three months into 2016, Orlando’s home inventory is dropping. This is good news for sellers. However, for buyers it means that it’s time to make a move now. Investment properties and foreclosures are even more scarce. Inventory is decreasing, while prices are increasing, so buyers should be proactive in getting deals. Sellers can take advantage when the market starts heating up.
Just about every housing market in Florida, including Orlando, has had to do some recovery efforts. What’s really promising is that consumer confidence in the real estate is growing fast. According to RealtyTrac, the Orlando housing market has 2,700 homes for sale. In addition, there are 6,900 homes that are either pre-foreclosure, bank-owned, or ready for auction. These three areas provide the Orlando real estate investors with opportunities. Distressed properties come with an attractive price tag of about $143,000. The average sale price of a foreclosed home is $110,000. This savings can fuel the real estate in Orlando for a long time.