Orlando Housing Market: Price, Trends and Forecast for Q1, 2022. By Adriana Montes
O
rlando’s property market is booming, and residents and investors from all over the country are flocking to the city. Once again, Orlando has shown to be one of the top cities in Florida to invest in real estate. Orlando is proving to be a safe real estate investment location for both local and foreign investors, thanks to its gorgeous surroundings, steadily rising quality of life, growing population, and flourishing economy. In comparison to other cities with hot real estate markets, Orlando is considered a hot seller’s market by the Zillow Buyer-Seller Index (BSI). Because there is a limited supply of homes in Orlando, purchasers have to compete, which leads to higher prices and faster sales favoring sellers. According to Orlando Region Realtor Association, the median property price in Orlando is currently $328,854. According to NeighborhoodScout, home values have increased by 118.90 percent
over the last ten years, resulting in an average annual home appreciation rate of 8.15 percent, higher than the national average. This places Orlando in the top 10% of all cities in terms of real estate appreciation. The appreciation rate in Orlando over the last twelve months was roughly 9.54 percent. Homes in Orlando sell after 14 days on the market on average, down from 18 days last year. Homes typically sell for approximately list price and go pending in 12 days. Hot houses can sell for 2% above the asking price and go pending in as little as five days. Over the last year, rents in Orlando have risen by 23%. In addition, the percentage of renters in Orlando has risen to 65.2 percent, indicating a higher demand for rental properties. The reason for this is that, according to Advisor Smith statistics, Orlando has a greater job growth rate. Approximately 60% of the units are available for rent for $1,500 or less per month, 26% between
FEBRUARY 2022 | 29
