Are you planning to invest in Orlando real estate, looking to buy a home for your family, or get into rental property management? Either way, you are going to want to know what is happening in the Orlando housing market so you can make an informed decision on which way to go. In this article, we discuss the latest real estate trends and forecasts in Orlando so you can know how both sellers and buyers may be affected in the near future. Home sales are beginning to bounce back after recording a dip in the months of April, May, and June owing to the pandemic.

When the COVID-19 pandemic struck in 2020, the housing market dipped due to economic instability. However, the housing market is now returning to where it was, and then some. This means that home prices in Orlando are expected to remain relatively stable, if not a little bit higher, and home sales will likely be much steadier. However, the Orlando property market has largely been a seller-driven market, so the demand for houses has continued to skyrocket amidst slow supply growth. Towards the end of 2020, home sales increased 20% compared to the same time the previous year, according to a report by the Orlando Regional Realtor Association.

A total of over 3,200 Orlando homes sold in November 2020, which meant that the inventory of homes reduced by a whopping 26% year-over-year. The number of days a property stays on the market has also fallen substantially to just 44 days. This is one of the lowest DOM ever to be recorded over the last five years. According to Reese Stewart, the President of the Orlando Regional Realtor Association, the highest demand is currently for homes that are priced between $200,000 and $350,000.

According to Redfin, a national real estate brokerage firm, the Orlando housing market has become extremely competitive. On average, a home listing receives at least 3 offers and gets sold in just 17 days or less. The average selling price of a home in Orlando is approximately $280,000 which represents a 7.1% rise from the previous year. One square foot generally sells at $163, up 8% compared to last year. These trends are all indicative of a revamping housing market.

According to a report released by Realtor.com on the November market situation, it was clear that the market is driven by sellers, and more and more people are now looking to buy homes. Here are some of the statistics regarding the real estate market in Orlando.

• Sale-to-List Price Ratio was 98%. Ordinarily, sellers want buyers that would give 100% or more, while buyers usually prefer a sale-to-ask price ratio that is near 90%.
• Homes in Orlando, Florida can sell in 57 days. The average days a property stays on the market has reduced compared to previous years.
• Lake Nona South is considered one of the most expensive neighborhoods based on the average listing price of $565,000.
• South Semoran is one of the cheapest neighborhoods, having an average listing price of $120,000.

If you are looking to get the most from your real estate investment, contact Specialized Property Management Orlando. Now is a great time to invest in rental properties, as housing demand is high and still increasing. We take care of everything regarding your properties so your investment can truly become a passive income. For more information, call us at 407-698-3322 or contact us online!