Orlando is the #1 City in the U.S. to Invest in Real Estate in 2018 | The Realty Medics

Orlando is the #1 City in the U.S. to Invest in Real Estate in 2018

Earlier this month, the influential Forbes magazine published an article highlighting the best cities to buy a home in for 2018. Orlando, Florida came in at number one. Typically, the first thing that comes to mind when someone thinks of Orlando is the warm sun, sandy beaches, and of course, the awesome theme parks. But now, they also need to add “great real estate opportunities” to the list!

The Numbers

The prices of homes in Orlando increased 9% in 2017, which pushed the average home price up to $247,550. Remarkably, the Local Market Monitor predicts that prices will increase by a staggering 35% by the beginning of 2021. There are a few factors that tie into this increase; the top two being job growth (7.1%) and a population increase (7.6%). It also helps that even with the 2008 crash, Orlando’s home prices are still 22% below the national average.

Florida’s Economy

Let’s also take into consideration that because Florida’s economy mostly depends on tourism, when the rest of the country is doing well, Orlando is doing well. Once a city that led the nation in foreclosures, Orlando is now on a straight path to post some of the most impressive real estate gains in the country. Orlando has been called a “thriving market” for those looking for employment and a place to buy a house.

Florida is also currently a “long-term growth state.” Florida has been one the fastest growing states in the country over the past seven decades, often located in the top four. With more and more people moving to Orlando and surrounding areas, the inevitable increase in jobs and incomes has also helped push Orlando do the top of the real estate investment list.

Sales vs. Inventory

It’s no surprise that buyers are looking for their dream home here in Orlando. There are plenty of houses to choose from in all price ranges. However, keep in mind that as sales volumes increase, the inventory levels will decrease. Because of this, buyers need to strike when the iron is hot, as to not give up their dream house to someone else.

Once upon a time, vacations to Florida were only for the rich and famous. These days, thanks to a substantial increase in jobs and population growth, Florida, more specifically Orlando, is a great place to settle down and invest in some real estate.

 

Sources:

The Orlando Sentinel, “The Upside of Florida Real Estate: 15 Market Positives” Retrieved from: http://www.orlandosentinel.com/classified/realestate/foreclosure/orl-foreclosures-upside-realestate-story-story.html. February 27, 2018.

Forbes, “Best Buy Cities: Where to Invest in Housing in 2018” Retrieved from: https://www.forbes.com/sites/samanthasharf/2018/02/01/best-buy-cities-where-to-invest-in-housing-in-2018/#3054be751298. February 27, 2018.

 

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