When someone first thinks of Orlando, they typically think of Disney, decent proximity to the beach, and just an overall great place to live. With news that Orlando’s economy is expected to greatly increase this year, as it has over the past few, it is definitely a place for great real estate opportunities.
Over the past year, home values in Orlando have risen 9.4% and the median price comes in at $239,700. Additionally, Zillow predicts that prices will increase 5.8% in the next year. The median price per square foot in an Orlando home is $151, which is a bit higher than the Orlando/Kissimmee/Sanford Metro area average of $145.
Since Orlando’s population growth doesn’t look like it will be slowing down anytime soon, investing in property here would be a great move for your wallet. Since 2000, Orlando’s population has grown more than 50%, which is nearly three times the national average! This means that as a property manager or someone who will rent out their homes, you should have no shortage of potential clients lined up to rent your home.
It’s true that tourism will always be at the forefront of Orlando’s growth, but it has also been predicted that 2019 will also show an increase in construction, professional services, technology, engineering and mathematics, and finance.
Florida is also known as a “long-term growth state.” People relocate here with plans to stay awhile. 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 to the top of the real estate investment list.
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 in 2019. Orlando has been called a “thriving market” for those looking for employment and a place to buy a house.
Sales vs. Inventory
It’s no surprise that buyers are looking for their dream home here in Orlando. In addition to the beautiful scenery, enviable weather (most of the time), and endless amounts of activities to partake in, there are plenty of houses in all sizes and price ranges to choose from. But since it is a fast-paced market, it’s very important to keep in mind that as sales volumes increase, the inventory levels will decrease. Because of this, buyers need to constantly stay aware of the market trends in order to make sure that they don’t miss out on the home of their dreams.
Zillow. “Orlando Home Prices and Values” Retrieved from: https://www.zillow.com/orlando-fl/home-values/. February 20, 2019.
The Orlando Sentinel. “Orlando’s Economy is Expected to Keep Growing in 2019- But Some Areas Will See a Slowdown.” Retrieved from: https://www.orlandosentinel.com/business/os-cfb-2019-economy-forecast-20190117-story.html February 20, 2019.
Forbes. “How Much to Invest in Florida Real Estate.” Retrieved from: https://www.forbes.com/sites/ingowinzer/2019/02/05/how-to-invest-in-florida-real-estate/#3515f6c719eb. February 20, 2019.