Now that we've covered reasons why property investors feel drawn to Orlando real estate let's take a closer look at the data supporting these claims.
Median Home Sale Price
In June 2023, the median home price in Orlando stood at $369,781, marking a 15.7% increase from a year ago. This totals a sales price difference of $50,117—a sizeable amount for most property owners. This price growth can be attributed to the continuous influx of new residents to the city and the limited supply of homes. Although the market is starting to stabilize, Orlando remains a seller's market.
Days on Market
As of June 2023, Orlando homes are staying on the market for an average of 30 days, 14 days more than DOM in June 2022. This increase in DOM is expected, given that high mortgage rates have forced the market to cool. Orlando is faring better than many other homes nationwide, where properties take up to 34 days to sell.
Supply and Demand
At just 1.7 months, the housing supply in Orlando is well below what's considered a balanced market. Although 1.7 months is almost an entire month more in supply than what Orlando had this time last year, it's still less than the national supply level of 1.9 months.
In the first quarter of this year, home inventory in Orlando dropped more than 50%. From May to June, the number of homes for sale dropped 5.3%, further exacerbating supply. As long as supply remains low relative to demand, investors can sell at a higher price point.
What Can We Expect From the Orlando Real Estate Market in 2023/2024?
Source: https://www.propstream.com/news/why-is-orlandos-housing-market-one-of-the-top-markets-of-2023?gad_source=1&gclid=Cj0KCQiAm4WsBhCiARIsAEJIEzVVyqHMX8jmC7ayjC2gAjU91jTr2Jma95rC3pF7H0MpPvKHiFsNoWkaAi4iEALw_wcB
