The Orlando housing market is expected to remain strong throughout the rest of 2023 and into 2024 as demand and home prices continue to grow. Orlando's economy is thriving, which will inevitably continue to attract new residents. With the current housing supply unable to meet consistent demand, Orlando is positioned to remain a hot market shortly.
The volume of home sales in Orlando will continue to trend downward until mortgage rates stabilize, as mortgage rates in Orlando are currently at a 7.36% high. However, home prices aren't expected to drop anytime soon. Some Orlando housing market trends to look forward to are:
Stable Property Prices
While declining median home prices have afflicted many other cities across the country, Orlando has maintained stable property prices despite high mortgage interest rates and persistent inflation. The city is welcoming an average of 1,500 new residents per week. By 2030, Orlando is expected to reach a population of 5.2 million. Housing construction rates in the city remain low, suggesting that demand will continue to outpace supply for the foreseeable future.
Increased Rent Prices
According to RentCafe, the average rent for an apartment in Orlando is $1,933 for a 962 sq. ft. unit. Throughout most of 2020, rent prices hovered at around $1,400. Starting in April 2021, rents increased steadily until they reached $1,937 in June 2022. They've remained stable, yet relatively high, ever since. Home prices and mortgage rates are also expected to remain high, so would-be buyers are likely to continue renting.
Slow Foreign Investment
Orlando has proven to be a secure real estate investment destination for local and international investors. Property investors from Latin America, Spain, China, and the Middle East are active in the Orlando real estate market. However, recent state laws have pushed to restrict foreign real estate investment, which will impact the local market. Read more about PropStream's fair housing policies here.
Source: https://www.propstream.com/news/why-is-orlandos-housing-market-one-of-the-top-markets-of-2023?gad_source=1&gclid=Cj0KCQiAm4WsBhCiARIsAEJIEzVVyqHMX8jmC7ayjC2gAjU91jTr2Jma95rC3pF7H0MpPvKHiFsNoWkaAi4iEALw_wcB
