The real estate market in Florida has been for quite some time one of the hottest markets in the country. Being an international touristic destination with a good year-round climate makes Florida a really good place to travel and live. With world-class beaches and themed parks, no wonder why people love this state.
The prosperous economy is also maintained thanks to global business headquarters and a government that is supporting the business growth. This creates good job opportunities around the state, therefore, encouraging more people to relocate here. This over the years has created an increased demand for housing, therefore, the median home values in Florida have increased by about 4% over the past year. The forecast predicts another 3.5% growth in the next 12 months.
The cities listed by Forbes as the best for real estate investments in 2019, were Orlando, Jacksonville, and Fort Lauderdale. The city of Orlando receives over 75 million tourists per year and this number is growing. With attractions such as Disneyland, Orlando is the perfect way to spend a weekend with your kids. There are also plenty of things to do in Orlando for adults since the city is very versatile in terms of attractions.
This main touristic hub attracts more people to the area every year creating a higher demand for housing. As far as the real estate market in Orlando goes, it is important to know if we are dealing with a buyers market or a seller’s market. A buyers market means that there are roughly more homes for sale than buyers on the market. A seller’s market has fewer homes for sale than buyers.
When the demand for homes is greater than the available homes for sale, like in Orlando, that would make the city of Orlando a seller’s market. The median home price in Orlando is currently around $250,000 and steadily increasing. The median listing price per square foot is $160 and the average rent price in Orlando is about $1,400.
While the median home value for homes in Orlando is close to the national average. The rent prices are exorbitant and compared to the national average there about 10% higher. The high demand for homes along with the fast increase in prices for homes as well as rent is thanks to the job opportunity growth, relatively low costs of living and the attractions within the city.
Orlando is one of the fastest-growing cities in the USA. Since 2010 the city witnessed a 20% increase in population. This trend is continuing and it is likely to also increase the demand for housing. Also, Orlando is the leader for job growth in the US due to the business scene and the touristic attractions that create many job opportunities for locals.
The real estate market of Orlando was named one of the hottest real estate markets for a single-family out of 50 large US metro areas. Limited supply, ample jobs, income growth, and rising home prices elevate the housing market in Orlando making it one of the best places for investments. Contact our top realtors in Orlando to find out more about the investment opportunities that are found here.