Orlando FL Housing Market

Orlando FL Housing Market

Orlando FL Housing Market

The Orlando housing market is obviously a tremendous one. Even if you leave out the larger metropolitan area there are around 16,000 home sales here each year. For those that are wondering yes that is nearly 3,000 more than Tampa at least in 2021.

Homes For Sale in Orlando FL

The housing market in Orlando should not be evaluated in it's entirety if you are considering moving here or placing a home up for sale. Orlando FL has individual areas with unique characteristics that give those areas their value. Namely there is only one downtown Orlando, Lake Nona and Dr Phillips. There are some other areas but those are the hottest markets at least for now. Southern Orlando is another option just not yet as interesting. 

The Hottest Local Markets

I will be posting this information each month. You can bookmark it and return to get the latest numbers if you choose and feel free to ling to this page for others to reference. All of the information I use will be from Stellar MLS which local Realtors all use for sales data etc.

The median price is what I am going by. I use it because it prevents extreme pricing from having a great effect on the number. I derive the median price based on the previous 30 days of data. The previous 30-60 days prior is what I compare the most current numbers to to detect movement. When I calculate Dr Phillips or Lake Nona I actually try to go by the traditional boundaries and not the zip codes. First let's start by looking at Orlando as a whole and the three main types of housing and the median price paid for them in the previous 30 days.

  • Condos-$175,000 down $30,000

  • Townhomes-$325,000 up $10,000

  • Traditional Single Family Homes-$380,000 up $10,000

  • New Single Family Home- $465,000 down from $537,000 

Those are the prices paid in the previous month compared to two months ago in the Orlando Housing market. Now lets look at some specific areas of interest.

Dr Phillips/ Orlando Housing Market

Dr Phillips is located in Western Orlando between Interstate-4 and Lake Tibet. It borders Windermere Florida and the southern portion of Dr Phillips is where you will find most of the newer homes. There will not be many more new homes built in Dr Phillips because of lack of available land. Immediately south of Dr Phillips is experiencing a lot of modernization which helps the housing prices in this portion of the city. Universal Studios is on the NE boundary of Dr Phillips which is another price influencing factor.

  • Condos-$355,000 up from $300,000

  • Townhomes-$365,000 down from $460,000

  • Single Family Home-$555,000 down from $600,000

The Dr Phillips/Orlando housing market is a rather small one. Especially when you are looking at condos or townhomes. Another thing to consider is there is a great disparity in condo prices here in Dr Phillips. These numbers can vary greatly and mean nothing at all. The single family homes is slightly more interesting but not based over a holiday season.

Lake Nona/ Orlando Housing Market

Lake Nona is the trendiest part of Orlando and definitely one of the hottest markets. Part of that reason is there is actually land available there for development. There is so much land that the area has expanded past the traditional boundaries of Lake Nona and other parts should be considered and included. Eagle Creek and parts of what is called East Park are two such communities and many people are moving to those locations and and love them. The availability of condos is rather low but there are some very nice townhomes and luxury homes there.

  • Townhomes- $388,000 

  • Single Family Homes- $715,000 

Will these tends continue? Time will tell and you will need to check back and see. First let's talk about some housing indicators, prophets of doom, prophets of prosperity and the foreclosure market.

There is always the possibility of an unknown major event effecting the housing market in Orlando or even nation wide. Nobody knows everything and neither do I or I would would figure out a way to feed the world and get everyone clean water. Here are just a few things to look for as signs of a collapse.

  1. A reason appears for people to fall behind in their house payments. Or a reason appears for housing purchases to drastically slow at the current prices. Maybe a reason for fewer people to move to the Orlando/ Central FL area.
  2. Purchases begin to slow as prices begin to fall. Banks begin to report that more people are behind in an assorted payments like auto's and housing.
  3. More people request their banks to allow them to sell their homes short of what the owner owes on the home so they can avoid default. This is usually disclosed publicly.
  4. After a couple of bad months "Short Sales" begin to show up online.
  5. Florida does not have non-judicial foreclosure. So court proceedings for foreclosures are filed publicly. As the number of homes owned by banks (foreclosed on) more and more show up for sale. Normally when the banks inventory increases prices fall. When banks have very few foreclosed homes they want full market price for them.

Orlando Housing Market-Bank Owned Homes-Foreclosures Available

This may surprise you because the number is so low. This number is for all of Orlando Florida. In the previous 30 days 9 homes sold that were either Auctioned, Short Sales or Bank Owned. The previous 30 day period which was 30-60 days ago that number was 14. Those are not signs of impending doom are they? Especially when there were around 1,250 home sales in the last 30 days.

Buy, Sell or Flee To The Hills?

At this point I personally would still buy before interest rates go up. In ten years most likely prices and interest rates will be much higher. Buy location, buy affordable to you and try not to buy the most expensive home in any community. Only one person wanted it, that is not a good sign for re-sale. If you are currently considering purchasing in Orlando contact me for assistance. Thank you for reading this Orlando FL Housing Market Update.

All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: Stellar MLS (updated 1/19/22 11:07 AM) |

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