Orlando is known as the prime destination for some sun and fun. The vibrant city boasts theme parks and tourist destinations with plenty of outdoor activities for families and travelers alike. That’s why it’s not surprising to learn that real estate brokers list Orlando’s housing market in 2021 as quite competitive.
Almost everyone wants a slice of Orlando, and the proof is in the state of Orlando’s real estate market. In 2020, the Orlando area welcomed 60,977 new residents, the highest number in the last five years.
A Seller’s Market
Usually, housing economists consider a healthy market with around a six-month supply of houses balanced between sellers and buyers. Orlando has less than a month’s supply of homes between the price range of $180,000-350,000.
Orlando’s real estate market has established itself as a seller’s market with few homes to sell and several buyers ready to purchase a property. This is a hot market where homes get sold fast at or above their asking price.
That may mean that buying a home in Orlando can be challenging to motivated buyers since fewer houses are for sale, and the sellers have the upper hand. Sellers can get the total asking price, and often, their homes can sell for more than the actual asking price.
Homes Are Selling Like Hotcakes
Even an ongoing pandemic proves to be an insufficient deterrent for people wanting to buy homes in Orlando. In January 2021, ORRA members sold 2,727 homes, a 20% increase over January 2020.
The Orlando market’s low inventory, partnered with increasing demand, drives home prices up. In January 2021, the median sales price was $275,000; it went up 12% from January 2020.
The demand for properties is so high that in January 2021, listed houses spend an average of 40 days on the market, which is a considerable drop of 33% compared to January 2020. Buyers find themselves needing to be pre-approved and ready to make an offer since the competition for acquiring homes in Orlando is relentless.
2021 Forcast for Orlando Housing Market
Housing experts have forecasted that Orlando’s real estate market will continue to be a seller’s market for the rest of the year. The following are some predicted factors that contribute to the market’s continuation as a seller’s market.
We expect Florida’s population to increase in 2021. An influx of people from abroad and around the US is expected, further increasing the demand for properties. Florida’s reasonable cost of living and no state income tax, not to mention great all-year-round weather, are some of the reasons that attract people to settle in Orlando.
Increased Demand for Real Estate
There is an expected high demand for real estate in Orlando for the rest of 2021. This demand may be due to low mortgage rates.
Continuing Increase of Property Prices
Analysts are predicting the trend of increasing property prices to continue for the rest of 2021. This increased property price is due to the low inventory of houses sold and the high demand for real estate from people moving into the Sunshine State.
Final Thoughts on the Housing Market
A hot, competitive Orlando market is what interested buyers will meet when trying to scour the area for a place to live. The situation is challenging, especially for interested buyers who have no background or connection in real estate.
There are still Orlando homes up for grabs despite the competition. For this reason, it’s essential to have a trusted real estate advisor by your side to help you identify these Orlando homes for sale and close the deal favorably. That’s where The Nickley Group comes in.
If you’re interested in owning real estate in Orlando, The Nickley Group can help you find exceptional properties that suit your needs and budget. With a full-service team of seasoned real estate experts, we’re your best resource for landing that dream home in our beautiful city.
Give us a call at 407.906.2456 or send us an email at info(at)thenickleygroup(dotted)com. You can also visit our office at 1013 E. Colonial Dr. Orlando, FL 32803. Let us help you find your dream home in Orlando today!