When looking at what the future may hold in 2020 for our Orlando Real Estate Markets, I know that sometimes you can get bogged down in facts and figures that translate to, “yes, we’re going to do just fine this year.” But there are some stark differences in our local real estate markets and many other popular cities throughout the United States. Foremost, Forbes magazine announced Orlando as the second highest-rated city for future job growth; thus, a growing population of “out-of-towners” will continue to strengthen our housing market in years to come.
Let’s look back before looking at the future.
The 2019 Annual Median price was 4.1% higher than in 2018. The year ended with a total of 36,694 homes sold, a slight increase from the prior year. When looking, for example, at a 12-month review, we can see that from December 2018 to December 2019, there was a 7.65% increase in Median Price for sold homes. Rents grew 2.5% in the last 12 months in Orlando, which is higher than the average for the State and U.S. overall. Leading experts believe that those possible lease renewals in 2019 will motivate people to take the “plunge” of homeownership this year.
Most Realtors® in Orlando agree to a high demand in 2020, but because of consistent low inventory, also expect home sales to be moderately gaining. Yes, 2020 is still expected to be a SELLER’S MARKET. Average home prices right after the new year (Jan 2020) are about 4% higher than the nation, but rentals are at about 14% below the national average. So, people relocating from other major cities will not feel that initial bite of rentals rates. Interest Rates for mortgages are also not expected to increase significantly. All these factors, along with expected increases in salaries and wages, have real estate professionals relatively hopeful in regards to 2020 expectations.
Our 8-year Population Growth potential is at about 252% above the national average, yes, 252%. TEN-X Research’s quarterly report recently named Orlando, the “hottest single-family real estate market” among the 50 largest metro areas in the U.S., further strengthens the outlook in the Orlando Regional Real Estate market in the years to come.
Fabio Gomez Jr started in the Real Estate industry in 2002, specializing in Residential Mortgages. He opened his own CFIC Mortgage Branch. He has switched to the “FUN” side of real estate, with extensive Negotiating, Investing, and Sales experience. He is currently a successful agent in the Boutique real estate company, Marcillo Real Estate in Orlando, FL.VISIT AUTHOR'S WEBSITE