After an interesting year in 2020 thanks to the pandemic, the Orlando real estate market has remained strong throughout 2021. Florida real estate agents, sellers, and buyers will be interested in the following trends and information about Orlando.
The Median Home Price Is Still Increasing
Orlando Realtors reported that except for September, the median home price has been increasing month-over-month for 10 months. The median home price was recorded at $325,000 for October 2021. This is a 20% increase year-over-year, indicating a strong seller's market.
Homes Are Selling Fast
Depending on the report you read, homes are on the market on average between 13 and 27 days. No matter the time period, however, these selling timelines are still very fast. The typical home is on the market between 40 and 60 days, so we are seeing very fast and very competitive selling in Orlando.
Buyers will have to be ready with a mortgage pre-approval before they make an offer to have the best chance of snapping up the home they want. With fierce competition between buyers because of low inventory, many will be disappointed when their offer is refused. Acting quickly will be the keyword for buyers for the foreseeable future.
Home Inventory Is Down
A typical, balanced real estate market has six months' worth of inventory available. Currently, Orlando's housing stock sits at just below a month, the Orland Sentinel reports. This, coupled with the speed of sale and increases in median price, indicates a very desirable housing market where buyers are competing for stock. Year over year, the stock has decreased by 20% overall. Stock in October 2021 was 42% lower than stock in October 2020.
New Listings Are Down Slightly
The number of new listings is directly tied to the home inventory. According to Orlando Realtors, in October 2021, there were 3,940 new listings. This is down slightly from September 2021, which had 4,026 new listings.
Economic Conditions Both Slow Down and Speed Up the Housing Market
Competing economic trends are both contributing to and slowing down the real estate and housing markets. On the one hand, the COVID-19 pandemic has deeply affected the tourism industry, which means higher unemployment in this sector and fewer buyers.
On the other hand, record-low lending rates and Millennials finally ready to enter the market as first-time buyers are pushing the industry to build more inventory. In the meantime, however, the low inventory and easy access to mortgage lending heat up the city's real estate market. As the Orlando Sentinel reports, some people who were thinking about selling to move to retirement housing are also hesitating. This means fewer homes for sale on the market.
Orlando Demographic Trends Going Up
One thing real estate agents can count on is the population of Orlando growing. Year over year, the population of the Orlando metro area increases by 2.5%. Forecasts indicate that the city will be home to 5.2 million people by 2030.
Orlando Features Excellent Job Growth
Roofstock reports that Orlando is listed 6th in the United States for job growth and the 23rd best place for employment and business opportunities. Year over year, the city sees an 11% job growth. This is an attractive market for Florida real estate agents, as more people with stable employment means more buyers on the market. The growth in businesses opening in Orlando can also create good opportunities for commercial real estate agents.
Florida Real Estate Opportunities For You
If you are looking to take advantage of this hot market to begin a new career as a real estate agent in Florida, look no further. Our FREC-approved pre-licensing course can be done anytime, anywhere.