Let's dive into a year in review. A look inside the 2019 housing market for Orange County, Florida and where the market is headed.
The Orange County, FL Real Estate market is very hot right now. With a median home price of $260,959, a number that is higher than the national median home price of $243,225. The median listing price of homes in Orange County, FL is $319,900 which is also higher than the national price of $284,999.
Rental prices continue to soar in Orange County, FL with a median gross rent of $1,650. Central Florida rental rates have grown about twice the national average over the past 5 years. According to an article in Orlando Weekly, Orlando is the fifth most 'rent-burdened' city in the Country. Other cities on the list include New York, Los Angeles, San Diego, Tampa, and Jacksonville. Supply in this market cannot keep up with the demand, approximately $1,000 people are moving to Florida every week. Rental occupancy rates are at 94%, which means property managers and landlords will likely not be lowering the cost of rent.
According to Zillow, the Orange County home value is expected to increase 2.5% in one year. In November 2019, the interest rate for a 30 year fixed-rate mortgage averaged 3.70%. Down from the 4.87% in the year prior. With low mortgage interest rates and high rental rates, many Floridians are exploring their home buying options.
There are several questions to ask yourself if you're considering purchasing a home:
Do you plan to live in that area longer than two years?
Are you looking to build investment equity over time?
Do you want more ways to further your tax deductions?
Do you enjoy stability?
Do you want the freedom to change your living space?
If you answered yes to any of those questions, it may be time to explore your home-buying options. Home buying and selling can be overwhelming and feel like a large task to take on. The Real Estate Collection has established a hands on approach to work with you every step of the way through the home buying and/or home selling process.
We provide our customers with the expertise they deserve to help them reach their financial goals and make their home buying dreams a reality.
Thank you for a successful 2019, we look forward to serving your Real Estate needs in 2020!
[Sources: census.gov, Zillow, Florida Realtors, and Orlando Weekly]