Local Market Trends for Orlando Real Estate in 2023: What Buyers and Sellers Need to Know
Local Market Trends for Orlando Real Estate in 2023: What Buyers and Sellers Need to Know
The Orlando real estate market is a hotbed of activity, with strong demand and limited inventory driving up home prices. In 2023, the market is expected to remain competitive, with home prices continuing to rise.
Home prices: The median home price in Orlando was $375,000 in July 2023, up 0.5% from the previous year. This is still below the national median home price of $428,700. However, home prices are expected to continue to rise in 2023, driven by strong demand and limited inventory. There are a few factors that are contributing to the rise in home prices in Orlando. First, the economy is strong, with low unemployment and rising wages. This is making it easier for people to afford to buy a home. Second, the job market is growing, with many new businesses and industries expanding in the area. This is attracting new residents to Orlando, who are also looking to buy homes. Third, the supply of homes for sale is limited. This is due to a number of factors, including the high cost of construction and the limited availability of land.
Sales volume: The number of homes sold in Orlando was 606 in July 2023, down from 613 in the same month last year. This is a sign that the market is starting to cool, but it is still a healthy level of sales. The decline in sales volume is likely due to the rising home prices. As prices become more expensive, some buyers are being priced out of the market. However, the overall demand for homes in Orlando remains strong, so even with the decline in sales volume, the market is still considered to be competitive.
Inventory levels: The inventory of homes for sale in Orlando was 7,197 in July 2023, up 1.0% from the previous month. However, inventory levels are still below the historical average, which means that there are more buyers than sellers in the market. The limited inventory is a major factor driving up home prices in Orlando. With so few homes available, buyers are often competing against each other, which drives up the prices that they are willing to pay.
Buyer demand: Buyer demand in Orlando is strong. Homes are typically selling within a few weeks of being listed, and buyers are often making multiple offers. The strong buyer demand is due to a number of factors, including the strong economy, the growing job market, and the limited inventory. Buyers are eager to find a home in Orlando, and they are willing to pay a premium to do so.
Seller market conditions: Seller market conditions are favorable. Sellers are in a strong position to negotiate a good price for their home. The favorable seller market conditions are a result of the strong buyer demand and the limited inventory. Sellers have their pick of buyers, and they can often get the price they want for their home.
Factors driving the trends: The factors driving the trends in the Orlando real estate market include:
- The strong economy: The Orlando economy is growing, with low unemployment and rising wages. This is making it easier for people to afford to buy a home.
- The growing job market: The Orlando area is home to many major employers, such as Disney World, Universal Orlando, and SeaWorld. This is attracting new residents to the area, who are also looking to buy homes.
- The limited inventory: The supply of homes for sale in Orlando is limited, which is driving up prices.
- The rising interest rates: The Federal Reserve is expected to raise interest rates several times in 2023, which will make it more expensive to borrow money. This could slow down the housing market, but it is still expected to remain competitive.
Implications for buyers and sellers:
- Buyers: Buyers in Orlando should be prepared to act quickly when they find a home they like. They should also be prepared to make multiple offers.
- Sellers: Sellers in Orlando are in a good position to negotiate a good price for their home. They should be prepared to do their research and list their home at a competitive price.
Additional tips for buyers and sellers:
For buyers:
- Get pre-approved for a mortgage before you start looking at homes. This will give you an idea of how much you can afford to spend and make you a more attractive buyer.
- Be prepared to act quickly when you find a home you like. Homes in Orlando are selling quickly, so you need to be ready to make an offer as soon as possible.
- Be prepared to make multiple offers. In a competitive market, it’s not uncommon for buyers to make multiple offers on the same home.
- Be patient. The Orlando real estate market is competitive, so it may take some time to find the right home.
For sellers:
- Stage your home to make it look its best. This will help you attract more buyers and get a higher price.
- Price your home competitively. You want to get a good price for your home, but you also don’t want to price it too high and scare away buyers.
- Be prepared to negotiate. Buyers will likely try to negotiate the price of your home. Be prepared to negotiate in order to get the best possible price.
- Hire a real estate agent who is experienced in the Orlando market. A good real estate agent will be able to help you sell your home quickly and for the best possible price.
The Orlando real estate market is expected to remain competitive in 2023. Home prices are expected to continue to rise, but inventory levels are expected to increase slightly. Buyers should be prepared to act quickly when they find a home they like, and sellers should be prepared to do their research and list their home at a competitive price.