The Orlando, FL Real estate market ended 2020 pretty much exactly as it began this craziest of years: with a frenzy of home sales in suburban Orlando neighborhoods.
There were 3,672 local Orlando home sales in December. That’s a 21% jump from 3,033 deals in December of 2019, as per the newest information from the Orlando Regional Realtor Association. That solid December execution helped 2020 beat 2019 in overall Orlando home sales…A clear indicator of how nearby home interest has not eased back because of the Covid-19 pandemic.
This has resulted in Orlando Realtors working longer hours and making more commissions, which is great news for real estate agents and real estate professionals overall. The desire for people wanting to buy a house in Orlando has exploded at the end of 2020 and now well into 2021… and right now there are no signs of slowing.
This tremendous increase in Orlando home sales is quite amazing thinking about the vulnerability around the Coronavirus pandemic which made deals drop in the spring. As Orlando home sales grew, so did the prices. The median home price in 2020 was $265,000 when in 2019 it was $243,000.
In 2020, the demand for Orlando homes was partly fueled by the desire for square footage and less-thick living during the COVID-19 pandemic. Furthermore, northeastern purchasers ran to Florida’s less expensive homes, warmer climate, and suburban lifestyle.
2021 Orlando Real Estate On Track to Stay Busy
The huge demand for Orlando real estate is expected to remain strong and even increase in 2021 according to Jenny Zamora, Broker/Owner at Orlando Realty Consultants. The data proves that inventory has drastically decreased since the beginning of 2021. December of 2020 reveals the lowest housing inventory in Orlando we’ve seen in the past 15 years. This creates an extremely competitive situation for potential home buyers.
Zamora is not the only Realtor in Orlando to predict an extremely busy year for the real estate market in Orlando. As previously reported in an article in Realtor.com, stating Orlando home sales jumped over 10% this year so far and is expected to rise an additional 5.8 percent.
The 3 greatest variables that will drive lodging interest in 2021 are young homebuyers, an increase in people being able to work from home, and people wanting to live in the suburbs. One other major factor that’s expected to increase the demand for Orlando real estate is historically low mortgage rates, which are expected to drop even further as 2021 progresses.
Patterns in the residential Orlando real estate market are significant, as each home deal in the state has an expected neighborhood financial effect of $77,858 as per a recent report by the National Association of Realtors. Also, the real estate market in Orlando is viewed as an impression of the general soundness of the neighborhood economy.
