According to a recent report published by the Orlando Regional Realtor Association (ORRA), home prices in the Orlando area saw increases of more than 20 percent when compared to October of last year. A small inventory and reluctant buyers dipping their toes into the market after the start of the pandemic may translate to home prices remaining high in Central Florida.
The median home price for single-family homes is hovering around $290,000, 10 percent higher than October 2019, but a drop from September by $5,500.
Other considerations suggest that in the coming months, Orlando real estate will continue to be a seller’s market. Year-over-year, gross inventory has dropped 20 percent. ORRA forecasts that selling all homes below $300,000 in the region will take less than a month. A six-month supply is perceived by housing analysts to be a more equal mix between home buyers and sellers.
In the top 50 metro areas for home appreciation, Orlando is in 35th place. In September, more than one in five homes in the United States sold for double their asking price.
This update is by hard money lenders Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on Broward County hard money lending, please call 954-816-0388 or fill out our application.