Orlando Housing Market Flourishes & Property Values Rise Despite Slowing Sales in 2023

Orlando is not only a vibrant city to live in but also a potential hotspot for property-related investments. This is reflected in our recent report into the housing market trends there.

Rising Property Values amid a Slowing Market

Median home prices in Orlando rose from $375,000 to approximately $389,000 between December 2022 and December 2023, an increase of roughly 3.7%.

The average sold price per square foot grew moderately from $231 to around $234 over this period.

Overall transaction volumes in the Orlando housing marked a downturn. The number of properties sold dropped from 6,890 to 4,955 over the same timeframe, a reduction of almost 28%. This could be attributable to factors such as market saturation, shifts in the economy, or changing buyer tendencies.

Property Market Trends in Nearby Cities

In surrounding cities, average property values grew, reflecting the regional trend of escalating real estate prices.

• Zellwood’s property market proved particularly buoyant with a surge from $136,500 to a whopping $194,750 year-over-year – a jump of over 42%.
• Yalaha saw a dip from $363,500 to approximately $336,000
• Winter Park witnessed a downturn from $433,486 to around $442,019, hinting at a buyer’s market where buyers are negotiating better deals and higher-priced properties are staying on the market for longer.

General Trends: Increasing Property Values and Rising Value per Square Foot

Despite variations in the number of sold properties and average sold prices, the regional housing market displayed ubiquitously increasing property values and a general rise in the average sold price per square foot.

Even though the number of property transactions may be taking a hit, property values remain strong and on an upward trajectory, indicating sustained demand in the real estate space across the Orlando region.

In summary, the Orlando area and its nearby cities have shown widely increasing property values with variations in the average sold prices. A decline in sales does not appear to have dampened growing property values and the value per square foot. Collectively, these trends present a robust real estate market where the demand for property continues to remain resilient. As we keep a close eye on these developments, it’s essential for investors and home buyers to stay informed, making data-driven decisions to navigate the dynamic real estate market effectively.