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2022 Orlando Real Estate Market and Trends

Without any doubt, 2021 was a wonderful and challenge year for the Orlando real estate market. Thru the year, we saw interest rates at historic lows, but at the same time, the highest demand for properties in decades, which means low inventory and higher prices.

According to the Market Pulse Report, from Orlando Regional Realtor Association (ORRA), the median price of a home for December reached $340,000, up $10,000 from November’s record and up $65,000 from December 2020. The year closed with the highest median home price ever recorded, confirming that 2021 was an unprecedented real estate market, as Tansey Sodestrom, 2022 ORRA President, said.

During 2021, Orlando received many new residents from high-tax and high cost living places as Boston, New York and California. The majority of them moved because they can work remotely, and still receiving a high salary. Orlando was the perfect match for them as they love the wonderful weather, lower taxes, quality of live, world known attractions and properties prices lower than in those places.

Also, the tourism industry is doing very well here. We are the most visited destination in the United States, and the Theme Park Capital of the World, and even during the pandemic, in 2021 our Orlando International Airport hosted about 2.5 million passengers during the 19 day holiday travel period. Investors continue looking this unstoppable trend as Orlando as prefer vacation spot, and they see the great opportunity to invest in vacation homes for short rental and in residential homes for long term rentals. Both of them are in high demand.

The Orlando Economic Partnership projected a continued growth for our city, and estimates that the Orlando region will continue adding 1,500 new residents each week.  They are looking for homes around the Orlando Metropolitan Area, which included four county regions, Lake, Orange, Osceola and Seminole County.

And now that the 2022 is here, we projected a bright future, full of hope. But it doesn’t mean that we’re not going to face challenges. And these challenges are one of the reasons that will make more important than ever to work with a real estate agent that specializes in this market that helps you to buy your primary residence or an investment property.

Let’s take a quick look of what to expect this year:

Prices will not go down. They will continue to rise. Don’t wait, you should buy as soon as you can.

Homes will continue to increase in value. If you are an owner, you will be good. Your property will continue to increase in value. Maybe not as quickly as in 2021, but they won’t go down.

Housing inventory will be low. If you plan to buy a property, be sure to always present your best and higher offer.

Builders will continue releasing new homes… but there will be waiting list, again! Is important to keep an eye in the new community that you like and keep informed of new releases. We can help you with that.

Available homes will receive multiple offers and will be under contract in less than 30 days. We saw this trend in 2021, and will continue in 2022.

Interest rates on mortgages will climb up again. Federal Reserve just announced and we started to see higher interests. But if you’re an owner, this still be a great time for refinancing.

Cash deals will continue to dominate. If you have enough cash to buy, do it. It will increase your competitive capacity and save money on your purchase.

Economic still recovering and people still traveling to Orlando. In addition to the tourism industry, new jobs and new businesses will be opening.

Rent prices will continue to climb. The demand for rental properties is very high.

Plan your first visit to Orlando, or visit us again! There will be more than 25 new experiences to enjoy with the whole family. We’re going to be here waiting for you to show the wonderful properties that you can buy!

Milena@vivaorlando.com – 407-922-4620