Orlando Real Estate Market Report

April 14, 2023

Orlando Real Estate Newsletter

Week of April 10, 2023

**Orlando Housing Market Update**

The Orlando housing market continued to be strong in March, with home prices rising and inventory remaining low. The median home price in Orlando was $325,000 in March, up 12% from the same month last year. The number of homes for sale in Orlando was 1.8 months of inventory, down from 2.1 months of inventory in March 2022.

The strong housing market is being driven by a number of factors, including low interest rates, high demand for housing, and limited inventory. Low interest rates make it more affordable to buy a home, and high demand for housing is pushing up prices. Limited inventory is making it difficult for buyers to find homes to purchase.

The strong housing market is expected to continue in the coming months. Interest rates have been creeping lower. Even if they seem high to many people, the current rates are close to historic norms. Regardless of interest rates on 30-year mortgages, demand for housing is expected to remain high. Limited inventory is expected to continue to be a challenge for buyers.

**New Construction in Orlando**

There are a number of new construction projects underway in Orlando. One of the largest projects is the $1.5 billion Creative Village development. The development will include a mix of residential, commercial, and entertainment space. Another major project is the $1 billion Dr. Phillips Center for the Performing Arts. The center will include a 2,700-seat performing arts hall, a 1,200-seat theater, and a 300-seat black box theater.

The new construction projects are expected to add to the inventory of homes in Orlando and provide new amenities for residents. The projects are also expected to create jobs and boost the economy.

**Affordable Housing in Orlando**

The lack of affordable housing in Orlando is a major issue. The median home price in Orlando is $325,000, which is out of reach for many low- and middle-income families. The lack of affordable housing is forcing many families to live in overcrowded or substandard housing.

The city of Orlando is working to address the affordable housing crisis. The city has set a goal of creating 10,000 affordable housing units by 2025. The city is using a variety of strategies to achieve this goal, including providing financial incentives to developers, building public housing, and working with nonprofits to create affordable housing.

The affordable housing crisis is a complex issue, but the city of Orlando is committed to finding solutions. The city is working with a variety of partners to create more affordable housing options for residents.

**Orlando Real Estate Market Outlook**

The Orlando housing market is expected to remain strong in the coming months. Interest rates leveling out, high demand for housing, and limited inventory are all factors that are expected to support the market. However, the market is also facing some challenges, such as the rising cost of construction and the lack of affordable housing. It is important for buyers to be aware of these challenges and to do their research before making a purchase.

This is a fast-paced market. You need someone in your corner. Contact me and let me know how I can help!