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Orlando boasts a real estate scene experiencing significant growth, allowing it to be predicted by Zillow as one of the hottest markets this year, ranked ninth on their list of 10 cities.
According to Rocket Homes, Orlando witnessed a 5.6% increase in available homes between December 2023 and January 2024 alone. This upward trend holds steady across residences with one to four bedrooms. Notably, one-bedroom properties saw an impressive 13% spike in availability during the same period.
According to a February article from Norada Real Estate Investments, the gradual rise in available residences fares well for buyers in Orlando, aligning with Rocket Homes’s observation of the local market shifting away from favoring sellers.
Further findings from Norada Real Estate Investments reveal that interest rate reductions and sellers’ satisfaction with their overall home equity point toward a bright and active future for Orlando’s real estate scene. Meanwhile, the local market has experienced a consistent decline in median home costs over the past three months.
Unlike numerous housing markets across the nation, Orlando stands out due to Florida’s well-established status as a tourist hub. This heightened tourism drives up the demand for vacation homes and rental properties, presenting investors with lucrative opportunities for passive income and value appreciation. Adding to the state’s allure for real estate investors, Florida has no state income tax, ensuring higher net returns on investment.
As 2024 continues, the Orlando real estate market is poised for continued growth and activity. In January alone, the time homes spent on the market decreased from 39 to 37 days, according to Redfin data from January 2024. However, some of the hottest residences enter pending status within just eight days.
