The 2017 Orange County Florida Real Estate Annual Report was just released and published. It can be found in its entirety on the Orange County Property Appraisers (OCPAFL) website in a PDF format. It contains updated information in regards to the state of Orange County’s real estate market, plus several insights into the current Central Florida and Orlando home and housing selling environment and its future trends. After thoroughly evaluating the new and most current data that is available, let’s take a look at what this really means to Orange County’s estimated 400,000 home owners.
2017 Orange County Florida Real Estate Statistics
The population of Orange County Florida has exploded to an estimated total of well over 1,314,000 residents currently residing in this famous Central Florida county. Drawn in ever increasing numbers to the Orlando Metropolitan area, the US Census Bureau estimates that approximately 60,000 people migrated to Orange County in 2016. As reported by CNN, Orlando has been one of the top 4 cities for relocation over the last six years. Additionally, as pointed out by the Orlando Economic Development Commission (EDC), “Orlando had the largest growth rate in terms of population when looking at the top 30 markets in the United States”. What this means is that the already staggering number of people relocating to Orange County will only continue over the next several years.
The reasons for this ongoing growth are many. Just a few to note include:
1. Orange County is seeing more than 1,100 new jobs and employment opportunities created every week.
2. Construction projects and corporate relocation to the Orlando area are creating new employment opportunities that are outpacing even the Central Florida tourist industry (which had been previously the primary reason for attracting relocating individuals and new workers in large numbers over the past several decades).
3. The University of Central Florida is now the second largest University in the nation. Orlando is being viewed on a national basis as an educational center for technology, research and medicine.
4. The climate, weather, family culture and numerous beaches in proximity to Orlando have always been attractive to people choosing where to relocate to.
Currently in 2017 there are 501,513 homes and housing “units” in Orange County. This is rapidly increasing as new home construction can be seen throughout the more rural cities of Apopka, Winter Garden, Ocoee, Belle Isle and Edgewood. The median age of residents is now 34 years old, with an average household income of just below $48,000. Of interest to many is the increase in the veteran population to over 63,000 individuals.
Breakdown of the Types of Residential Homes in Orange County
The actual classifications of homes (commonly labeled as “residential parcels” by realtors) is also very interesting. The following were taken from the OCPAFL 2017 Annual Report :
– Single Family Houses: 287,540
– Multi-Family Houses: 4,113 (these include duplexes)
– Condominiums: 52,444
– Townhouses: 19.254
– Manufactured Homes: 4,731 (these include trailers)
These numbers are interesting to many, as the percentage of single family homes has dramatically risen, At the same time, the percentage of condominiums and manufactured homes has decreased. Most cite the new home construction and the increased demand for singly family houses in the county as the major reason for this shift.
What This Means to Central Florida Home Owners
Perhaps the most significant statistic that the recent 2017 OCPAFL Annual Report documented was the total Orange County real estate market value number. In 2014, it was estimated that the combined value of all property in the county was an around $126 billion dollars. This rose in 2015 to an estimated value of $147 billion dollars. Again in 2016 the value increased to approximately $160 billion dollars. Now in 2017 the staggering worth of properties in Orange County is well over $172 billion dollars. What this means is that the average value of a property in Central Florida has increased by almost thirty-seven percent (36.5%) in just the last four years! Never before has such a staggering increase in property values been seen, and the trend can only continue. With unemployment levels at record lows, job opportunities at record highs and the economy steadily improving, home owners are getting increased resale value for the sale of their houses, along with a drastically shortened time for their homes being listed on the market.
Selling a Home in Orange County? Talk To Lynda First!
If you’ve decided to sell your house in the Orange County and Central Florida area, call Lynda Miller today at (407) 620-2924 or contact her Online now. With 20+ years of experience in the Orlando real estate market and in particular Orange County, Lynda’s clients all say it best: Lynda sold their house faster and for more! Find out why Linda was selected as one of Orlando’s Top 100 Realtors by Orlando Magazine for 2017 for yourself. There is a difference in Central Florida’s realtors and Lynda truly is a Real Estate All-Star Agent!