Orlando Ranked #4 in Places to Move
Have you been thinking about putting your home on the market in the Orlando or Central Florida area? Now is the time! On a list of most-moved-to-cities courtesy of Homes.com, Orlando was ranked #4. Just this week, the Orlando Regional Realtor Association (ORRA) released data that showed that for 82 months in a row, Orlando’s midpoint sales price for homes has increased an astounding 10.3% year over year. The midpoint sales price has gone up to $237,000 – a 3% increase since just last month. Of the top six cities people are moving to from 2011-2015, Orlando ranked at the top along with three other Florida cities:
Fort Myers: 12.7% migration increase
Austin, Texas: 10.5%
Charleston, S.C.: 7.9%
Daytona Beach: 7.1%
Why Are Home Prices Increasing So Fast In Orlando?
According to the US Census Bureau the Orlando Metropolitan area’s population drove past 2.5 million for the first time ever. The Orlando-Kissimmee-Sanford metropolitan area added an astonishing 56,000 people in 2017. Metro Orlando ranked #8 in terms of numbers gained, the same as the prior year. The area includes Orange, Seminole, Osceola and Lake counties, and has been the 23rd largest metro area in the nation.
Osceola County is the second fastest growing county in the state and the tenth fastest growing in the entire United States. Naturally, it would seem the influx was due to many Puerto Rican’s moving into the Central Florida area after Hurricane Maria; however, large numbers of Puerto Rico’s residents had been moving into Osceola county for years previously. The most recent new census data showed that almost half of the residents (5,453) of Osceola are from Puerto Rico or from foreign countries and the rest (6,583) are from within the United States. Perhaps even more impactful is the fact that the entire metro area saw 22,207 new residents moving from Puerto Rico or other countries and 23,321 from other U.S. states. The natural increase in the Metro Orlando population (births minus deaths) was 10,905. According to CNN, Orlando has been one of the top four cities that people are moving to over the past five years. Also, as pointed out by the Orlando Economic Development Commission (EDC), “Orlando had the largest growth rate in terms of population when you look at the top 30 markets in the United States”. Additionally, out of the top twenty-five metropolitan areas in the entire nation, four of the fastest growing are actually located in the Central Florida geographic area.
With Central Florida housing in high demand, prices of homes are increasing rapidly – Orlando Metro saw a 5.7% increase in the number of sales compared to the year prior. However, even with the home values going up, inventory has dropped 10.8% over the prior year. All of these factors are making it harder for anyone trying to buy a home, especially those on a budget. Those looking for a deal may turn to Lake County – the only county in the region to see a drop in sales over the past year, decreasing by 1.8%. The other three counties saw the following increases in homes sold:
- Osceola County: 8.9% increase
- Orange County: 8.2% increase
- Seminole County: 3.6% increase
ORRA stated in their recent release that Metro Orlando’s midpoint price for condos reached $130,000 – a 20.4% increase year over year. Single-family homes have gone up to $257,000 – a 9.4% increase – during that same time period.
Listing Your Home With a Professional Staging Realtor
If you plan on listing your house in this “exploding” Orlando real estate market, choosing the right realtor is critical! That is why most experts agree that using am experienced Staging Realtor is the key to selling a home faster and for more. A recent study released by the National Association of Realtors (NAR) noted several interesting results:
- Only one out of three realtors stage all their homes listed for sale (34%). As few as 13% stage only houses and homes that they feel are “difficult to sell” and as few as 4% only staged “higher priced” homes.
- Staged homes sold faster and for more!
- Staging a home for sale can reduce the time the home is on the market by one-third to one-half.
Contact Lynda Miller Today!
Call Lynda today at (407) 620-2924 or Online now. Find out why Linda was selected as one of Orlando’s Top 100 Realtors by Orlando Magazine for 2017 for yourself! Let Lynda help you sell your home quicker and for more, as she’s done for so many other satisfied home owners. There is a difference in Central Florida’s realtors and Lynda truly is a Real Estate All-Star Agent!