Orlando is a city whose economy is directly linked to tourism. And in most cases, the residents and the residential real estate industry, will feel the effects of changes in the tourism industry. Despite the economic downturn home buyers in Orlando are finding higher home prices and fewer choices in 2020.
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In 2020, the year of the Coronavirus pandemic, has produced mixed bag of results for the 2.6 million homeowners and residents of the Orlando metro area. Early in the year fear of the virus shuttered virtually the entire industry which includes Disney World, Sea World, and Universal Studios. Since many residents work directly in the tourist industry, or companies that have business relationships with the tourist industry, they are feeling the effect more that most Americans. And that means layoffs and unemployment.
The Orlando metro area is one of the fastest growing metropolitan areas in the United States. It was recently touted as the 9th fastest growing region with a population increase of 20% in the past ten years.
While many Orlando residents are struggling financially, the residential housing market has shown surprising strength. Home prices have risen 13% year-to-year and often homes on the market will receive multiple offers and / or sell for more than the asking price.
Part of this strength may be due to the optimism of the future Orlando economy since some tourist attractions are starting to reopen. And a lower housing inventory may also be contributing to the price strength.
As of July 2020, the median sales price for all Orlando homes was $270,000. The median sales price indicates that half the homes sold for more and half the homes sold for less. This median price reflects a price per square foot of approximately $158. The average time of market for a listed home was 21 days.
Some of the more unique and interesting neighborhoods in Orlando were built over 150 years ago. Some of them feature brick streets that are lined on both sides by mature trees. Other neighborhoods are more modern and feature more modern designs and amenities. Some of the neighborhoods are Colonial Town South, Lake Cherokee, College Park, Clear Lake, and Lake Nona.