We'll go over the most recent Orlando real estate market trends and forecasts to see how they might affect purchasers and sellers in the coming year. Orlando property prices are expected to remain strong in 2022. This is due to limited availability and buyers returning to the market after being cautious following the emergence of the pandemic.
Orlando is expected to be a seller's market for the next 12 months, based on current market patterns. According to the latest report from the Orlando Regional REALTOR® Association, house sales in the Orlando area increased by 12.7 percent in November 2021 compared to the previous year (ORRA).
The entire inventory was reduced by 45.4 percent year over year, with 3,664 properties sold. However, it was a 2.6 percent reduction from the 3,760 sales in October 2021. The average number of days on market (DOM) has dropped to 44 days, down 36.4 percent from November 2020.
Also Read: Top Areas in Orlando to Buy Property 2022
Overall Market Situation
"Over the holidays, new listings tend to diminish, and that's what we're seeing here with the drop in November," says Tansey Soderstrom, President of the Orlando Regional REALTOR® Association in 2021. "With fewer homes on the market, we're seeing the median home price rise once more. This is keeping the housing market strong."
The Orlando housing market is fiercely competitive, according to Redfin, a national real estate agency. Orlando home prices were up 20.4 percent year over year in December 2021, with a median price of $339K. Homes in Orlando sold after an average of 12 days on the market, down from 22 days last year. There were 1,233 homes sold in December of this year, down from 1,282 the prior year.
For the majority of investors, purchasing or selling real estate is one of the most crucial decisions they will make. Selecting Orlando Property management services is still an important step in the process. They are well-informed about crucial market elements. Changes in market conditions, market estimates, customer attitudes, appropriate locations, timing, and financing rates, to name a few, all have an impact on the specific market sectors.
