So, you’ve been thinking about putting down some roots in Orlando? We don’t blame you. This captivating city has much to offer its residents, from stunning weather year-round to world-famous attractions. But the question for those thinking about making a move to the City Beautiful is this: Is now a good time to buy or sell in Orlando’s real estate market?

The simple answer is that it depends. The Greater Orlando housing market bounced back after the pandemic. Prices went up very rapidly for a couple of years, but now, due to the higher interest rates, the market has settled, there’s more inventory and sellers are more willing to negotiate. There are some great deals to be had if you know where to look.

Let’s examine the current state of Greater Orlando’s real estate market and what experts predict in the foreseeable future. We’ll also provide some tips on how to best navigate the market, whether you’re looking to buy or sell in 2024/2025.

Greater Orlando Home Market: Current Trends

Right now, the Greater Orlando area is considered a buyer’s market. That means more houses are on the market than buyers, driving prices down. Some consider the market more neutral because the prices have stabilized rather than dropped drastically.

The median home price has decreased slightly to $390,000, from the record-setting highs seen in June, with spending an average of 55 days on the market, depending on the location.

So, what’s driving this decrease in value? Well, for one, the prices had increased to very high values in a short period of time with very low mortgage interest rates following the pandemic. It was bound to stabilize at some point. Now, mortgage rates have been at their highest in about 20 years, and buyers either cannot afford a home or are waiting for the interest rates to drop. In the meantime, sellers continue to list their homes, increasing the inventory on the market. Sellers desperate to sell are more willing to negotiate down the price of their properties, causing an overall decrease in market value.

Despite the high interest rates, high taxes also push buyers towards more affordable areas like Orlando. This, in combination with the availability of houses at negotiable prices, is causing a great opportunity for buyers in the Greater Orlando market. Hence, while a bit slower, the housing market will continue to be in a healthy state.

Why the Greater Orlando area?

City Beautiful, as it’s most commonly known, welcomes over 74 million visitors per year, thanks to world-class theme parks like Universal and Disney World. Not to mention, the premium shopping experiences at the Mall of Millennia and Orlando Vineland Premium Outlets are hard to beat. But it’s not all fun and games.

Orlando is also home to a thriving tech industry, with many startups and major companies like Amazon, Siemens, and Lockheed Martin calling the city home. The growing number of jobs in the tech sector is one of the main reasons Orlando’s population has steadily increased over the past few years.

The current population in Orange County, FL, is 1,491,071 per the 2024 World Population Review, making Greater Orlando the perfect size for those who want to experience the hustle and bustle of a big city but still enjoy nearby towns with that hometown feel. As of September 2024, the median home value is $430k for Orange County, which is much lower than that of other large metropolitan areas, ensuring you’ll get more bang for your buck.

And, of course, we can’t forget about the weather. Orlando enjoys sunshine and warm temperatures year-round, with an average temperature of 72 degrees. So whether you’re looking to hit the beach or dip in one of the many pools around town, you’ll always be able to find a place to cool off.

All of these factors contribute to Greater Orlando’s status as one of the hottest real estate markets in the country. So, if you’re considering buying or selling a home in Orlando, now is the time to do it.

What should BUYERS know before entering the Orlando housing market?

First things first, you will have options. You will have the opportunity to negotiate your price with sellers that are ready to sell. Having said this, some homes that are priced right and in desirable locations do sell fast, so be prepared to submit an offer.

Keep the facts below in mind:

• Be ready to move quickly when you find a home you love.
• Have your financing in order, and be prepared to make an offer soon.
• No more bidding wars. Just normal sales price negotiations.
• Ensure you constantly communicate with your real estate agent so you don’t miss out on your dream home.

As interest rates remain high, you may not entirely be ready to buy but still want to take advantage of the current market conditions. If that is the case, you might want to consider leasing with an option to buy. This will give you the flexibility to move into a home now and lock in today’s prices, with the opportunity to purchase the house at a later date.

What should SELLERS know before entering the Orlando home market?

With an overall slower Orlando home market, there are things to consider when selling. If you want to get the most value for your home, you may want to wait unless you must sell quickly. If so, be prepared to negotiate your sales price. It is not the same market we had after the pandemic. Having said this, prices are still strong but are not as strong as they were a couple of years ago. Many sellers prefer to wait until the beginning of the year when the market historically picks up.

When preparing your home for sale, be sure to stage it to appeal to today’s buyers. This means decluttering, depersonalizing, and making any necessary repairs or updates. You may also want to consider hiring a professional home stager to help you make your home look its best. You may want to consider our free real estate concierge services.

It’s also important to be realistic about your asking price. Overpricing your home will only cause it to sit on the market longer. Work with your real estate agent to develop a competitive asking price that will attract buyers but still allow you to profit from the sale of your home.

Orlando Home Market Forecast: What’s ahead?

While the housing market was slow earlier in 2024, it picked up somewhat in the fall. Interest rates have determined home sales, fluctuating throughout the year. Regardless of the sales prices, Orlando remains one of the hottest real estate markets in the country.

You can’t predict the future, but you can use smart strategies to maximize your chances of success when buying or selling a home in Greater Orlando. The market may shift depending on interest rates, but don’t let that deter you from selling or buying. It is still a good housing market and is expected to remain strong for the foreseeable future. So, if you want to make a move, there’s no better time than now.

The Conclusion

So, what did we learn in our Orlando home market forecast? Let’s break it down:

• Sellers, be smart about pricing your home and prepare it as best possible to maximize its value and desirability. Buyers are abundant, and with a smart strategy, your home will sell at the right price to the right buyer.
• Buyers, the market is on your side. The fact that interest rates are fluctuating can work in your favor. Make sure to get pre-approved for a mortgage so that you’re ready to make a move on the perfect home for you.

There are pros and cons to both buying and selling right now. However, overall, the market is strong and expected to remain so for the next few years. So, whatever your plans are, now is an excellent time to act.

If you’re considering buying or selling a home in Greater Orlando, contact us today. Our experienced and knowledgeable team can help you navigate the local housing market and help you make the best decision for your needs. Whether you’re a homebuyer or looking to sell, we can help you find the perfect home or get the most out of your sale.