Orlando, FL 2024 Housing Market | realtor.com® (2024)

FAQs

What is the forecast for the Florida real estate market in 2024? ›

According to Zillow, home price appreciation is expected to slow down significantly in the coming years, with a predicted increase of only 3.4% for 2024. This could provide relief to buyers who have been priced out of the market in recent times.

Cape Coral on the state's Gulf Coast was listed as the most overpriced Florida area, ranked third at 38.9%. Other Florida cities on the Top 100 list: Tampa (4th most overvalued), Palm Bay (7th), Lakeland (8th), Orlando (9th), North Port (12th), Deltona (13th) and Jacksonville (25th).

Orlando, FL housing market

The median listing home price in Orlando, FL was $391K in May 2024, trending down -2% year-over-year. The median listing home price per square foot was $250. The median home sold price was $370K.

The combination of high mortgage rates, steep home prices and low inventory levels are lining up to make the 2024 housing market a challenging one for both buyers and sellers. But rates have cooled a bit — if that continues throughout the year, as some experts predict, then market activity should heat up in response.

Experts overwhelmingly say that the housing market isn't going to crash anytime soon. The last housing crash helped cause today's lack of supply, which is what's keeping prices from falling. Mortgage rates, however, are expected to fall this year. This will help make homeownership more affordable.

Market Stability and Future Outlook:

The Orlando housing market's current trends suggest stability and continued growth. The increase in new listings and pending sales, coupled with the rising inventory, provides a balanced environment that benefits both buyers and sellers.

Orlando, Florida, is one of the prime locations for such investments. With its booming tourism industry, growing population, and strong job market, Orlando offers ample opportunities for property investors. However, successful real estate investment requires careful planning and consideration.

The average salary in Orlando, FL is $39,000 per year or $18.75 per hour. Entry level positions start at $29,250 per year while most experienced workers make up to $96,351 per year.

The deposit amount varies depending on the purchase price, but a strong EMD is between 2% – 3% of the purchase price of the home. An offer with a strong EMD shows the seller that they are working with a serious and motivated buyer. Another way to show motivation is by shortening the standard contingency timeframes.

How to sweeten a real estate offer? ›

Keep your offer friendly.

Don't let a few hundred dollars—or even a few thousand dollars—stand in the way of getting the home you want. Let your generosity shine through and set your offer apart by giving the sellers more time to move out or leasing it back to them for a month or two if they need it.

As a whole, analysts are optimistic about the outlook for stock prices in 2024. The consensus analyst price target for the S&P 500 is 5,090, suggesting roughly 8.5% upside from current levels.

The real estate market in Florida is hot right now, making it an exciting but challenging time to buy a home. Prices are going up, and there are lots of bidding wars. But Florida is still a great place to live because of its tropical feel, no state income tax, and many things to do.

Spring and summer are the best times to sell your house fast - and the best time to get the highest price for your home. Specifically, houses sell for the most in June, followed by May. According to Redfin, the average sale price of homes sold in Florida in 2022 was as follows: June: $410,100.

If you're buying a home in Sarasota, you may be able to get a good deal. 77.8% of homes here sold below asking price last month. Summary: A total of 572 homes were sold or pending in Sarasota in May 2024, down by 9.1% month-over-month.