Orlando Housing Market: Trends & Prices
Orlando Real Estate Market Overview
(Last Updated – 06/2020)
Family fun is probably what comes to mind when you think of Orlando. Disney World, Universal Studios, Sea World, and many more attractions can be found in the greater Orlando area. A little fun in the sun never hurt anybody, right? By the way, Orlando has on average 233 sunny days a year, compared to the national average of 205.
While Orlando receives visitors from around the world due to its major vacation appeal, there are over 285,000 lucky residents who call Orlando home every day. We can see why housing prices in Orlando rose 13% since last year and why homes for sale typically sell for more than their list price.
The Orlando region is the ninth fastest growing region in the United States and has seen a population rise of 20% since 2010. This boom in Orlando has helped Florida see major job growth four years in a row and spurred a real estate building trend.
The weather in Orlando is hot, but the Orlando real estate market may be even hotter. So let’s take a look at the Orlando median home price, neighborhood demographics, and the Orlando real estate forecast.
Overall Orlando Market Trends
The real estate professionals at Redfin consider Orlando to be a very competitive market. They report that most homes for sale receive multiple offers and sell in around 21 days.
The homes they consider to be “hot homes” can sell even faster in around just six days.
$272,000
Avg. Home Price
$159
Avg. Price Per Sq. Ft
21 days
Avg. Time on Market
Orlando Housing Market Forecast
Orlando home prices were on the rise last year, but are expected to fall within the year according to Zillow.
As the average home in Orlando only costs $272,000 in 2020, prospective home buyers may be able to find even more affordable options in the future.
Demographics of the Orlando Market
Orlando’s residential side is often overshadowed by the hustle and bustle of all of the theme parks, hotels, and convention centers. But there is a lot more to Orlando than meets the eye, especially when it comes to building a life there.
Before you buy a home in Orlando, and before we break down some fast facts about popular neighborhoods, consider the demographics of Orlando as a whole.
Median Income: $51,820
Median Age: 33.9
College Educated: 37%
Homeowners: 36.7%
Married: 39%
Popular Orlando Neighborhoods
U.S. News ranked Orlando as the 63rd best place to live in the entire nation, so no matter what neighborhood you choose to live in, it sounds like you’ll have a great experience.
Of course, you want to do your due diligence before buying a home, so check out these important demographics about some of Orlando’s most popular neighborhoods.
Colonialtown South
This historic neighborhood was primarily constructed during the 1920s Florida land boom, so there are plenty of stunning historical homes to choose from in Colonialtown South.
As if the historic architecture wasn’t charming enough, Colonialtown South also has brick roads and tree-lined streets to enjoy. Talk about a picture perfect view.
Quick Facts
Population:
19,583
Median Age:
38.1
Housing Units:
11,142
Bike Score:
32
Walk Score:
83
Transit Score:
43
Average Household Income:
$102,545
Colonialtown Housing Market
While Colonialtown South isn’t the most competitive neighborhood in Orlando for buyers, some homes do receive multiple offers.
More popular homes sell quickly in around seven days, but most homes sell in about 27 days—giving you more time to make a home buying decision.
Average Home Price
$296,000
Average Price Per Sqare Ft.
$209
College Park
College Park is considered one of Orlando’s culinary hot spots and has some great locally owned restaurants to choose from. Looking for more excitement? College Park has tons of fun events hosted year-round and cool boutiques for shopping.
Residents appreciate that commuting is made easy thanks to close access to the I-4 and being only two miles from Downtown.
Quick Facts
Population:
17,653
Median Age:
40.3
Housing Units:
8,885
Bike Score:
75
Walk Score:
59
Transit Score:
36
Average Household Income:
$109,478
College Park Housing Market
College Park is a much more competitive real estate market than Colonialtown South. In this very competitive market, many homes receive multiple offers and, on average, sell in anywhere from three to thirteen days.
Average Home Price
$375,000
Average Price Per Square Ft.
$247
Lake Cherokee
Lake Cherokee is a historic district that is home to about 160 historic structures dating back to the 1870’s, many of which are residences.
This primarily residential neighborhood has ample historic and modern charm and is very walkable, so enjoy the view when you take a neighborhood stroll.
Quick Facts
Population:
2,480
Median Age:
57.1
Housing Units:
1,741
Bike Score:
84
Walk Score:
66
Transit Score:
51
Average Household Income:
$99,779
Lake Cherokee Housing Market
In the Lake Cherokee housing market, you’ll have a decent amount of time to make a move on a home you love, which may be appealing for first time homebuyers.
Typically, houses in this neighborhood sell after 49 days of being on the market.
Average Home Price
$242,000
Average Price Per Square Ft.
$225
Lake Nona
This relatively new community, opened in 2011, sprawls across 17 square miles and places a high value on sustainable design and technology.
Lake Nona is a health and wellness focused community that provides hiking trails, health centers, and ample outdoor space for residents to enjoy.
Quick Facts
Population:
11,718
Median Age:
36
Housing Units:
5,044
Bike Score:
47
Walk Score:
10
Transit Score:
1
Average Household Income:
$101,785
Lake Nona Housing Market
The Lake Nona housing market is somewhat competitive, but isn’t too hot to handle. While some homes receive multiple offers, most don’t.
Typically homes in this area sell in about 50 days for around 2% below their list price.
Average Home Price
$425,000
Average Price Per Square Ft.
$192
Clear Lake
The obvious appeal of living in the Clear Lake neighborhood is access to Clear Lake. Playgrounds, trails for biking and jogging, fitness stations, walking paths, and picnic tables provide ample opportunities for families to get some fresh air and exercise together.
Quick Facts
Population:
20,695
Median Age:
39.3
Housing Units:
9,140
Bike Score:
74
Walk Score:
46
Transit Score:
30
Average Household Income:
$39,525
Clear Lake Housing Market
We have some good news for buyers who have their minds set on living in Clear Lake. In the past year, home values have dropped a significant 28%.
Homes for sale in Clear Lake are currently selling for 15.3% under their list price.
Average Home Price
$127,000
Average Price Per Square Ft.
$59
SoFi Home Loans
It’s easy to see why Orlando has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Orlando could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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