Orlando Housing Market: Trends & Prices
Orlando Real Estate Market Overview
(Last Updated – 6/2023)
Family fun is probably what comes to mind when you think of Orlando: Disney World, Universal Studios, SeaWorld, and other attractions. But Orlando also features historical charm, lakes, museums, and the 50-acre Leu Gardens.
While Orlando receives visitors from around the world thanks to its major vacation appeal, over 316,000 residents call Orlando home, according to 2022 census data. In fact, Orlando is the fourth largest city in Florida with a 0.5% annual growth rate currently.
The boom has helped Florida see major job growth in the private sector since 2021. In fact, the Orlando area added 52,800 new private sector jobs over this past year, a 4.2 percent increase as of April 2023. The housing market is also still seeing high demand, as home sales and median home prices rose substantially from January to February 2023, a positive sign for sellers.
The weather is hot, but the Orlando real estate market is too. So let’s take a look at the details.
Recommended: Home OwnershipOverall Orlando Market Trends
The real estate professionals at Redfin consider Orlando to be a somewhat competitive market. They report that homes, on average, receive 3 offers and sell in around 25 days. Popular homes in Orlando can sell in just six days.
Recommended: Local Housing Market Trends by City$360,000
Median Sale Price
$237
Avg. Price Per Sq. Foot
25 days
Avg. Time on Market
Orlando Housing Market Forecast
Orlando home prices continue to be on the rise this year. However, low inventory combined with high demand will likely continue to stoke Orlando’s seller’s market for the foreseeable future, according to real estate experts.
While the median price in Orlando jumped to $360,000 in April 2023, prospective homebuyers interested in making a move to Orlando may find they have to act fast, as homes go pending in about 22 days.
Population Growth in Orlando
Orlando is among the fastest-growing cities in the nation, and the City Beautiful’s population growth shows no signs of slowing down. A recent report from Redfin shows that Orlando was among the top three most popular cities to move to in 2021, and census data population estimates continued to rise in 2022. The Greater Orlando metro area is also the 26th largest in the United States. Many remote workers have been flocking to the Sun Belt cities, causing home prices to rise.
Demographics of the Orlando Market
Orlando’s residential side is often overshadowed by the hustle and bustle 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: $58,968
Median Age: 34.4
College Educated: 40.1%
Homeowners: 38.2%
Married: 40.2%
Popular Orlando Neighborhoods
U.S. News ranked Orlando the 52th best place to live in the entire country, so no matter what neighborhood you choose, 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 the demographics of some of Orlando’s most popular neighborhoods.
Colonialtown South
This neighborhood was primarily constructed during the 1920s Florida land boom, so there are plenty of lovely historical homes to choose from in Colonialtown South, which also features brick roads and tree-lined streets.
Quick Facts
Population:
22,136
Median Age:
37.8
Housing Units:
11,658
Bike Score:
82/100
Walk Score:
84/100
Transit Score:
44/100
Average Household Income:
$113,429
Colonialtown Housing Market
Colonialtown South is a very competitive neighborhood in Orlando for buyers, with prices soaring 33.8% in April 2023 compared to last year. Many homes receive multiple offers, some even with waived contingencies.
Most homes sell in only eight days, and more popular homes get scooped up in around four days.
Average Sale Price
$515,000
Average Price Per Sq. Foot
$373
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 fun events year-round and cool boutiques for shopping.
Commuting is easy; the neighborhood is close to Interstate 4 and only 2 miles from Downtown.
Quick Facts
Population:
20,073
Median Age:
38.9
Housing Units:
9,921
Bike Score:
71/100
Walk Score:
62/100
Transit Score:
36/100
Average Household Income:
$140,827
College Park Housing Market
In this somewhat competitive market, some homes receive multiple offers. On average, homes sell within 18 days.
Median Sale Price
$510,000
Average Price Per Sq. Foot
$319
Lake Cherokee
Lake Cherokee is home to about 160 historic structures dating back to the 1870s, many of which are residences.
This primarily residential neighborhood has ample historic and modern charm and is very bikeable, so enjoy the view when you take a neighborhood stroll.
Quick Facts
Population:
1,537
Median Age:
54.1
Bike Score:
83/100
Walk Score:
64/100
Transit Score:
51/100
Median Household Income:
$41,156
Lake Cherokee Housing Market
In Lake Cherokee, you’ll have a decent amount of time to make a move on a home you love, compared with some other Orlando neighborhoods, but charm does come at a price.
Typically, houses in this neighborhood sell in 24 days. Home prices were up 7.5% in April 2023 compared to last year.
Average Sale Price
$648,000
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:
18,238
Median Age:
37
Housing Units:
7,961
Bike Score:
48/100
Walk Score:
14/100
Transit Score:
3
Average Household Income:
$131,065
Lake Nona Housing Market
The Lake Nona housing market is somewhat competitive, with some homes receiving multiple offers.
Typically, homes in this area sell in about 17 days for 2% below price, with more popular homes selling in only one day.
Median Sale Price
$659,000
Average Price Per Sq. Foot
$276
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 opportunity for families to get fresh air and exercise.
Quick Facts
Population:
18,547
Median Age:
41.7
Housing Units:
9,463
Bike Score:
73/100
Walk Score:
43/100
Transit Score:
41/100
Average Household Income:
$51,084
Clear Lake Housing Market
If you have your mind set on living in Clear Lake, you’re in luck. Prices dropped in this neighborhood by 30.1% in April 2023 compared to last year.
Homes in Clear Lake are currently selling at around 2.6% below list price, a promising sign of landing a home here within budget.
Average Sale Price
$171,000
Average Price Per Sq. Foot
$201
SoFi Home Loans
It’s easy to see why the Orlando real estate market has become hot. The appeal extends far beyond theme parks.
If you think Orlando could be your home sweet home, then you may need to consider different mortgage loans during your home buying process.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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