July 2020 Orlando Real Estate Market Overview

Market Statistics July 2020

Orlando Market Overview 2020

Orlando has seen significant growth over 2020 so far.

The median sales price in Orlando for homes sold in July was $270,000, which marked a 1% increase year over year. That price was also a 1.9% improvement compared to June’s median price of $265,000. These figures include Orange, Osceola, Volusia, and Seminole counties which come under the Orlando MSA, according to the Orlando Regional Realtor Association. Despite the pandemic, there is a strong demand from home buyers.  Orlando is in a sellers market with inventory in July being down 22% from last year at this time. 

The Sunshine State pulls both local and international investors and very few markets are doing better in the face of the Covid-19 pandemic. Orlando, Davenport, Polk City, and the many other cities in Central Florida have seen their fast-growing housing markets become great for sellers. Townhomes and Villas saw an inventory increase of 23% while inventory of single family homes is down 33%. 

For instance, home prices in Orlando were expected to experience a 5% increase in 2020 after jumping almost 6% Between February and December 2019. Although this rise has been slowed down a little by the Covid-19 situation, it’s still looking good.

What is a Seller’s Market?

A market is called a seller’s market when demand starts exceeding supply. This often results from low housing inventory which boosts competition between homebuyers and allows sellers to raise their prices. There are numerous advantages in selling a home in a seller’s market.

     

    ORRA Stats July 2020

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