The real estate market in South Florida continues to move strongly and deliver very encouraging news to foreign investors interested in this sector. The Orlando Regional Realtor Association, in its May 2024 market report, reported that this month the inventory of properties in Orlando grew by 99.7% compared to May 2023, going from 5,149 to 10,282 available properties.
Orlando, like Miami and the rest of the cities in South Florida, has established itself as one of the regions with the strongest real estate market in the United States, and in recent years sales have skyrocketed. Not surprisingly, it is estimated that every day 1,000 new inhabitants arrive to live in Florida, who arrive with the desire to find properties that fit their tastes and needs.
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What is the inventory of properties in Orlando for sale?
According to the association’s report, of the 10,282 properties in Orlando included in the May 2024 inventory, 7,155 were single-family homes, 2,077 were condos and 1,050 townhomes.
The difference in inventory compared to May 2022 is even greater. In that year, there were only 3,851 housing units available, which accounts for the strengthening of the real estate market in Orlando during this time.
The report also noted that, on average, a property in Orlando takes 3.53 months to be negotiated, much longer than the 1.63 months it took for such a transaction in May 2023 and the 0.98 months in May 2022.
Finally, in May 2024, 2,909 home sales were closed, being the best month of the year so far, but a little lower than what was recorded a year ago, when 3,150 properties were negotiated (7.7% less).
How are property prices?
In May 2024, the average price of Orlando properties sold during this month was $482,295, an increase of 5.3% from the average values in May 2023, which were $458,116.
This is another positive sign for foreign investors who want to acquire properties in this city and find attractive opportunities to obtain returns in dollars in the short and medium term in the rental market.
Reasons to invest in Orlando
If you are considering investing in Orlando, here are some of the reasons why this option will be very attractive to you:
The weather
As in South Florida, Orlando enjoys privileged temperatures for much of the year, with an average of 28° C, which makes living in this city or visiting it for vacations in any month a great alternative.
Orlando Properties: Close to Florida’s Best Beaches
While Orlando doesn’t have beaches on its turf, it’s just a few hours’ drive from cities with some of Florida’s most lush coastlines, including Miami, Tampa, Fort Lauderdale, and more.
Orlando Parks
We’re not telling you anything new when we tell you that Orlando has some of the most famous theme parks in the world and that they are constantly being renovated and improved to give you the best experiences. For example, Universal Resort Orlando opened a new section called DreamWorks Land in June, dedicated to the most recognized people in the films created by this animation studio.
If you dare to invest in Miami, Orlando or other cities in South Florida, go ahead and do it with PFS Realty! Our real estate group has experts in the real estate market in the region who will advise you to find the properties in Orlando that best suit what you are looking for.
References:
- Telemundo 51 (2024). The impact of Latino investment on the South Florida real estate market. https://www.telemundo51.com/noticias/local/el-impacto-de-la-inversion-latina-en-el-mercado-inmobiliaro-del-sur-de-florida/2512448/
- Orlando Regional Realtor Association (2024). State of the market report. https://www.orlandorealtors.org/statemarket