Orlando Real Estate Market Overview
Orlando is the fourth largest city in the state of Florida and the 73rd largest city in the United States. Located in Florida’s “sun belt” region, this city is known for its warm climate, beautiful beaches, and even more so for its world famous amusement parks, entertainment, and attractions. With a combined population of 3.3 million residents, Orlando’s real estate market is fueled by job seekers, baby boomer retirees, and students who want to live in a “cheap and cheerful” area that offers a high quality of living at a reasonable cost. For investors looking to invest in real estate, these are good signs. This area has produced some impressive results for real estate investors already and this trend is likely to continue into 2018. To date, property prices are up, appreciation rates are increasing steadily, and the cost of living remains below the national average.
Why Invest Here?
Orlando offers great opportunities for buy and hold real estate investments today. This is Orlando offers great opportunities for buy and hold real estate investments today. This is especially true for investors looking to invest in one of the most quickly growing economies in the nation while prices are still below their pre-recession peaks.
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Orlando, a city in central Florida, is home to more than a dozen theme parks. Chief among its claims to fame is Walt Disney World, comprised of parks like the Magic Kingdom and Epcot, as well as water parks. Another major destination, Universal Orlando, offers Universal Studios and Islands of Adventure, with the Wizarding World of Harry Potter straddling both.
Forbes reports that 60 million people visited the Orlando area in 2015, making it the most visited tourist destination in the country. The population in Orlando has grown 41% since the year 2000. To date, Metro Orlando houses over 2.3 million residents.
Rents grew by 3.4% in the last 12 months, which is higher than the national and state levels. Employment is likely to grow 4.2% a year through 2017, according to Moody’s. Foreclosure laws have helped keep home prices significantly below their last peak but rates are rising.
Orlando’s employment growth is among the best in the U.S. with 173,900 jobs created since the recession and a growth rate of 4% per year.
Orlando’s population has grown 41% since the year 2000 and is expected to grow an additional 1.5% in 2017, which means the demand for housing is likely to increase. Orlando Medical City boasts a $7.6 billion economic impact and will create 30,000 jobs.
Amazon Fulfillment recently opened, bringing 4,000 jobs to Central Florida, the current leader in job and population growth in the state.
Orlando was recently named the “hottest” single-family real estate market among the 50 largest US metro areas (Ten-X Research’s quarterly report). According to the report, Orlando has been elevated to the nation’s top market position due to limited supply, rising home values, ample jobs and income growth, especially in the leisure/hospitality sector.
The Lake Nona area is only about 25 minutes to downtown. Experience 5 major theme parks: Magic Kingdom, Epcot, Hollywood Studios and Animal Kingdom. Two Major Water Parks: Blizzard Beach & Typhoon Lagoon. The Downtown Disney Shopping and Entertainment District featuring: Circue du Soleil, Characters in Flight Balloon Ride, DisneyQuest, House of Blues, AMC 24 theaters, Pleasure Island, Disney Marketplace & Rainforest Cafe among others. The Disney's Boardwalk area with ESPN Sports Bar and Atlantic Dance Hall. Plus the Spirit of Aloha Show, Hoop De Doo Review, ESPN Wide World of Sports and Richard Petty Driving Experience.