According to 2024 statistics, the average Orlando home is listed for about $385,000. Since this encompasses an 8.5% YoY increase, purchasing property in the Orlando housing market is a great opportunity for appreciation.
It's critical that both buyers and sellers understand current real estate trends so they can choose the right investment for their needs. Read on to learn some insights to keep in mind when diversifying your portfolio.
Orlando Property Prices and Availability
According to compiled 2024 metrics, the median price for home sale in Orlando is $393,946.
This comes out to about $243 per square foot. It is nearly $10,000 above the average list price.
However, when looking at individual properties, only 79 homes in November 2024 (the most recent month available) were sold for higher than the asking price. This is only 14% of homes.
Orlando homes are also selling fast. Recent real estate trends and insights show that 46% of homes are sold in under one month.
Buyer's Market or Seller's Market?
Currently, the Orlando housing market is a buyer's market, but a year ago it was a seller's market. This volatility means that investors should monitor the market closely.
If you're looking to purchase property to diversify your landlord portfolio, be opportunistic when it's a buyer's market. You may get:
- A wider variety of houses or commercial properties to choose from
- Multiple investments in several locations at a low price
- Lower upfront purchase prices for property
- Shorter sale times so you can begin collecting rental income ASAP
If you're looking to sell a past investment, wait until it's a seller's market. You'll sell the building faster and get more money for it. This is especially important if you're flipping homes or selling a building after renovations have taken place.
Technology for Navigating the Orlando Housing Market
In the past, both buyers and sellers would look at real estate in person. This meant going to open houses and property auctions.
This still happens, but tech advancements have also given people more options for navigating the sale of houses and commercial real estate. The digital home-buying process now includes:
- Automated valuation tools for identifying good deals
- Easy-to-use property management dashboards
- AI-powered chatbots made to answer questions and provide advice
This makes identifying quality investments in Orlando far easier.
However, learning to use the tools can be a challenge. Sometimes, downloading them can also be expensive. That's where full-service property managers come into play!
Professional property managers have the tools and resources needed to identify and help purchase great investments. With integrated dashboards and market-scouring tools, they'll help landlords find new investments that diversify their portfolios.
They can also help navigate real estate auctions and negotiate purchases.
Beyond the Basics of Real Estate Trends
Now that you know some real estate trends in the 2024 Orlando market, it's time to talk with property management professionals about expanding your portfolio.
PMI Prime Home is committed to working with Florida landlords to ensure a high return on investments. We help you find investment opportunities and lease the real estate you buy to great tenants.
Our integrated dashboard and automated tools make being a landlord easier than ever, so contact us to learn more!
