2023 Housing Market Overview
Orlando Real Estate Market 2023
Orlando Real Estate Market Overview
Metro Population: 2.7 M
Median Household Income:$55,000
Unemployment Rate:3.1%
Median Home Price*:$374,000
Median Monthly Rent*:$1,987
Orlando Housing Market Trends
Orlando Real Estate Market Trends & Forecast 2023
Orlando, located in the state of Florida, has been a popular tourist destination for decades. With so many tourists visiting the area each year and a growing number of residents choosing Orlando as their home base, it’s no surprise that Orlando is one of the strongest real estate markets in 2022 and into 2023. Orlando is home to a number of successful companies and large-scale enterprises that bring both job opportunities and ongoing investment to the area. An estimated 500 people move to Orlando every week, making it the third fastest growing city in America. Here, we’ll explore the top factors that make Orlando one of the strongest real estate markets of 2023, including job growth, population growth, and equity growth potential. Learn more about Orlando’s housing market, population trends, and employment numbers in the tabs shown above!Data Sources:
- https://www.zillow.com/
- https://censusreporter.org
- https://www.deptofnumbers.com/
- RealWealth Property Team Data
Orlando median home values stats and descriptions 2022
Orlando median monthly rent stats and descriptions 2022
Orlando median home value appreciation rate 2014-2022
Orlando median monthly rent appreciation rate 2014-2022
Orlando’s population is growing at an amazing rate. In the past 11 years, Orlando’s population has grown by 25%, adding more than half a million in-migrants.
During this time, Orlando’s population grew 254% faster than the national average. The Orlando metro area’s growth rate of 2.33% puts it third among the fastest growing U.S. metropolitan areas.
The Orlando Economic Partnership predicts the Orlando region will gain 1,500 new people per week until 2030, when its population reaches 5.2 million people.
Orlando has seen a huge economic boom in recent years. The city had an unemployment rate of 2.9% in August 2022, compared to the national average of 3.7%.
In the past year, Orlando added 65,100 new jobs—a growth rate of 4.99%. In fact, Orlando’s job growth rate is 30% higher than the average US job growth rate.
The leisure and hospitality industry added the most jobs over the past year, followed by professional and business services, trade, transportation, and utilities.
Three companies headquartered in Orlando have made the Fortune 500 list: Darden restaurants, Michaels Autos, and Wyndham vacation ownership.
Orlando’s top employers include Disney Parks, Orlando Health, Advent Health, Marriott Vacations Worldwide, UCF Orlando and Universal Orlando Resort.
Unparalleled population growth rate
Orlando’s metro area has been growing at a rate of 2.33% per year, making it the third fastest growing metro area in the US. In addition to this population growth rate, Orlando has also seen an increase in job seekers and college students from all over the country—and even from abroad. In the Orlando-Kissimmee-Sanford metro area of Florida, the population is expected to exceed 4.8 million by 2060. Orlando’s 75.3% projected growth rate is the 15th highest in the nation.Attractive job market
Orlando is a popular destination for investors because the job market is strong, and the economy is vibrant. The area added 65,100 new jobs between 2021 and 2022, a rate of growth that is 30% higher than the average US job growth rate. The Orlando, Florida area is expected to see a 19% increase in industry employment by 2030, a 10% increase over the national average. Some of the area’s major employers are Walt Disney World Resort, Universal Orlando, JetBlue Airways, AdventHealth, Orlando Health, Orlando International Airport and Publix Super Markets Inc.Hot real estate market
In the past eight years, Orlando real estate prices have increased by an average of 113 percent, from $175,221 in 2014 to $374,016 in 2022. This means that if you were to buy a home for $175K back in 2014, it would be worth about $374K today! Orlando is also a hot rental market. Since 2014, Orlando’s rent prices have increased annually by 7.10%.High cash flow potential
When it comes to buying rental properties, investors generally look for properties that have a monthly rent to value (RTV) ratio of 1%. For example, at a sales price of $120,000, a $1200 per month rental would be considered ideal. With double digit home equity gains across the US, most investors will opt for investments that deliver RTVs of 0.7% or higher. The average rent to value (RTV) ratio for neighborhoods where members of RealWealth invest in Orlando is 0.76%, 34% above the national average. And the demand for rental properties in Orlando is high as 63% of households currently rent their homes.Flourishing economy
Orlando has a booming economy and has been able to position itself as one of the fastest-growing areas in the country by fostering niche industries beyond its traditional strengths in tourism and hospitality. Orlando is one of the most visited cities in the world, drawing millions of tourists every year. As a result, tourism is one of Orlando’s main economic forces. Behind the scenes, the area’s economy is dynamic and diverse. It includes high technology, aviation and aerospace, film and television production, biotechnology and manufacturing. Metro Orlando is one of the world’s few quadramodal transportation centers—a global shipping hub in central Florida. It is home to Orlando International Airport, which offers non-stop service to 72 cities. It is the largest and busiest airport in Florida, the 15th largest in the United States and 23rd largest in the world.High quality of life ratings
Orlando is home to a variety of attractions, including exciting nightlife and natural beauty in the form of lakes. Transportation is convenient and reliable, making it easy to get around town or take a trip to visit friends in another city. Living in Orlando is 3% more expensive than the national average, but incomes are higher as well—if you earn $80,000 in the United States, your comparable income in Orlando would be $82,560.Newsworthy building developments and projects in Orlando
Orlando Creative Village
Creative Village was first conceptualized by the Orlando Economic Partnership as a way to transform Downtown Orlando into a mixed-use neighborhood that would support innovation, entrepreneurship and the digital media industry. The project’s first phase has already been completed, and it includes 260 mixed-income apartments; 640 purpose-built student housing beds; 701 market-rate apartments; 176,000 SF Electronic Arts Orlando Studio corporate anchor; 28,000 SF of ground floor commercial space; and 2.3-acre Luminary Green park. Phase II of Creative Village is underway and includes new office buildings, mixed-income housing and student housing.389 North
389 North is a 39-story high rise located on Weintraub’s property at 389 N Orange Ave at the corner of S Orange Avenue and E Livingston Street in downtown Orlando. The tower will contain 300 apartment units, 10,000 SF of ground level retail, 88,000 SF of office space and a 539 parking garage. A 7,500 square foot rooftop lounge and amenity deck will also be part of the development.Modera Baldwin Park
Construction of Modera Baldwin Park, a $50 million residential development slated for Orange County, Florida, could begin by the end of 2022. As of June 2022, the city of Orlando was reviewing the application and was expected to approve it. If approved, the venture could deliver 400 luxury homes in an eight-story building. MCRT Investments LLC, a real estate investment firm based in Washington D.C., owns the venture and has developed two other communities in Orlando: Modera Creative Village and Modera Central. Some sources claim that construction work on Modera Baldwin Park could begin in November 2022.Church Street Plaza
The Church Street Plaza development, located at 225 South Garland Avenue, is currently in phase 2 of construction. The second phase will include 19 residential units that could be used as hotel rooms, 210,500 square feet of office space, and an integrated SunRail station. A new 32-story tower is being built. It will include 2,500 square feet of ground floor retail space, a hotel with 209 hotel rooms and 60,000 square feet of ballroom and meeting space.Bainbridge Sand Lake
The Bainbridge Companies, a luxury multifamily developer, plans to build more than 800 apartment units on 41 acres of property in Orlando’s tourism district. The $100 million complex will offer 397 housing units, with units spread across multiple five-story buildings. The project is slated to open in 2023.Major Employers in Orlando
Orlando Housing Market News
- "Strongest commercial real estate market in Q1 2022" - NAR
- "Hot market for built-to-rent communities" - Orlando Sentinel
- "Ranked #2 In America's Fastest Growing Cities" - Forbes
- "#2 Best City for Future Job Growth" - Forbes
- "One of 10 Great Cities for the 50+ Home Seeker" - AARP
- "2016 Desination: Orlando" - Worth
- "#1 Best City for First Time Home Buyers" - Business Insider
- "#1 Best Family Vacation in the US" - US News
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