2024 Housing Market Overview for Real Estate Investors
Orlando Real Estate Market 2024
Get insights about the 2024 Orlando real estate market to determine if it’s the best location for your next single-family or multi-family home investment.
Orlando Real Estate Market Trends and Statistics for Real Estate Investors 2024
Orlando is Florida’s third-largest metro area and the 22nd-largest in the United States. It boasts a booming healthcare, tech, aerospace, and tourism job market. Located in Central Florida, the Orlando-Kissimmee-Sanford MSA includes Lake, Orange, Osceola, and Seminole counties. Orlando is famous worldwide for its theme parks and attractions, which include Walt Disney World® Resort, Universal Orlando Resort, SeaWorld® Orlando, and Legoland Florida Resort.
Why are investors interested in the Orlando housing market? Significant appreciation. Orlando’s home prices have been appreciating at double-digit rates over the last five years. Although price growth has slowed down, it’s still positive. According to Orlando Realtors, in May 2024, prices were up 1.9% year-over-year, with the median home price currently at $385,000.
Orlando also has a stable rental market supported by a strong, well-diversified economy and fast population growth. It is home to the University of Central Florida (UCF), one of the largest universities in the United States. The area also features a variety of cultural and entertainment options, including theaters, art galleries, museums, music venues and festivals.
Major projects are underway. One of these is Tavistock Group’s Lake Nona Medical City development near Orlando International Airport.
For those looking to invest in the Orlando real estate market in 2024, we recommend avoiding flood zones and coastal areas altogether. Also, consider new builds or homes with new roofs for lower insurance premiums.
Data Sources:
- www.census.gov
- www.deptofnumbers.com
- www.zillow.com
- RealWealth Property Team Data
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Orlando Housing Market Trends
The rental market in Orlando is strong, with rents on par with the national average. This is no surprise, considering Orlando’s metro area is one of the fastest growing in the US.
Let’s break down the Orlando housing market trends for home value and rent in 2024 and see how they’ve changed over the past decade. This data is critical for investors to identify the Orlando real estate market’s affordability and equity growth potential.
Orlando home values are keeping pace with the national average.
Median Home Value
The data in this chart is based on the average single family home in Orlando and the United States as of January 2024.
The average cost of single-family homes in the Orlando metro area is $384,720, 2% higher than the national average. Housing inventory is also increasing. According to Orlando Realtors, in May 2024, listings jumped 99.7% year-over-year and 9.7% from April, rising to 10,282. This means more options and potentially more negotiating power for buyers and investors.
Despite the increase in inventory, the Orlando real estate market remains hot. Sales volume has grown consistently from February to May 2024, with a 5.4% increase from April to May. This suggests steady demand and a healthy market. Homes do sell fast, so be prepared to act quickly.
Orlando rents are higher than the average U.S. metro.
Median Monthly Rent
The data in this chart is based on the average single family home in Orlando and the United States as of January 2024.
The Orlando housing market has a competitive rental market. The average monthly rent for single-family homes and apartments as of 2024 sits at $2,009, just 1.4% above the national average of $1,982. Comparatively, the Orlando metro area’s rent-to-value (RTV) ratio is 0.52%, less than the national average.
Orlando’s rental market is also highly competitive. RentCafe says at least 11 people apply for every rental, and vacancies typically take 39 days to fill.
Orlando home values are appreciating faster than the national average.
Median Home Value (2014-2024)
+120%
40%
Over the past decade, Orlando home values have grown by almost 120%, at an impressive rate of 9.13% annually. That’s 40% faster than the national average for the same period. If you bought a home in Orlando for $200,000 ten years ago, today it could be worth around $440,000 – a potential gain of $240,000.
Redfin reported in May 2024 that Orlando’s home prices were up 8.2% compared to last year, selling for a median price of $405,000. Homes are selling quickly, receiving an average of 2 offers and spending 29 days on the market.
The market is showing even more positive growth signs. March 2024 saw a surge in pending sales, new listings, and overall inventory. Pending sales increased to 4,257 from 3,891 in February; new listings rose to 4,124 from 3,799 the previous month, and inventory increased to 8,971 homes, up from 8,589—all these point to a healthy market with opportunities for investors.
Rents in Orlando are rising faster than the national average.
Median Monthly Rent (2014-2024)
+63%
53%
Orlando’s rents have soared by 63.4% over the past decade, outpacing the national average by 53%. That’s an average rent growth of 5.61% per year. But things have cooled down recently. Zillow reports that Orlando’s median rents increased by a modest $25 over the past year. The first half of 2024 saw rents rise 2.2%. For that same period in 2023, rents increased by 1.3%. This suggests Orlando’s rental market may be heating up again.
Orlando Population Trends
One of the most promising signs of a strong real estate market is population growth. In this section, we’ll discuss what’s happening in the Orlando metro in that area.
Orlando's population continues to grow incredibly fast.
Population Growth
29%
277%
Orlando is the third-fastest growing metro area in the U.S., with a growth rate of 2.6% annually. Its population surged 29.2% in the twelve years between 2010 and 2022, growing 277% faster than the national average for the same period. This rapid growth is a crucial driver of the housing market in Orlando, Florida, making it an attractive option for investors and homebuyers.
Who’s moving here? The Orlando Economic Partnership reported that 69% of new residents have some college education, and 14% hold a graduate or professional degree. Diversity is another hallmark, with 49% of new residents coming from international locations.
Orlando has a young and vibrant population. The median age is 37, and 46% of new residents (from outside Florida) are between the ages of 25 and 54. Only 12% of newcomers are over 65.
Orlando also ranked among the top 10 U.S. metro areas that gained the most people from 2022 to 2023, adding 54,916 residents.
Orlando Employment Trends
A strong economy is another sign of a good place to invest in real estate. In this section, we’ll discuss what’s happening with jobs in Orlando, Florida.
Orlando continues to experience significant job growth.
Job Growth
31,900
2%
Between November 2022 and November 2023, the Orlando metro area added 31,900 new jobs. With a job growth rate of 2.25%, it surpassed the national average by 34%. In May, unemployment fell below 3%, and the metro area is on track to surpass 1.5 million jobs in 2024.
Orlando’s tourism industry is second only to Las Vegas. While tourism remains a significant player, the economy has been diversifying. The professional and business services sector has grown 4.2% per year over the past ten years, twice the national average growth rate.
This sector is now the second-largest category of jobs in the Orlando metro area. The professional and business services sector and sectors like education, health, financial activities, transportation, warehousing, utilities and wholesale trade offer wages above the national average.
Major regional employers include Disney, Universal Orlando Resort, Marriott Vacations Worldwide, the University of Central Florida, and healthcare giants like Orlando Health and AdventHealth. Orlando is also home to Fortune 500 companies like Darden Restaurants, Michaels Autos, and Wyndham Vacation Ownership.
The metro area continues solidifying its position as a major tourist destination with upcoming theme park expansions like the new Comcast/Universal park slated to open in 2025 and Disney’s $8 billion expansion.
Why Investors Should Consider Investing in the Orlando Real Estate Market
Considering the information above and further research, let’s see what makes the Orlando metro area one of the best places to buy real estate in 2024.
1. Strong population growth
Orlando is growing fast, ranking fourth for the most significant numeric gains in the United States last year. Between 2022 and 2023, more than 54,000 new residents moved to the Sunshine State. In 2022, the Orlando metro area had a population of 2,764,182 and continues to grow at 2.6% per year, surpassing the national average.
Who’s moving here? Orlando’s booming economy and diverse job market draw young professionals with college degrees. Sixty-nine percent of those over age 25 moving into the area have at least some college education. For real estate investors, this influx provides a steady stream of renters.
2. Strong renter’s market
In 2024, RentCafe ranked Orlando’s rental market fifth in the nation. In 2023, renters favored Orlando apartments 105% more than the previous year. Online traffic for rental listings surged 18% year-over-year, indicating a robust rental real estate market in Orlando, Florida. RentCafe also found that for every available single-family rental or apartment, there were at least 11 eager renters.
High demand translates to reliable rental income and potentially less vacancy time for investment properties. It’s a landlord’s dream market.
3. Thriving economy and job market
Between May 2023 and May 2024, over 29,400 jobs were created in Orlando. By the end of 2024, the metro is projected to surpass 1.5 million total jobs. Wages are growing faster than the national average, too. With more disposable income, the population can boost local businesses and maintain a more robust economy.
Orlando is a leader in job creation. The metro area added 139,000 jobs in the past five years, growing by more than 11%.
While theme parks are a big draw, the area boasts a well-diversified economy, including its thriving tech and advanced manufacturing industries and biotechnology, aerospace and defense.
4. Strong real estate appreciation potential
Home prices in Orlando have risen steadily over the last decade, averaging a 9.13% yearly increase. That’s not all. In May, Redfin reported a median sale price increase of 8.5% compared to last year. The median home price in the city of Orlando is currently $405,000.
If you’re looking for high appreciation potential in the Orlando real estate market, consider neighborhoods like Lake Nona. This beautiful community, with its master-planned neighborhoods around a gorgeous lake, attracts investors from all over.
5. High quality of life
According to Numbeo, Orlando has a very high quality of life index (183). It offers a dynamic blend of business opportunities, charming neighborhoods, and world-class recreation. Its vibrant downtown area features an active cultural scene, beautiful residential areas, and world-famous theme parks.
There are plenty of things to do here. Residents can visit the Dr. Phillips Center for the Performing Arts for theatrical performances and concerts, cheer on sports teams like the Orlando Magic, or explore the shops and festivals. Orlando is also home to top schools, universities and healthcare facilities.
Newsworthy Building and Developments in Orlando
Planned developments can help investors estimate how their investment properties might change over time. Here are some notable projects in the Orlando real estate market right now.
1. Westcourt Orlando
Westcourt is Orlando’s downtown jewel. Located just north of the iconic Kia Center, it is super accessible and bordered by W. Church Street, Division Avenue, W. Central Boulevard, and S. Hughey Avenue. The development's centerpiece will be a brand new $2.1 billion sports and entertainment complex featuring a 17,000-seat arena for the Orlando Magic NBA team, a smaller 2,500-seat event center, and a 300-room hotel. Westcourt isn’t just about game days; it offers mixed-use facilities with high-rise residences, office space, shops, restaurants and entertainment options. Westcourt is projected to be a major economic driver, generating over $1 billion and creating over 10,000 direct and indirect jobs in the Orlando area.
2. The Packing District
Dr. Phillips Charities is building a vibrant new community in Orlando called The Packing District. This ambitious $700 million project will transform 202 acres into 3500 residential units and 1 million square feet of retail and office space. The project includes a YMCA Family Center, a regional park, apartments and townhomes, trails, a food hall and an agriculture center. The Packing District will also honor the area’s citrus industry roots by repurposing historic buildings from Dr. Phillips’ original citrus packing operations as one of the major citrus producers in the region in the early 20th century.
3. Neocity
Neocity is a 500-acre tech hub in Osceola County, Florida, designed to support cutting-edge research in smart sensors, photonics and nanotechnology. This project is set to revolutionize U.S. microchip production. The Department of Defense recently awarded Osceola County and partners a $289 million five-year contract for Neocity to produce next-gen microchips for the U.S. military. The project also received a $67.5 million grant from the U.S. Economic Development Administration’s Build Back Better Regional Challenge program to train future tech talent, partnering with top universities like UCF (University of Central Florida). Neocity’s location next to UCF, one of the most prominent U.S. universities, allows it to tap into a deep pool of STEM talent. Neocity aims to bring advanced semiconductor packaging back to the U.S. and create a more reliable supply chain. The project is expected to be a jobs magnet for Osceola County and position Orlando as a leader in semiconductor technology.
4. The Grow
The Grow is Orlando’s first agrihood community. It combines modern homes with farms and gardens, allowing residents to enjoy the convenience of farm-to-table living. The project emphasizes the principles of healthy community design, fostering a pedestrian-friendly environment where people can easily connect with neighbors. It features open spaces like wetlands, trails, parks and gardens and vintage farmhouse-style homes. Pedestrian trails make it easy for residents to walk or bike to shops, the farm, the elementary school, the equestrian center, or the new 20-acre park. The Grow also offers convenient access to major transport options such as Orlando International Airport and the Brightline high-speed rail station. It is close to the Space Coast, downtown Orlando, and key areas in East Orlando like UCF, the Central Florida Research Park and Waterford Lakes.
5. Disney World expansion
The feud between Disney and Florida Governor Ron DeSantis has ended, giving Disney the green light for a massive expansion in Orlando. The project is a considerable investment, with Disney pouring in $8 billion over the next 10 years and potentially reaching $17 billion over the next two decades. Plans include a brand new theme park, adding to the current parks of Magic Kingdom, Epcot, Hollywood Studios, and Animal Kingdom. There will also be new hotels and two smaller parks (water parks). Disney plans to add new attractions and expand the Magic Kingdom and Animal Kingdom areas.
Best Places to Buy Investment Property in Orlando & Surrounding Areas
If you’re considering getting into the Orlando real estate market in 2024, here are some of the best places to find profitable Orlando investment real estate right now.
1. Sanford
Located just 30 minutes from Orlando, Sanford offers proximity to Orlando’s attractions without the high price tag and congestion. Redfin says the median price here is $347,000—significantly less than Orlando City, Miami and Tampa. It is known as the “Historic Waterfront Gateway City” due to its location on the southern shore of Lake Monroe and at the head of navigation on the St. Johns River. Sanford has a growing population of over 63,000. It serves as the county seat of Seminole County, boasting an international airport and easy access to Orlando via the Sunrail commuter rail system. The city has invested in various initiatives, such as the RiverWalk trail, streetscapes, and green initiatives, offering residents an excellent quality of life. It also hosts fun events like the annual Oktoberfest and Alive After Five.
2. Kissimmee
Owning property in Kissimmee puts you 20 miles from Disney World, Universal Studios, and SeaWorld. Tourists flock here, making it ideal for short-term and vacation rental investments. From 2010 to 2020, the population grew by over 20%. This rising demand translates to potential property value appreciation and strong rental market. Kissimmee's population is 69,615, and its median household income is $40,826. It is a family-friendly location with highly rated schools, including Valencia College’s Osceola Campus, and many events and festivals like the annual Osceola County Fair and Kissimmee Valley Rib Rodeo. Plus, it is close to fast-growing areas such as St. Cloud, Poinciana and Davenport. Local attractions include Old Town Kissimmee, a historic outdoor mall with shops, restaurants and fair rides, and The Crosslands, a 592,212-square-foot retail center that ranks as one of Florida's top four shopping centers. According to Placer AI, this shopping center attracts around 4.4 million visitors annually. Over 4,300 new residential units are planned or under construction within a mile of The Crosslands.
3. Ocala
If you want to buy an affordable, cash-flowing rental property in Central Florida, you might want to explore Ocala. The city ranks as the 26th best place to retire in the United States. It boasts warm weather, tons of golf courses, low taxes and excellent healthcare. It is also close to beaches, theme parks and major cities like Orlando and Tampa. Plus, the median home price is $273,400, a steal compared to national and state averages! New construction is booming in Ocala. In 2022, 5,318 single-family permits were issued, a strong signal for investors that the Ocala housing market is growing. Ocala offers outdoor recreation opportunities, including swimming, snorkeling, scuba diving, biking, hiking, fishing, kayaking, camping, horseback riding and four-wheeling.
4. Downtown Orlando
Downtown Orlando, the central business district and financial hub of the city, is a goldmine for real estate investors. Corporate offices, banks, and tech firms fuel its growth. A growing list of big-name employers are moving into the area, and over $1 billion is being poured into transformative developments. Recent projects include a lakefront redevelopment and expansion of cultural attractions like the Dr. Phillips Center for the Performing Arts and Creative Village. Downtown is a hub of business and entertainment, home to numerous hotels, restaurants and nightclubs. The area attracts young professionals and empty nesters seeking a walkable, amenity-rich lifestyle. Downtown’s population has doubled in the last decade. With over 68% of residents renting their homes, you’ll have a large pool of potential tenants.
5. Oviedo
Oviedo has a population of 37,545. It is a youthful and vibrant community with a median age of 35. The economy is strong, with a median household income of $82,402. Plus, it’s a short commute to downtown Orlando (approximately 30 minutes drive). Oviedo’s top-rated schools attract families. It is part of the Seminole County school district, which Niche rates as the fourth-best in Florida. Oviedo also supports an active lifestyle. Its parks, trails, and natural areas, such as Little Big Econ State Forest and The Black Hammock Wilderness Area, attract residents who love the outdoors.
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