State of the Market
Spring has sprung in the Central Florida housing market. March data shows increases in new listings, home prices and overall sales, and a reduction in inventory as buyer activity picked up significantly.
The good news for buyers is that they have plenty more options to choose from. There were twice as many homes on the market in March compared to this time last year, and the median home price was only slightly higher than it was a year ago.
The median home price for March was recorded at $365,000, up from $358,000 in February. This is the second month in a row with rising median home prices.
Overall sales rose 31.1% from February to March. There were 2,936 sales in March, up 696 from the 2,240 sales recorded in February. Overall sales in March 2023 were 28.4% lower than March 2022 when there were 4,100 sales.
Inventory in March 2023 (5,052) was 103.9% higher compared to March 2022, when it was recorded at only 2,478 homes.
What’s New in Orlando
Central Florida’s tourism scene is undergoing an extraordinary transformation, with remarkable developments that are bound to propel the region to new heights. From the arrival of the state-of-the-art airport terminal at Orlando International to the imminent launch of the high-speed rail service by Brightline, and the forthcoming grand opening of Universal Studio’s Epic Universe, this dynamic landscape is brimming with exciting prospects.
First and foremost, let’s talk about the highly anticipated new airport terminal at Orlando International. With its state-of-the-art facilities and cutting-edge infrastructure, this terminal is set to revolutionize travel to Central Florida. Its completion heralds the arrival of an estimated 10-12 million additional passengers each year, unlocking a wave of opportunities for businesses and driving tourism numbers like never before.
But the excitement doesn’t stop there. Central Florida is on the cusp of an unparalleled transportation revolution, thanks to the forthcoming launch of Brightline’s high-speed rail service. This summer, visitors will have the chance to embark on a seamless and exhilarating journey between Central Florida and Miami, connecting two of the fastest-growing regions in the state. This convenient and efficient mode of transportation will open up new horizons for tourists, fuelling exploration and fostering economic growth.
As if that wasn’t enough, prepare yourself for the grand unveiling of Universal Studio’s Epic Universe in 2025. This monumental theme park promises to be a game-changer for Central Florida’s entertainment landscape. Boasting unparalleled attractions, immersive experiences, and mind-boggling innovations, Epic Universe is set to captivate the imagination of visitors from around the globe. As the largest Universal theme park in North America, it will undoubtedly cement Central Florida’s position as a must-visit destination for thrill-seekers, families, and entertainment enthusiasts alike.
With the convergence of these remarkable developments, Central Florida is set to continue to be the unrivaled powerhouse in the world of tourism. Join us as we embark on this exciting journey, where each step forward promises unforgettable experiences, unparalleled growth, and a future that shines brighter than ever. Get ready to witness the dawn of a new era in Central Florida, where dreams come to life and extraordinary memories are waiting to be made.
The market in this region offers an abundance of options, ensuring that you have a wide range of choices to consider. The good news is that prices have remained stable, providing a favorable environment for buyers like yourself. On average, homes are being purchased at approximately 3% under the asking price, giving you an opportunity to negotiate and secure a great deal.