Orlando, Florida, enjoys well-deserved popularity among not only tourists, although it is visited by over 59 million people every year. Many also choose this location for permanent residence. Besides a mild climate and incredible nature, Orlando offers numerous career opportunities, with major employers such as Magic Kingdom, The Walt Disney World Resort, SeaWorld, Universal Orlando, Lockheed Martin, AdventHealth, and Siemens Energy.
The COVID-19 pandemic caused a sharp surge of house prices in Orlando and across Florida. In February 2020, the median house price in this city was $250,000, according to the Orlando Regional Realtor Association, but after many people changed their lifestyles and decided to move to a state with minimum restrictions and lockdowns, the median price of a residential property soared to $387,000 by June 2022. As of February 2023, it dropped slightly to $358,000 probably due to the rising mortgage rates.
A bonus for buyers, however, is the greater number of listings in the market compared to last year, notes Lisa Hill, President of the Association. 5,555 houses were listed for sale in February 2023, which is more than two times above last year’s level.
Compared to February 2022, the median selling price of residential properties in Orlando grew by 3.7%. The final price is usually 97% of the asking price. According to the ClosingCorp platform by CoreLogic, the cost of closing a purchase and sale deal on a property in Florida equals 2.3% of the purchase amount on average. For a house worth $358,000, it is $8,234.