Orlando, Florida has seen a massive shift in housing over the past 5 years. Finding affordable neighborhoods has become even harder, while the luxury neighborhoods continue to soar! So what is considered affordable vs luxury, and what does it include?
Before analyzing the data, we determined that the average home is a three bedroom at about 2,500 square feet. When finding these numbers we looked at the five counties in the area – Orange, Osceola, Polk, Lake, and Seminole County. This includes Orlando and many of the surrounding cities including Leesburg, Winter Garden, Windermere, Minneola, and more.
This area is in Lake County, almost up to where The Villages are located. If you’re looking to buy in Leesburg, the average price will be about $349,000.
This is definitely one of the further areas when it comes to being right at the heart of Orlando. Drive time to the theme parks, downtown Orlando, and the airport can be around 50-60 minutes, depending on traffic. The average age of these homes are in the mid-2000’s, from older farm-type houses to newer builds in small subdivisions.
At the second most affordable area, the average price in Apopka for a three-bedroom single family home is $391,000 as of the past few months. The average build year for these houses is right around 2000, with some built in the 70s to 90s, and a lot of new builds currently.
This city is in Orange County and is a little better when it comes to location. Even though you’re still looking at a 30-45 minute commute to downtown Orlando and the theme parks, there is a bit more to do around this area.
Minneola is a small area right near Clermont, with the average price around $434,000. Although this is on the higher end of affordability, this price does come with the benefits of a newer home with the average build year around 2012. Like Leesburg, Minneola is a bit further from the theme parks, downtown Orlando, and the airport at 40-60 minutes away.
What is Luxury?
Now that we’ve found what’s considered affordable, let’s look at the luxury areas and define what that means. At present, there are over 200 properties in the process of being sold for over $1 Million. Many years ago, if you owned a home that was in the $1 to $1.2 Million range then this was on the high end. Today however, the average “luxury home” is around $1.8 to $2 Million.
When it comes to the most expensive area that houses many luxury homes, Winter Park is at the top of the list. The average sales price for a home in this area is $2.1 Million, with the average house built in 2004. Winter Park is just North of downtown Orlando, which makes it pretty close to the city’s main attractions and amenities.
Moving down the list, Windermere is second on the list of luxury areas with the average home price at $1.9 Million. The average year for each home built is 2005, and although the price is just a tad lower there are actually more luxury homes located in this area than anywhere else.
This one was actually very surprising, but Reunion is third on the list for the most expensive luxury homes in the area. Reunion is considered to be part of Kissimmee, but has its own mailing address just for this small area. The average sales price is $1.8 Million, with just below the amount of current pending luxury homes for sale as Windermere. This area is a bit newer, with the average home built in 2016.
Although Reunion doesn’t have any city amenities like a downtown area with many shops and restaurants, it is in close proximity to Disney and Championsgate.
As we’ve seen, Orlando is full of homes and the market has recently been skyrocketing. Whether you’re looking for something that’s affordable or more on the luxury side, Orlando and its surrounding areas have a lot to offer. Were these prices what you expected them to be? Would you move to any of these areas?The Orlando Real on