Orlando vs the US – How does it compare?

by Jessica LaVigne

When it comes to real estate, how does Orlando compare to the rest of the United States? We recently attended a real estate conference for Real Broker, and spoke to some industry leaders around the country about current market trends and more in their areas. Let’s talk about the market in Orlando vs the US, and check out what they had to say:

*Interviews have been summarized

Katie Day – Houston, TX

Over the past few months, things have slowed down a bit with it being October and with many that have kids going back to school. Interest rates have also sky-rocketed, so that definitely puts a damper on the market. However, over the past two weeks we’ve seen things start to pick back up again, with a lot of people wanting to move before the end of the year.

Joe Herrera – Las Vegas, NV

In Vegas, the sellers have been a bit more desperate over the past several months. As a whole, we’re down around 15% from the peak as far as pricing goes. However, homes now are still about 30-50% higher than they were pre-pandemic, although sellers wish they were at the higher price points six months ago. Many sellers and buyers have been influenced by the media to believe that no one is buying homes currently, but when putting out ads we’ve gotten a lot of traction and interest.

Tune out the outside influence and just pay attention to what people actually do.

Joe Herrera

Jeremy Knight – Austin, TX

During the pandemic, the market was super hot with us putting in offers $100-150K over list price. Over the past few months, however, it’s now more difficult to find buyers that want to make an offer and go under contract at all. Listing prices are also about $75K less than they were six months ago, but the market is still hot at the moment with many still moving to Austin. When it comes to investors and cash buyers, now is the time to buy.

Eric Larken – Cocoa Beach, FL

As we’ve seen in Orlando, and other areas around the country, we’ve seen everything slow down a lot with some sales still occurring. Just two years ago, we were selling 1200-1400 properties a month, but has decreased to about 1000-1100 over the past few months – about a 20% drop in units. Prices are still up from pre-pandemic, and single family homes specifically spiked and are still about 1-2% higher than last year.

Erica Wolfe – Jupiter, FL

Being located in Southeast Florida, there was a large influx of people moving to the area over the past two years. Out of all of these new residents, about 84% of these transactions were all cash. However, everyone is very concerned right now about what the media is saying about a housing crash, which is preventing people from wanting to move forward with buying today. Interest rates are higher than they were before, but there are still some great opportunities to purchase a great home.

Steven Pilkington – Denver, CO

Over the past couple of years, prices have gone up about 28-35%, with the average and median being higher today than they were a year ago. In the luxury market, we’re still selling a lot of homes to cash buyers. When it comes to first time home buyers in luxury and single family homes however, prices have gone down about 5%.

Be careful about the content you absorb, and look at what’s reality in your life. Talk to people in your sphere and look at what’s happening in your neighborhood.

Steven Pilkington

Home Price Decreases Based on Location

Overall

From one side of the country to the next, there are a lot of differences and similarities when it comes to the real estate market and looking at Orlando vs the US. In Los Angeles, prices have gone down about 11%, while in Orlando they’ve only gone down about 1%. This really puts the market in perspective and how location plays a big factor.

If you enjoyed this article, check out one of our past articles as well – Are Orlando Home Buyers Disappearing?

If you have any questions about the current market, reach out!

The Orlando Real is sponsored by The Pozek Group. If you’re thinking of buying or selling a home in Orlando, reach out and we would love to help!