Much like it was for most of 2017, limited inventory is unquestionably the biggest concern for the Orlando area housing market heading into the new year. According to a recently released report by the Orlando Regional Realtor Association, the Orlando area market, which of course includes most of Orange and Seminole Counties, had the lowest year-end inventory in more than 10 years, which was an on-going trend that allowed home prices to spike 10.7% over the last 12 months.
Affordable price ranges are where supply shortages are most prominent, and that’s an issue the many industry pros are worried about as we dive deeper into 2018.
Believe it or not, around 17% of all Metro Orlando homes sold for over asking price in 2017, which averaged out to be an extra $5,000, and that’s something that isn’t likely to drop early in 2018.
The median home price for the Orlando area closed out 2017 at $230,000, which was up from $224,995 just one month prior. Osceola County saw the biggest price jump in 2017 at 7.95, while Lake County wasn’t far behind at 3.8%. Home prices in Seminole and Lake Counties also saw increases last year, although only at 3.8% and 2.8% respectively.