Orlando housing prices are heading up fast, with competition really heating up when it comes to townhouses and condos. While condo units in Seminole and Orange counties made up only about 12-percent of all home sales last month, prices more than tripled the growth rate of single-family homes over last year.
Some believe the recent spike in townhouse and condo prices could likely translate to construction of a new downtown condo tower in the near future. It’s been about ten years since that’s happened.
As home priced continue to grow, however, local wages have stayed relatively flat and the housing supply has actually shrunk. The combo of high demand and low inventory has additionally translated to relatively flat sales, as of late.
Taking a look at Orlando’s metro area, housing sales in Lake County, Seminole County and Orange County were all reportedly down year-over-year. The only county to see an increase was Osceola County, where year-over-year sales increased nearly six-percent.