A few unexpected things have happened in our local real estate market this year. Interest rates have fallen, and are currently between 3.5% - 3.75% (Wells Fargo web site, 9/19/19). Housing demand in our area remains strong, as was expected.
Our "year over year" change in the metro-Orlando area median price started the year very flat, or was running at about a +4% gain. For the August 2019 report, our "year over year" increase in median price is at +9%. Our total inventory of homes is also flat vs. this time last year, bucking a trend where inventory was rising a bit.
The combination of low interest rates, low inventory and strong housing demand = a strong, seller's market in 2019. There are new home communities available in most areas, although new home pricing is always considered "top of market".
If you would like an accurate estimate of your home's potential market value, or if you'd like to start looking for your next home, call or text Frank Plesko at 407-421-6412 today!