The central Florida real estate market continues it's steady growth. In January 2020, the "median price" grew +8% over this time last year, to $245,000. Median price means that half the sales were below, and half the sales were above this figure.
For a historical reference, the central Florida median price peaked at about $265,000 back in 2006-2007, at the height of the housing bubble. At our current rate of appreciation, if it holds up, we will hit that peak again this time next year!
The total number of sales was 2,270 in January 2020, a gain of +16% vs. this time last year. Available homes to purchase (local inventory) was at 7,030, a DECREASE of 15% vs. this time last year. So we have a STRONG SELLER'S MARKET due to the high demand, and low inventory. This is what is causing our 8% appreciation rate right now. Add to that near-historically-low interest rates of 3.5%, and it's easy to see why the demand for housing is so high in central Florida.
The good news is, there is a good supply of new homes available, but not what we would label as "affordable housing". New home pricing generally starts at around $250,000 for new, single-family homes. Town homes and condos can be less expensive, depending on area.
For more information on our central Florida market, including a complimentary estimate of the potential market value of your home, feel free to call or text Frank today, at 407-421-6412. E-mail me at FrankPlesko@WatsonRealty Corp.com.