As one of the most populated counties in Florida, Orange County has a thriving real estate market. From the bustling downtown of Orlando to the serene suburbs, Orange County has a diverse range of neighborhoods that offer residents a high quality of life. If you're thinking of buying or selling a property in Orange County, it's essential to have a clear understanding of the local real estate market. That's where an Orlando based real estate appraisal company comes in.
Here at Sunbelt Appraisals, we provide accurate and reliable real estate appraisal services to homeowners, buyers, and sellers throughout Orange County. With our in-depth knowledge of the local market and access to the latest real estate data, we can help you make informed decisions about your property. In this blog post, we'll take a deep dive into the Orange County real estate market and highlight some of the most significant trends and factors to consider.
Home Values and Trends in Orange County
As of January 2023, the median home value in Orange County is $345,000, up 16.7% from the previous year. The average price per square foot is $204, up 13.8% from the previous year. These figures indicate that the Orange County real estate market is still going strong, with continued demand and competition among buyers.
One significant factor driving the market is the low inventory of homes for sale. According to the Orlando Regional Realtor Association, there were 4,430 homes for sale in Orange County in December 2022, down 44% from the same month in the previous year. This limited supply of homes has led to bidding wars among buyers, driving up prices and making the market highly competitive.
Despite the rising home prices, Orange County remains an attractive destination for homebuyers, thanks to its high quality of life, excellent schools, and vibrant economy. The county's proximity to world-class theme parks, natural attractions, and beaches also makes it a popular choice for tourists and retirees.
Real Estate Trends in Orange County's Suburbs
Orange County's suburbs offer residents a quieter, more relaxed lifestyle while still being close to the amenities of Orlando. Some of the most popular suburban areas in Orange County include Winter Park, Ocoee, and Winter Garden.
Winter Park is a charming community known for its beautiful homes, tree-lined streets, and picturesque lakes. The median home value in Winter Park is $629,000, up 17.8% from the previous year. The average price per square foot is $300, up 8.9% from the previous year.
Ocoee is another popular suburb, located just west of Orlando. The median home value in Ocoee is $320,000, up 18.5% from the previous year. The average price per square foot is $190, up 16.9% from the previous year.
Winter Garden is a rapidly growing suburb with a thriving downtown area and a range of new housing developments. The median home value in Winter Garden is $428,000, up 19.3% from the previous year. The average price per square foot is $194, up 15.8% from the previous year.
Population Growth in Orange County
Orange County's population has been steadily growing for decades, thanks to its strong economy and attractive quality of life. As of 2022, the county's population is estimated to be over 1.4 million, up from just over 1 million in 2000. This growth has led to increased demand for housing and a competitive real estate market.
According to the US Census Bureau, Orange County is one of the fastest-growing counties in Florida and the United States. From 2010 to 2020, the county's population grew by 19.2%, with much of the growth driven by migration