ORLANDO, Fla. – In July, the median price of a home in the Orlando real estate market, which includes Orange, Lake, Seminole and Osceola counties, broke records at $320,000.
However in September, and for the first time in 11 months, that number dropped to $318,000. It had News 6 asking Lisa Hill, the treasurer of the Orlando Regional Realtor’s Association if that meant a cooldown was coming with the cooler months.
“My reactions was ‘We’re kind of leveling, maybe we’re going to go back to a little bit of normal?’ But no. That is not the case,” Hill said. “This year we thought maybe it will taper off. It has not at all.”
Because then in October of 2021, which is the latest data presented in November’s housing report, the median price of a home went back up -- to $325,000, higher than record-breaking July and up 20% from October of 2020.
“It’s not going to cool off, it’s not,” Hill said. “Buyers are holding off thinking that yes, there will be a crash or the bubble is going to burst, we’re not in a bubble. This isn’t anything like that.”
Hill said it’s because unlike the market crash in 2008, getting approved for loans now is harder and families from high-priced areas like New York, California and even Canada, where borders just opened back up, are coming to Orlando and buying houses with cash.
“In Canada, their median price is $1 million. So with ours being $325,000, it’s just attracting, people want to be in our market,” Hill said.
This while inventory for houses on the market have been at historic lows this year; 42% fewer houses on the market than this time last year, averaging only 27 days on the market before being sold, ORRA data shows.
And when asked when Hill could anticipate a cooldown in the housing market?
“Wow, I wish I had a crystal ball because I don’t see it anytime soon,” she said.