florida-home-1143820_1920Central Florida’s rapid growth is more prevalent than ever; Metro Orlando home prices are outpacing the rest of the state. With a growing community, development is taking place, and home prices are growing rapidly. It’s easy to see how this is great news for Central Florida real estate agents, so let the Orlando title insurance company, Real Estate Closing Solutions, share the great news!

  • Orlando Prices Outpaced State: With Orlando’s metro area growing in population and popularity, prices have significantly risen. This is the same news even for the neighboring counties: Orange, Seminole, Osceola, and Lake County. These homes had an average price roughly equivalent to $227,000 (which is 14% higher than the previous year) in the month of October. November housing reports show another 7% spike in sales. This shows a constant, strong growing market in Central Florida.
  • Rapid Growth in Volusia: One of the hotter counties; Volusia, saw a 22 percent increase in October sale price from the previous year. Median prices averaged at $183,000. Keep an eye on Volusia county’s growth over the next months.
  • Rapid Growth in Osceola: Following its neighboring county, Osceola’s average home pricing skyrocketed 19.23% from the previous year. Look for a noticeable growth in the coming months in this county.
  • Inventory Percentage: Along with Central Florida’s growth, the percentage of existing homes available for purchase is lowering. November saw a decrease of 17.96% of available housing compared to the previous year. This is the same story for duplexes, townhomes, and villas with a decrease of 13.45% compared to the previous year.
  • Affordability: November’s affordability slightly decreased from October’s percentage (from 161.08% to 160.37%). Also, first-time purchasing affordability dropped from October to November (from 114.04% to 114.55%). There is still an abundance of housing available for first-time buyers, with 1,593 homes located in Seminole and Orange county listed below $194,000.

It’s prevalent that Central Florida and the counties around it are experiencing rapid growth. With growth comes an increase in home pricing. Keep this in mind when searching for your next home-buyer. If you need the assistance of a veteran Orlando title insurance company, look no further than Real Estate Closing Solutions. Contact us online today.