Housing Prices Are Still Going Up, But Not As Fast As Rent!
As potential home buyers continue to be outbid on home purchases their next viable option is to continue renting. And as those buyers do not cycle out of the rental market, combined with rental prices being mostly stagnant for 2 years, the demand continues to surge and drive rental prices to an all-time high.
“Rent prices jumped 12% last year for a median one-bedroom apartment, hitting an all-time high, according to Zumper, the nation’s third largest real estate platform. A median two-bedroom apartment saw rent prices jump more than 14%. The median price for a one-bedroom rent reached $1,374 in January. The median price of a two-bedroom apartment reached $1,698.”
Orlando Real Estate Market
Single-Family Existing Homes
- Sales of single-family homes decreased to 558 during the week of Feb 20, from 564 the week prior
- The median price of single family homes increased to $395,000, a change of 1.6%
- Single-family inventory increased by 29, and now sits at 1,729
Condos, Townhomes, and Villas
- Sales of condos, townhomes, and villas decreased to 195 during the week of Feb 20, from 205 the week prior
- The median price of condos, townhomes, and villas remains constant at $235,000
- Condo inventory increased by 4, and now sits at 566
