As I explore the various regions of Orlando, I can’t help but notice the constantly changing temperatures. From scorching hot summers to cool, crisp winters, this city is full of surprises. Join me on a journey through the fluctuating temperatures of Orlando and discover how this city heats up and cools off throughout the year. Whether you’re a resident or a visitor, understanding these seasonal changes can help you plan the perfect trip or simply prepare for the day ahead. Let’s dive in!
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Introduction
As a real estate analyst, I have had the privilege of studying the Central Florida real estate market for quite some time. The region is known for its booming economy, great weather, world-class attractions and beautiful neighborhoods. It is certainly one of the best areas to invest in, particularly with regards to real estate. However, the real estate market in Central Florida is pretty dynamic, with some areas heating up while others cool off. In this article, I will dive into some of the fastest-growing regions in Central Florida according to MLS data analysis, and also explore other areas that are cooling off.
The Top 5 Fastest-Growing Cities in Central Florida
I have conducted my research with a focus on cities that have had at least 100 sales, and have looked at the average sales price over the past 365 days. Here are the top 5 fastest-growing cities in Central Florida according to MLS data analysis:
5. Sanford
Sanford, with 9.5% appreciation, comes in at number 5. Its average sales price is $365K and there has been a small increase in homes for sale. Sanford is a beautiful city with lush greenery and it is renowned for its historic downtown and scenic waterfront.
4. Windermere
Windermere, a small city in Orange County, has seen a 10% increase in its average sales price to $720K. However, it is down 15% in homes available for sale YoY. Windermere is known for its beautiful lakes, world-class golf courses, and celebrity residents.
3. Tavares
Coming up at number 3 is Tavares, with an impressive 9% increase in average sales price to $305K. It is also down 15% in homes available for sale. Known as the “Seaplane City,” Tavares offers a serene environment with plenty of water sports activities.
2. Winter Park
Winter Park is the second-fastest-growing city with an average sales price of $837K, up 14% YoY, and a low supply of just 162 houses for sale, down 16% YoY. Winter Park is known for its beautiful lakes, boutique shops, and world-class cultural offerings.
1. Altamonte Springs
Altamonte Springs takes the top spot with over 20% appreciation YoY, an average sales price of $535K, and a great location for shopping and schools. Altamonte Springs is a vibrant city with some of the best shopping and dining options in Central Florida, as well as a thriving arts scene.
Other Growing Cities in Central Florida
There are other cities that are still growing at 3-4% appreciation, but new construction is keeping up with demand. These cities include Claremont, Winter Garden, and Lake Nona.
Cooling-Off Areas
Despite the market being hot, there are two areas that surprised me with cooling off; Maitland and Mount Dora.
Maitland
Maitland experienced a 3% decrease in pricing and a 62% increase in overall inventory. However, the city has plenty of new construction projects underway and is still a great option for investors and homebuyers.
Mount Dora
Mount Dora witnessed a 2% decrease in pricing due to new construction. Nonetheless, the city has beautiful tree-lined streets and a great small-town vibe, making it an ideal place to consider for those looking for a quieter lifestyle.
Conclusion
Overall, the Central Florida real estate market is still strong with similar statistics to pre-pandemic levels. Positive factors such as job growth and low interest rates continue to attract new residents to the region, creating a continuous growth pattern. If you’re looking to invest in real estate in Central Florida, now is an excellent time considering the rapid appreciation in many cities.
FAQs
Q1. Which Central Florida city has the highest average sales price?
A1. Winter Park has the highest average sales price of $837K.
Q2. What is the fastest-growing city in Central Florida according to MLS data analysis?
A2. Altamonte Springs takes the top spot with over 20% appreciation YoY.
Q3. Which two cities in Central Florida have cooled off?
A3. Maitland and Mount Dora have cooled off.
Q4. Is the Central Florida real estate market still strong?
A4. Yes, the Central Florida real estate market remains strong with similar statistics to pre-pandemic levels.
Q5. Which city in Central Florida has lush greenery and a scenic waterfront?
A5. Sanford has beautiful lush greenery and a scenic waterfront.