The Orlando housing market has been a hot market for a few years now, with low inventory driving up prices. Many home sellers are waiting to sell until they can get back what they paid. Ultimately we need more listings for sale to balance the market, but many homeowners who purchased in 2005-2008 are not sure they have gained enough equity. The short answer is, it really depends on exactly when and where you bought.
The height of the Orlando real estate market over the last 20 years was in August of 2007 when the average home price topped at $317,587 in the Orlando area. The average price for January 2017 was $244,904 in the Orlando Regional Realtor coverage area. So as a whole we are still about 23% lower than the tip top of the market in 2007.
Depending on exactly when you purchased and where the home is located, your value could easily be back! In very popular neighborhoods near Downtown Orlando with low to no inventory some homes are selling near pre-recession prices. Recent studies we have made showed home values in Lake Lawsona Fern-Creek and Colonialtown North valued near 2007-2008 prices. It is common for neighborhoods with walkability and amenities nearby to sell for higher prices than Orlando as a whole.
If you’re interested in selling but bought in 2005-2008 it’s a good time to check in and see if you can finally sell. Contact me at kathryn@ThinkLiveBe.com or 407-494-2820 to find out if your home or neighborhood has increased to pre-recession prices.