Orlando, Florida, is more than the theme-park capital of the U.S. — its metro area is also home to 2.8 million residents and it welcomes about 1,000 more each week, according to the Orlando Economic Partnership. But despite that growth, an increase in the number of homes for sale has created a more level playing field for buyers.
“We have watched our market slowly settle over the last 12 months and we now have what we consider a ‘balanced market’ for the first time in many years,” said Rose Kemp, president of the Orlando Regional REALTOR® Association .
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While central Orlando’s vibrant communities and historic charm are major draws for new residents, Kemp said that limited land for new development has encouraged developers to explore opportunities in the surrounding suburbs.
“This shift has led to significant housing growth in these areas, attracting many homebuyers,” she said. Some of these outlying Orlando neighborhoods have median home prices well below the statewide median of $407,700 cited by Redfin in November.