By now, the large increase in Florida home values since 2021 is nothing new for those looking into buying homes in Orlando. The Orlando real estate this past year saw unprecidented numbers thanks to low mortgage rates and the amount of new residents wanting to take advantage of everything this state has to offer. According to the Orlando Business Journal, Metro Orlando’s median home price in 2021 was a record high $310,000. This was a 17% increase from the beginning of the year until the end. While that increase may seem impressive, there are nine other zip codes in the Orlando area that saw an even greater increase.
Zip Codes in Orlando with the Largest Median Home Price Increases in 2021
|Zip Code||Community||Jan. 2021 Price||Dec. 2021 Price||Increase|
|32827||Airport/Alafaya/ Lake Nona||$537,400||$702,758||30.7%|
What caused these nine areas to outperform the rest? Some are due to the initial affordability like Edgwood/Pine Castle and some due to the location. Closeness to the theme parks is definitley a driving factor in many of these areas. For 32827, job market growth and the transfer of many Disney employees to Lake Nona also played a role. I expect this area to continue to get more expenisve.
So what’s in store for median home prices in the future? Realtor.com economist predict home sales and home prices will increase again in 2022, but at a slower pace than what we saw in 2021. According to their Housing Forcast for 2022, sales will increase 8.8% year-over-year while prices go up an additional 5.4% from 2021 prices. For some, buying homes in Orlando now before more price increases come might be the best route.
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