In most states across America there is at least one city that is experiencing encouraging growth in residential real estate. Here in Florida, there are several cities that are surging due to a growing population and employment rate. Specifically, the Orlando real estate market has seen consistent improvement and is now booming with home prices, construction and home sales all on the rise.
According to Construction Digital, it is estimated that about 632,000 Florida new homes will be built statewide in 2013. That is an increase of 18 percent from last year, and 2014 is expected to grow even stronger with 796,000 new homes projected to be built. As inventory of existing homes on the market is dwindling, this increase in construction of new homes will provide buyers with more opportunities to purchase homes in their desired location.
Orlando has been one of Florida’s strongest regional markets with home prices, construction and home sales consistently improving each month. In July, the median price of homes sold in Orlando jumped to $157,000, a 4.5 percent increase from the month before and almost 25 percent higher than July 2012. While home price increases are sure to soften as the housing market stabilizes, home sales and new construction are expected to continue to boom as builders start new homes to replenish a lack of inventory and fulfill the needs of home buyers.
Ultimately, the strength of a housing market is a direct result of buyers’ confidence in job stability and income. The unemployment rate in Florida has fallen from 11.1 percent to 7.1 percent as the state has gained almost 370,000 private-sector jobs. While the labor market still has a long way to go, the falling unemployment rate is just another sign that the economy is getting stronger, and with it, so will the housing market.
At Highland Homes, we currently offer Central Florida homes at two communities in metro Orlando, Deer Creek in St. Cloud and Whitemarsh in Leesburg, as well as Highland Meadows in nearby Davenport. With a variety of stylish home designs to choose from, an abundance of design options and affordable pricing from the low-$100,000s, we have the perfect Orlando new home for your family.
In addition to Orlando, we currently build new homes in Tampa, Lakeland, Winter Haven and Manatee County. For more information on all of our Florida communities, visit the Highland Homes website.