Every year more than 50 million people visit Orlando, FL. Most of those visitors head to golf courses, resorts, entertainment venues, or theme parks. However, Orlando is far more than just a pure tourist attraction, the cities wild growth and surge in population signals a healthy economy and a desirable place to call home.
Orlando is projected to become one of the hottest real estate markets in the country in 2018. An unexpected shift to say the least since the Orlando Metro area led the nation in foreclosures just three years ago. However, Analysts at Zillow are expecting a near six percent increase in prices. That rise would put Orlando a full point above the national expected average growth and mark it as the #1 city in America regarding price increases but still leaves Orlando well below its price peak from 11 years ago.
Though most of the growth seen in Orlando has come from investor activity in the housing market, most experts agree that it does little for long-term recovery. Florida was hit very hard by the recession in 2008, and the entire state is seeing a remarkable comeback
Orlando reached the top market position in the nation among the 50 other metro areas during this quarter mostly due to the rise in home values, a limited supply of homes on the market, and a slew of new jobs bolstering the economy. Only three other metro areas in Florida were lagging behind Orlando in the ranks which were Fort Lauderdale, Tampa, and Palm Beach. All cities which took a relatively hefty blow from the Great Recession.
Following the last few years of price increases in Orlando, the city is poised for another year of growth. The outlook is good in Orlando, particularly in the counties of Seminole and Orange where the average price of a home has more than doubled since this time in 2011. However, there is still plenty of growth opportunity because Orlando’s housing market has only recovered about 85 percent of its peak from 2007.
Now is a great time to look at homes to rent-to-own in Orlando. Housing prices are up and so are jobs. The job market in Orlando is moving at a fast pace and has plenty of open positions. The major employers in the Orlando area include NASA, Lockheed Martin, Marriott International, Walt Disney Co. (Walt Disney World), NBC Universal, Anheuser-Busch InBev (SeaWorld), Publix Super Markets, AirTran Airways, and Adventist Health (Florida Hospital) International. According to cities Economic Development Department, there are more than 10,000 jobs in the Orlando area are still free and available for qualified workers, and roughly 96 percent of all companies are planning to hire at least one person this year.