Orlando Housing Trends in 2021 will be a combination of lower mortgage rates and rising home prices. Therefore, Realtor Magazine anticipated cities like Orlando will see major growth in the upcoming new year. They state home prices are expected to rise 6.9%, and existing home sales are predicted to increase 3.9% to approximately 5 million homes in 2020. Mortgage rates are forecasted to reach well below 3.0% which is a large decrease from the 4.5% average of 2019. These lower rates may help continue the recent increases in first-time home buyers coming to the market. Remember, a lower interest rate equals to a lower mortgage payment.
Realtor.com® is also predicting 2021 major housing trends expected to influence the market:
- Millennials and boomers to dominate: These two giant demographics are expected to fuel demand for at least the next decade.
- Midwestern cities get more attention from millennials: We recommend watching the country’s midsection for a spike in the millennial purchase market share in 2019.
- Price appreciation to gain: Home prices are forecasted to soar to a 6.9 percent year-over-year growth in 2020. This is an indication that the market is priced correctly.
- Less homes on the market: Inventory is expected to grow even more in 2020, offering home buyers even more choices. We anticipate March through June will allow for a larger inventory.
- Orlando to lead in prices and sales: We forecast Orlando sales growth of 9.3% and price gains of 6.8%. Orlando is considered one of ten fastest growing metros in the country.
“ Housing Trends to Watch in 2017” Realtor Magazine
“The 5 Real Estate Trends That Will Shape 2017,” realtor.com® (Nov. 30, 2016)