Home prices in Daytona Beach are up 9.07 percent this year... Home prices in Orlando have increased by 8.15 percent in a year! Existing residents have been put under more strain as a result of the influx of Northerners.
With a 9.07 percent median price rise since December 2020, the Daytona Beach area ranks 10th in the United States for home price increases. According to research by loan comparison site Credible based on data from home assessment agency HouseCanary, Orlando ranks 23rd with an 8.15 percent increase in the same time period.
According to the survey, the median property price in Daytona Beach increased from $259,963 in December to $283,546 in June. In the meantime, the median home price in Orlando increased from $293,864 to $317,828.
According to Christine Elias, Realtor and CEO of the Winter Park-based Urban Dog Group at Coldwell Banker Realty, one reason for the surge is because local purchasers in Central Florida have to compete with New Yorkers, Californians, and investors.
"The out-of-state buyers are coming from other states with a lot of money," she says. "They are harming residents who want to upsize or downsize; therefore, some have withdrawn from the market for the time being."
Top 25 Florida metros for price increases since December 2020:
- Fort Myers
- Daytona Beach
- Punta Gorda
- Panama City
- Port St. Lucie
Orlando real estate is not projected to get more inexpensive anytime soon. According to Zillow data, Orlando homeowners spend 19.9% of their monthly income on mortgage payments on average, but by the end of the year, they'll be spending 21.6 percent of their monthly income on mortgage payments.
About Realtor Scott Garrison:
Bringing over 33 years of experience as a local Orlando Realtor, Top Central Florida Realtor SCOTT GARRISON of the Garrison Brothers Realtor Team at ReMax Town & Country Real State has helped perhaps more Orlando-Area families and investors buy and sell Central Florida Residential Real Estate than any other of the #19,000+ Orlando Realtors currently working in the Central Florida area!
Living in Oviedo and with RE/MAX Real Estate offices in both WINTER SPRINGS, Florida and WINTER PARK, FL, Top Realtor SCOTT GARRISON actively serves your best Residential Real Estate needs virtually anywhere you’d want to be in Central Florida… including Orange, Seminole, Volusia, Osceola, and Lake Counties. Scott has lived here in the Central Florida local Orlando-Area for nearly all of his life, attending the local Winter Park High School and graduating with several degrees from the nearby University of Central Florida.
As a Top Seminole & Orange County Real Estate Agent, Realtor Scott Garrison also has extensive experience in Residential Sales and Purchases, Vacant Land and in helping clients with Foreclosures and Short Sales! He owns multiple Rental Property right here in the area, and over the years, has done many “flips” by buying “ugly houses” and making them Pretty for a new buyer, so he also understands the Real Estate Investor mindset! Call Scott today to find out why “This Realtor WORKS!”