Orlando is known worldwide for its theme parks, lakes, and beautiful golf courses. When most people think of Florida’s fourth-largest city, they rarely think about its booming economy outside of Disney and Universal Studios, but the truth is that Orlando is quickly becoming one of the best markets in the country.
With nearly 3.5 million residents, Orlando is a bustling, economically diverse city looking to break away from its tourism-centric image. Boasting an employment growth of nearly 4%, Orlando has led the country in job creation for three consecutive years and is quickly becoming one of the nation’s top cities for healthcare and healthcare technology.
More importantly, Orlando has recently become one of the most promising single-family real estate markets in the United States. In their quarterly report, Ten-X Research ranked Orlando’s real estate market and economic outlook among the best in the country, with year-over-year home price growth at 11.2% – outpacing the national growth for five straight years.
No Longer Just a Tourist City
Like Miami and Jacksonville, which both enjoyed booming economies over the past couple of years, Orlando has played a pivotal role in making Florida one the best states in the country for job growth. Despite its strong economy and thriving housing market, Orlando is still an affordable city to live in. Its median home value is $266,666, while the median price of homes sold is $226,500 – and both of these prices are expected to rise as more people move to Orlando thanks to its healthy job market.
While Disney remains to be one of the largest employers in the city, Orlando’s tech industry is looking to become one of the most promising markets outside of Silicon Valley as STEM jobs grew at 8% in 2017. Overall, Orlando has done an excellent job at diversifying its economy so that the city doesn’t rely heavily on tourism – an industry hit exceptionally hard during recessions.
If you’re interested in buying a home in Central Florida and would like to learn more about Orlando and the surrounding areas, the Edge Group and Keller Williams can help. Our friendly team has a wealth of experience serving Orlando and can help you find the perfect home for you and your family.
Contact our Orlando office today if you have any questions about buying a home in Orlando or to view a home you’re interested in purchasing.