Back in 2008, the recession caused upheaval for housing markets across the U.S. Today, the coronavirus pandemic has resulted in economic challenges for nearly every industry. However, the housing market in cities such as Orlando, Florida, has actually shown growth. Home sales and sales volume have increased in Orlando as of March 2020, as shown in the featured infographic below. Although the stock market has dropped more dramatically in the past few months than it has since 1987, the median price for real estate in Orlando has increased by 8%.
Orlando is one of the fastest-growing cities in the country. The housing market doesn’t show any signs of slowing despite the COVID-19 outbreak and the economic repercussions of the pandemic for other industries. There is still a lot of uncertainty about whether the worldwide coronavirus outbreak will impact the real estate market. Still, it’s important to remember that the 2008 recession started with the housing market crash. The coronavirus has certainly caused oil prices to sink drastically, and travel and leisure industries to almost disappear, but the local housing market seems to be steadily rising.
In Orlando, the pandemic may have delayed some homeowners from listing their houses, and the reduced inventory has stimulated an increase in housing prices and home values. Meanwhile, buyer demand is as strong as ever as more people move to the area. Last year, over 60,000 residents moved to the Orlando Metropolitan Area, and more are expected to relocate to the city in 2020.
Infographic designed by Authentic Real Estate Team