Located in sunny Central Florida, Orlando is a metropolitan area of more than two million people, making it 26th largest in all of the United States. Orlando is known around the world because it is the home of Disney World, among many other theme park attractions, but there is more to this city than roller coasters and water slides. Orlando has professional sports team, countless golf courses, great outdoor recreation, and an impressive school system. People are drawn to Orlando for a variety of job opportunities, or simply to enjoy the warm weather and lifestyle that those is Central Florida are afforded.
Hi-tech jobs lead the way in Orlando and are the reason many residents came to the area to being with. Hewlett-Packard, Siemens, General Dynamics, Harris, Lockheed-Martin, and other notable companies are some of the most prominent employers in the area. There is also a significant military presence in the community, thanks to nearby Patrick Air Force Base and Cape Canaveral Air Force Station. Military families can be found in many of the suburbs surrounding Orlando as the service men and women are close enough to commute to work all around the region. Naturally, the entertainment sector is a major employer as well at the various theme parks within Orlando. Those working in visual arts, theatre, music, and many other arts are drawn to the area for various employment and career advancement possibilities.
Neighborhoods around Orlando to the east and the southwest are the more costly locations with larger houses and higher-rated school districts. Moving out to the west of downtown will provide buyers will more purchasing power for their dollar. Some of the neighborhoods in Orlando that feature luxurious homes include Delaney Park, Lake Eola Heights, Delle Air, Lake Nona, Doctor Phillips, and Rose Isle. Each of those communities has an average home listing price of more than $500,000, and in some cases, well over a million. For options under $200,000, buyers should focus their attention on the neighborhoods of Dover Shores West, Fairview Shores, Seaboard Industrial, Bryn Mawr, Metro West, Airport North, and Monterey. Beyond these choices, Orlando has a large number of middle class neighborhoods that have average prices between the $200,000 and $300,000 price range.
The population of the city of Orlando is consistent with most of the rest of the state of Florida in that it has a diversity spread across three races for the most part. Whites make up 41% of the residents of Orlando, with 28% Black and 25% Hispanic making up the other two major portions. The population has been steadily rising over the past 50 years, with at least a 10% growth seen in every ten year period. This growth is likely attributable to the large number of job opportunities, reasonably affordable housing, and outdoor lifestyle that so many residents enjoy. Orlando is seen as a good place to raise children because of the well-respected Orange County Public Schools and the active lifestyle that the area makes possible. Adult females outnumber adult males by 6% within the city, and the median age is 33 years old, right around the overall national average.
As a largely suburban community, Orlando has about 50% single family homes making up its housing options. There are also a large number of condo buildings in the area, with 41% of residents making their home in a condominium. Thanks to Orlando’s recent growth, the housing in the area is newer than the average around the country. More than half of the Orlando homes are less than 30 years old. Renters make up 60% of the market, which is higher than the national average but not all that uncommon for a large city setting. So far in 2013, real estate in Orlando is looking strong and seems poised to continue a run of growth and increasing prices. In the past year, the median sales prices of residential properties in Orlando has increased by almost 15%. Even with that increase, the median price is only $131,300, meaning that just about every buyer can afford to get into something that they own for themselves. The average listing price is nearly $290,000 which is a small increase over last year at the same time. Buyers currently have their choice of a great number of properties as the number of sales is up almost 20% over last year. The time would seem to be perfect for potential buyers to start to consider the options that are available to them all around the city of Orlando.
Whether coming to Orlando for a new job or simply to move away from a colder area into the Central Florida sun, buying opportunities are present in all areas in and around Orlando. Considering the great schools, entertainment choices, and employment options, the number of people living in the greater Orlando area seems certain to continue to rise in the coming years. Some quick research and narrowing down of the choice will make for a relatively easy buying experience in the Orlando real estate market.
Bell Real Estate - Broker
4475 Trinity Mills #703981
Dallas, TX 75370