the median sales price here in Central Florida has gone up $1,000 year-over-year not exactly the crazy increase in pricing that we've seen over the past 6 or seven years and yet I do have some predictions on what I see coming in 2025 stay [Music] tuned before we can get into 2025 we have to figure out where are we settling out here in 2024 now I look at the number of sales Nationwide have actually dropped from 2021 where we had 6 million home sales a record all the way to 2023 where we only had 4 million sales and in 2024 it's expected that we're going to be at like 3. 8 million sales overall so demand and the amount of people actually transacting has fallen dramatically year overy year Nationwide and we're seeing really the same things here locally in Orlando now I know in our opener I mentioned that the median sales price has gone up $1,000 on average but real estate is hyper local when you start going around town and looking at some of the different cities on which areas have actually increased some that have decreased it's interesting to see over on the west side in Claremont the median sales price has gone up 1% over in windamir it's gone up 3. 3% in Winter Garden it's been completely flat over on the east side in Ido we have a.
3% appreciation whereas over in Winter Park we saw an 8% appreciation so very very different markets but it's very easy to see kind of like where the demand overall is in 2019 through 2023 we saw a lot of of people moving to Davenport and CMI and po Sienna and Winter Haven because they wanted a second home and that's where a lot of affordability happened we saw new construction booms and some other things that caus pricing to Flatline when things got a little bit tough whereas you look at like winter park there's not a lot of new construction there's still that higher-end buyer that's pushing forward in purchasing which is pushing prices up overall in Winter Garden where things are completely flat you kind of have a mix of both you have a lot of new construction options but plenty of resale and the proximity to everything is keeping that price really even Steven so where do we go in 2025 before I bring it locally to tell you what I think is going to happen in Orlando let's take it nationwide and figure out what are some very smart economists saying in regards to what they think is going to happen in 2025 and 2026 Laurence Yun who's the chief Economist for the National Association of Realtors took a look at unemployment new jobs inflation inventory and said okay what do we think is actually going to happen next year and there's three things that kind of came out about this the number of transactions he believes that are going to happen in 2025 are going to raise about 9% which would get us to that 4. 2 million range or so feeling very very similar to 2023 in regards to how many transactions are happening he finished off his report saying that he believes that roughly 2% price appreciation year over a year is going to happen on a nationwide basis but how does it actually fall into US locally here in Orlando so moving into 2025 for Central Florida and greater Orlando where are we going in terms of pricing well I look at the areas that pulled back in pricing for 2024 that being pulk County and Oola County and why that is when you've got Lake County Orange County and seino County on the way up still with pricing I think it has to do with people being a bit more picky in regards to their lifestyle they can be because there's more listings available there's more new construction available and so now that they have options where are they going to be more drawn to well it's going to be areas that yes are affordable that have things to do that have schools that have roads and all of those things that Oola County and P County have sort of lacked now in 2025 I do believe Oola county is going toing break part from pole County in regards to overall desirability because you're going to have a lot more things that are finally coming on board you've got more roads and more schools and more things coming into Ula County that are really exciting to see the sunbridge area is kind of finally getting connected with more roads you've got Waterland which is going to be down in St Cloud a massive new neighborhood right on the turnpike and so I think that the affordability of Ula county is going to drive growth in 2025 along with the areas that are already seeing massive demand now pole County I believe that because the average sales price there is like 10 to 15% lower than a lot of areas here in Central Florida that you will still see demand I just don't think the growth is going to be there comparatively next up I want to talk about some of the massive projects that are still happening here in Central Florida and what do I think that's going to do to home values in 2025 but before I do that if you're looking to sell or buy a house anywhere in Central Florida and you're looking for somebody to help you guide you through all of the craziness that's going on my team and I would love to be your real estate resource of choice we have almost, 1300 five-star reviews over on Google reach out to us at the orlando. com to get started when I think through the growth in our area prices aren't going to just come up because they're coming up there's going to be driving factors beyond that I look at Disney's report that came out over the past week in regards to their theme park attendance pretty much being flat year-over-year Universal put out theirs for last year and theme park attendance was down uh I think a lot of things are people waiting for this stuff to come on whether it's epic univers is coming next year you've got Disney investing a ton of money in their parks and yet that's going to take some time for some of that stuff to finally come online now I look at some some of the other Investments that are going on both at the convention center there's $ 1.
