Opendoor predicts that East Orlando, and specifically Lake Nona, will remain hot in 2020.
From exceptionally low mortgage rates to stubborn inventory levels, 2019 was a historic one for the greater Orlando housing market. As the new decade kicks off, local real estate company Opendoor shares brand new data showing where real estate activity across Orlando is expected to be hottest in 2020.
Based on in-home visits to for-sale homes in 2019, buyers showed the most interest in East Orlando — inclusive of the Lake Nona community. Opendoor expects continued popularity and demand in the area heading into 2020.
“As more people work and attend school in the east Orlando area, we’re seeing a heightened interest among buyers for homes in the region,” stated Candice Bradley, Senior General Manager for Opendoor in Orlando. “Additionally, the quick growth of Lake Nona’s Medical City as well as more high-tech, high-wage job openings on the Space Coast have made this an attractive area to buyers.”
For many of the same reasons, the Oviedo-Winter Springs area is also expected to remain hot in the new year. On the northern and western fronts, the Apopka, Clermont and Heathrow communities were also popular among buyers in 2019 — a trend that Opendoor anticipates continuing in 2020.
On average, homes purchased in 2019 in the 32825, 32827, 32828 zip codes offered 3 or 4 bedrooms, 2.5 bathrooms, 1,500-3,000 square feet, and featured amenities such as in-ground pools with hot tubs, upgraded kitchens and bathrooms and 3-car garages.
In Opendoor’s recently released 2019 Year-In-Review report, the company’s Consumer Trends Expert Beatrice de Jong sheds light on why customers are choosing to move and where they are electing to plant roots in the coming years. According to Opendoor research, approximately 23% of respondents cited downsizing as their primary driver for moving, with upgrading close behind at 22%. Relocation accounts for another 15% of the cited reasons behind making a decision to move.
“The home buying trends occurring in Central Florida are in line with larger national trends we’ve been tracking,” added Bradley. “Faced with rising unaffordability and low levels of inventory, house hunters have been flocking to communities on the fringes of the major metropolitan areas. The interest we’re seeing in the east Orlando and Lake Nona communities certainly reflects that.”
Interested in knowing more about your home’s value? Visit Opendoor.com