ORANGE COUNTY, Fla. – The average price of a home in east Orange County’s 32825 ZIP code currently stands at $349,000, according to new data from Orlando Regional Realtor Association.
That price point, while positive for current homeowners enjoying the equity boost, raises a big challenge for new homebuyers hoping to find a single-family home in east Orlando.
Rose Kemp, president of the Orlando Regional Realtor Association, or ORRA, told News 6 of the current inventory and most are listed well beyond the $300,000 price point.
“I can tell you that it is becoming difficult to find a single-family home that’s move-in ready at the $300,000 price,” Kemp said. “But I can genuinely tell you that anything under $600,000 is pretty much considered a hot property especially if it’s priced right and in the right location.”
[Click here for all 32825 stories]
Kemp ran a check of single-family home sales for News 6 and found just one currently offered at $300,000
“The ones (homes) that are pending are ranging between $275,000 and $804,000,” Kemp said. “And those are about to close.”
Kemp told News 6 the “middle ground” for prospective buyers looking for a single-family home in the 32825 “would have to be between the $350,000 and $450,000 range.”
“The 32825 ZIP code may have been considered a suburb once upon a time,” she said. “But at this time, that ZIP code is really in the core of Orlando, values are up.”
In her view, the locations that span the Orlando International Airport, Lake Nona and UCF, are “becoming the core of the city.”
Data provided by ORRA compares Januarys spanning the last five years in the right column and annual prices, inventory and interest rates in the right column.
Of note is the rise of mortgage interest rates from a low of 2.7% in 2022 to 6.8% in 2023.
This year, the current average interest rate stands at 6.5%. (see below)
Active homes available in the 32825 as of this report range from $300,000 to $965,000.
Kemp said there were 55 single-family homes available from a list of 70 active properties as of last week.
“People that have been on the sidelines that had to go back to renting for a couple of years are actually able to a secure a home,” Kemp told News 6. “I think the best thing about 2024 is we’re on an upswing and we’re definitely stabilizing and in a healthier market.”
Get today’s headlines in minutes with Your Florida Daily: