With a tight inventory and an influx of buyers excited to pick up property after the pandemic means that Florida, and more specifically Lake Nona, is expected to have a strong and robust real estate market all throughout 2022. In fact, 2022 real estate trends are predicting that the Lake Nona real estate market is expected to stay a seller’s market until mid-2023.
We buy houses in Lake Nona, FL, so we have to do in-depth research into market trends and provide analysis on housing prices, median selling lists, and so on and so forth. Here’s what we’ve found over the course of our research.
The Lake Nona Market at a Glance
With the first half of 2022 already closing, many real estate analysts have declared the Florida housing market as one of the most competitive in the country, with home prices going up by 18.2% over the course of 12 months. This puts the median price for houses at around $325,000, slightly below the national median. Meanwhile, 2022 saw some of the shortest times that houses have spent on the market: 14 days as of June 2022, as compared to an average of 25 days in 2021. In January of 2022, 991 homes were sold, which is up from the 941 sold in 2021.
Sales-to-List prices have also gone up to 99.2%, a 1.7pt year-on-year increase that we’ve seen in the Orlando market over the past few years. Meanwhile, 38.2% of houses in Florida were sold above list price, again a 21.3pt year-on-year increase.
The Lake Nona Housing Market
Lake Nona is probably one of the most expensive communities in all of Orange County and Orlando in general, and it seems housing prices are going to keep going up. In April of 2022, Lake Nona home prices went up by a whopping 35.4%, with median prices for homes going as high as $670,000. As of April 2022, homes for sale in Lake Nona spent an extremely short 5 days in the market, compared to a whopping 23 days in June 2021.
Many real estate experts have been observing 2022 real estate trends, and have since classified Lake Nona as a “Very Competitive” market, raking in an 82/100 on real estate analyst RedFin’s website. Average homes in Lake Nona sell for about 2% above list price, with many going pending in around 4 days. Meanwhile, hot homes sell for as high as 6% above price list, with many going pending in around 2 days’ time. Many of these houses get multiple offers, with contingencies usually waved.
Sales-to-List prices are at 101.3% on average, a 2.6pt year-on-year increase, while 46% of homes sold in the Lake Nona area were above list price.
Is it a Good Time to Sell My Lake Nona, FL Home?
Yes, and Lake Nona real estate trends are in your favor. Inventory and stock of houses in the Orlando and Lake Nona area declined in January of 2022, although new listings increased by 27% within the same month. Combined with a low inventory and a high number of buyers looking into Lake Nona has turned the area into a strong seller’s market.
Lake Nona is still in the process of development, and while some areas are still waiting on proper construction, most of Lake Nona is already habitable. With more and more housing developments set to complete in 2022 and 2023, expect the market to be a seller’s market for at least another year or so. That being said, it’s not a bad idea to start considering a sale right now, since average prices are still enjoying a 35% increase on average.
With the American economy opening up and the world slowly recovering from COVID-19, including Lake Nona, it’s a good time to start selling your homes because of the influx of buyers who are now more than ever excited to own their first property. It’s also a good time to sell now because historic-low mortgage rates, enacted in 2021 to help stimulate the economy, are slowly but steadily going back up to pre-pandemic levels.
Let Us Help You With Your Lake Nona Home’s Sale!
At Kindred Homes Properties, we want to make sure that the houses we buy are valued appropriately, which is why we invest a lot of time into real estate market research and investigating housing trends in the areas we operate in. We buy houses in Lake Nona, FL, so we try to make sure that the prices we offer are in line with fair market values of the area.
We try to keep our process as transparent as possible because we want our clients to be comfortable selling their house to a trusted home buyer. Contact us today to learn more about our process and how we do what we do!