In Daytona Beach, home prices are up 9.07% since Dec. In Orlando, they’re up 8.15%. Relocating Northerners have increased the pressure on existing residents.

ORLANDO, Fla.  The Daytona Beach area ranks 10th in the United States for home price increases since December 2020, with a 9.07% median price hike. Orlando ranks 23rd with a 8.15% jump in the same time frame, according to a report from loan comparison site Credible based on data from home valuation service HouseCanary.

The median home price in Daytona Beach climbed from $259,963 in December to $283,546 in June, according to the report. Meanwhile, the median Orlando home price surged from $293,864 to $317,828.

One reason for the increase: Local buyers in Central Florida have to compete with New Yorkers, Californians and investors, says Christine Elias, Realtor and founder of Winter Park-based Urban Dog Group at Coldwell Banker Realty.

“The out-of-state buyers are coming with lots of money from other states,” she says. “They are hurting the people that live here who want to upsize or downsize, so some have pulled out of the market for now.”

Florida metros in the top 25 for price increases since December 2020

3. Ocala

5. Fort Myers

10. Daytona Beach

13. Punta Gorda

16. Sarasota

18. Panama City

21. Tampa

22. Port St. Lucie

23. Orlando

24. Naples

Orlando homes aren’t expected to become more affordable in the near future. Zillow research finds that Orlando homeowners spend, on average, 19.9% of their monthly income on mortgage payments – but by the end of the year, they’ll likely shell out 21.6% of their monthly income to make a mortgage payment.

Source: Orlando Business Journal (08/30/21) Soderstrom, Alex

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Author: kerrys