According to a new report by Zillow, the value of Orlando homes increased by a total of $15 Billion in 2020. Zillow also found that home values nationally experienced the biggest yearly increase in 15 years. The report showed that the total stock of housing nationwide is worth $36.2 trillion. Due to many people leaving their current cities, and others delaying homes sales, the pandemic has played a part in the value increase. However, experts have also forecasted this surge in demand. According to Zillow, the shift in the market can also be correlated with a demographic shift, as millennials are hitting their prime home-buying years.
According to the report, Florida was third nationwide following California and New York for a total value of $2.175 trillion. This represents 6% of the national housing market. Orange County experienced the largest increase in Central Florida, as there is high demand for Orlando homes. Orange home values have grown by $68 billion in the past decade.
Experts expect this level of home value growth to continue through a lot of 2021. However, they also expect that long term, more existing houses will go on the market again, cooling prices off.