The combined market value of every home in the U.S. reached a record-high of $29.6 trillion in 2016, up $1.6 trillion from the prior year, according to a new Zillow analysis.
Check out Zillow’s 10 top metro Orlando areas that had the fastest appreciating home values, shown here with the median home value, followed by year-over-year growth:
- Pine Hills: $107,700; 23.7%
- Lockhart: $138,400; 16.8%
- Altoona: $135,600; 16.1%
- Paisley $143,000; 15.8%
- Fairview Shores: $174,600; 15.6%
- Tangelo Park: $82,900; 14.5%
- Wedgefield: $275,500; 14.3%
- Orlovista: $93,100; 14.2%
- Kissimmee: $158,700; 14.0%
- Sky Lake: $136,600; 13.3%
...and on the flip side, the lowest appreciating home values:
- Yalaha; $156,800; 1.4%
- Celebration; $362,900; 4%
- Howey in the Hills; $230,100; 4%
- Groveland; $179,600; 4.5%
- Lake Mary; $265,600; 4.6%
- Grand Island; $160,400; 4.7%
- Lady Lake; $190,700; 4.8%
- Tavares; $158,200; 5.2%
- Longwood; $256,200; 6.7%
- Umatilla; $130,200; 6.7%
Among the list of major U.S. cities with the highest housing stock toward the end of 2016, Orlando ranks 26th out of the 35. “Orlando is a relatively strong job market and is affordable. It’s still a great place for entry-level homebuyers and continues to grow,” said Aaron Terrazas, human economist at Zillow, adding that the Orlando market is still well below the peak, meaning there are deals to be found in comparison to other major cities.
What does this mean for 2017? Zillow forecasts the housing market in metro Orlando "to appreciate 5.7 percent over the next year. The U.S. as a whole is forecasted to appreciate 3 percent over the next year," Terrazas said. Orlando’s median home value for 2017 will be $209,400, which is roughly $11,000 more than what it is now at $198,100.
Veronica Brezina., Staff Writer - Orlando Business Journal
No comments:
Post a Comment