Property Appraiser Rick Singh hosted the third annual State of Orange County Real Estate event at the Wyndham Orlando International Resort on Aug. 23. The public was informed on the current standing of the county.
According to the annual report, Orange County is home to 1.35 million people; 63,399 of these are veterans, and 157,950 of the population are seniors. The median age for residents is 34 years old.
The numbers don’t just stop there. In comparison to last year, the market value of Orange County has jumped by 9.8 percent. This year, the county reached its highest historical value at $188.8 billion. As for the commercial market value, the report states, “With seven major theme parks and more resorts and hotels than any other U.S. city, we appraise the most diverse and complex range of property, including some $88.1 billion in commercial property value – that’s greater than the total tax roll of 58 of the state’s 67 counties.”
As for new construction, there is currently $4.3 billion invested. This is a 38.7 percent increase from 2017. Residential market value is in the billions as well. It is currently sitting at $85.8 billion with 6,035 new residential homes having been built since last year.
In terms of income, the median household income in Orange County is $50,720. Singh also recognized those who are working minimum wage in the working class. He said, “I try to give them the advice [to] keep striving, keep doing what you’re doing, understand the hardships. It’s really important for them to tell their story and educate people to let people know.”
Singh said Lake Nona remains top of the list for Orange County in terms of growth. He added that Orange County is not slowing down anytime soon, and we must prepare for the growth that is headed our way.
The next state of Orange County Real Estate will be held next year and is scheduled to happen around the same time in August.
Nonahood News’ Sophia Rogers provided statistics based on the zip codes 32832 and 32827. The source for these numbers is from the Multiple Listing Service (MLS).
32827 – Year to date:
Three hundred and sixty-three residential units have been sold. This includes single-family, townhomes, condos and villas.
Adding $169,295,000 in sales volume.
Average sales price of $466,000.
32832 – Year to date:
Five hundred and eight residential units have been sold. This includes single-family, townhomes, condos and villas.
Adding $175,000,000 in sales volume.
Average sales price of $345,000.
For more information about Rick Singh’s State of Orange County Real Estate, visit www.ocpafl.org. The information here was provided in Singh’s presentation. Go to the website and click on the “Annual Report” tab in the middle of the page for more statistics and updates.