The Oviedo real estate market has seen significant growth over the last few years. Located in Seminole County, Florida, Oviedo provides residents with a unique balance of suburban living and natural beauty. Additionally, given the city’s proximity to other major metropolitan areas, such as Orlando, it has attracted homebuyers and investors alike. Still, before touring the area for houses, it’s best to get a full picture of the current state of the real estate market and future forecasts.
To better understand the Oviedo real estate market, here are the current prices, trends, and forecasts for 2023.
Oviedo housing market forecast 2023
Home values increasing
Price growth for homes in Oviedo has been on a steady incline recently, reaching record heights right around the COVID-19 pandemic. Since housing inventory in the area was already low before the pandemic, the influx of residents afterward created a bigger deficit between supply and demand. This helped fuel price appreciation, making homes in the area even more valuable. While price growth will likely settle to a more sustainable pace, it will still increase throughout 2023.
Stable interest rates
Many experts predict that mortgage interest rates
will likely stabilize throughout 2023. While slight increases may occur here and there, these rates will ultimately remain low. Lower interest rates attract more potential buyers to the market because they incentivize buyers and make homeownership more attainable.
Stabilization of inventory
Although there is a shortage of houses in Oviedo, new construction projects are underway to help increase available inventory. While it may take some time to stabilize, these new projects will offer homebuyers more options and help balance supply and demand. Therefore, most experts predict inventory will stabilize by the end of 2023.
Positive net population migration
The population in Oviedo has been steadily increasing over the last few years. The city’s reputation as family-friendly has attracted numerous homebuyers to the area. This trend will likely continue throughout the rest of 2023. As more and more people flock to the area, demand for houses will also continue to increase.
Balanced market conditions
The Oviedo housing market currently favors sellers. Given the high demand and low inventory conditions, sellers have an advantage over buyers. However, after the many construction projects currently underway finish, inventory is expected to balance out conditions, bringing the market to more of a balance. By the end of 2023, while it may slightly favor sellers, the market will be more balanced, which is good news for future buyers.
Current Seminole County housing market trends 2023
The overall Seminole County housing market, which includes Oviedo, has seen significant growth in recent years. Due to steady population growth, demand for houses in the area has driven up prices, thereby increasing the value of each home. With a high demand for homes, the inventory shortage has created a highly competitive market where bidding wars are all too common. Although new construction projects are underway, the market will likely remain competitive for the majority of 2023.
How did COVID-19 affect the Oviedo real estate market?
As it did with the rest of the world, the COVID-19 pandemic had a tremendous effect on the Oviedo housing market. In the early stages of the pandemic, Oviedo experienced an initial slowdown in the market, with buyers and sellers hesitant to engage in transactions. However, as people learned to navigate the pandemic, interest in the market rebounded. Now, the housing market in this Florida state is stronger than ever.
Oviedo foreclosure statistics 2023
Foreclosures throughout the entire county have increased month-by-month for the last two years. Florida, in particular, had some of the highest levels among the other states. In March of 2023, Seminole County
had a total of 78 foreclosure filings on properties, which was up 9.9% over last year at that same time. High mortgage interest rates and affordability are the likely culprits behind the rising increase in foreclosures nationwide. However, with interest rates expected to stabilize, foreclosure rates may start to dip.
Oviedo median home prices 2023
In April 2023, the median list price of homes for sale in Ovideo was $454,000
. The median selling price puts the cost per square foot at around $238. Additionally, this price is around 8.2% higher than it was last year at the same time. The rising price and difference between the listing and selling price are likely due to the area’s high demand and low inventory.
Oviedo real estate market: Should you invest?
Since the Oviedo housing market has experienced significant growth over the last few years, investing in property in the area is not a bad idea. With projections of higher price appreciation and population growth, investing in property now will more than likely pay off down the line. The upward trajectory of the local market is solid, which should give investors better piece of mind. Still, like any investment, understanding future forecasts is the only way to guarantee a good return on investment. Contacting a local real estate agent is the best way to learn the forecast of a particular housing market.
Need help with the Oviedo real estate market?
As shown above, the Ovideo real estate market is a solid investment whether you’re a homebuyer or investor. The current market is good, and future forecasts predict it will only get stronger. Still, given the market’s competitive nature, having a local real estate agent by your side is more important than ever.
is an Oviedo real estate agent that has helped numerous clients find the Florida home of their dreams. If you’re looking to enter the market, contact Florence today to start the process.