Northeast residents are flocking to Orlando during the pandemic
ORLANDO, Fla. – While many industries continue to struggle with economic problems due to the coronavirus pandemic, the real estate market in central Florida is on fire.
According to new figures from the online real estate platform Redfin, the Orlando metropolitan area recorded 61,000 new residents in 2020, making it the third fastest growing market in the United States.
“I think Orlando has – in terms of lifestyle – what a lot of people are looking for,” said Redfin economist Daryl Fairweather.
“I’m very busy,” said Lisa Hill, treasurer of the Orlando Regional Realtor Association.
According to ORRA, 75% of people moving to central Florida are from the northeast.
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“Buyers are actually looking for a nice outdoor area with a pool, a bigger house that could potentially accommodate an office as many people are now working from home due to COVID,” she said.
Suzy and Dave Burnham said they moved to Windermere from Long Island, NY in August 2020.
“We bought this place unseen,” said Dave Burnham.
“COVID was coming and we felt very unsafe in New York because it was widespread,” said Suzy Burnham.
But with the high demand comes a problem, Hill said.
According to ORRA data, the number of houses for sale has decreased by 40% compared to the same period last year.
This is driving prices up gently and in some cases causing bidding wars.
“That doesn’t mean you can’t win at home,” said Fairweather. “It just means that when a house comes on the market that checks all of your boxes, you have to be really aggressive.”
As for the Burnhams, they said their new home is checking all of their boxes.
“I feel happy and healthy here,” said Suzy Burnham. “It’s the right place to be for us at this point in our lives.”
Redfin estimates that the areas where most people are moving are New York City, Los Angeles, and Chicago.
Overall, the company estimates that half a million people have left these cities.
ORRA anticipates more people will be moving to central Florida to build on the already growing demand.
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