ORLANDO, Fla. — Experts say two local cities have some of the most overpriced homes in the country and those people hoping for a dramatic drop in prices, may be out of luck.
A report out of Florida Atlantic University found that both Orlando and Deltona made the list of the top 20 cities with overpriced homes.
However, it’s not just those cities dealing with affordable housing issues, all Central Florida is dealing with the issue.
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The median home price for Orlando in 2022 was at an all-time high of $365,000.
Longtime Florida investor Andrew Koberlein said he knows the housing market is cyclical and for now he is taking a wait-and-see approach as the market shows signs of cooling.
“Because of the nature of the economics that could or could not happen in the near future. I am poised with my checkbook,” Koberlein said.
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FAU economists are tracking just how overpriced homes are now compared to their historic values with the average home in Orlando selling at 45% higher than its historically implied price and for Deltona, it is even higher at 55%.
FAU real estate economist Ken H. Johnson said we will eventually get back to the historic trend, but he doesn’t see a dramatic decline in housing prices soon.
“There’s not going to be a housing crash. And it’s simply because we have too few units, compared to how many people are moving into Orlando,” Johnson said.
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Realtor Rafael Ferreira is optimistic too and told Channel 9 that his inventory is up 145% compared to last year but still is not where it should be; especially amid continued high demand.
“There are still not enough houses being built. We still have an influx of people moving to our area. And the builders are still trying to catch up to all that,” Ferreira said.
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