If you're wondering why that cardboard box at the end of your street is selling for 400K, it's because Orlando's housing market is complete horseshit right now.
According to a recent report from CoreLogic
, a property analytics provider, Orlando's home prices increased by 7.3 percent in March, compared to the same month last year, which is our biggest jump since 2014.
Overall, the state of Florida saw a 5.9 percent increase in property values.
This type of pricing surge puts Orlando's real estate scene in the realm of "overvalued," a term used for home prices that are "at least 10 percent higher than the long-term, sustainable level."
A lot of this has to do with an extremely high demand and a barren market. Last March, Forbes placed Orlando as the fourth fastest growing city
in the country. This, coupled with a lack of homes, is how you get the terrible "overvalued" label, and it'll probably get worse before it gets any better.
Last February, Local Market Monitor, a website that tracks housing markets, reported that home prices in the Orlando area are projected to increase by 35 percent over the next three years
This is bad news if your budget is less than $230K, which is Orlando's median home price for last March, according to the Orlando Regional Realtor Association.
To make matters worse, if you're one of the many Orlando-area residents who happens to rent and you have a median household income of $35K (which describes a shocking 45 percent of the population), the projections are just as bleak.
According to the National Low Income Housing Coalition’s annual report, the Orlando-Kissimmee-Sanford area currently tied for second worst in the country for available affordable housing
It's time to put a bid in on that cardboard box.
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