After being hit hard by the burst of the housing bubble, Orlando is making quite a comeback.
Given the amount of distressed properties on the market a few years ago, the price per square foot of homes in Orlando, Florida dropped considerably. However, in the past year the price per square foot, according to Trulia’s statistics, increased by 608.2 percent. Additionally, year-over-year the median sales price rose 17.5 percent to $116,250.
The drastic increase in price per square foot is directly related to the quality of homes on the market, and as distressed homes are purchased, we can expect these numbers to rise. There are currently 13,392 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process, as reported by Trulia.
Now that we’re seeing improvements in areas greatly affected by the housing market crash, we know there’s light at the end of the tunnel.
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