Home Values in Winter Park
Building a new home? Choosing the right community is very important, especially when it comes to the value of your property. The local property values are determined by many factors. But if you were to build two identical homes on two equally-priced lots of land in two different communities, there could be a significant difference in the resale values of those properties. The differential in price can be anywhere from tens of thousands of dollars to hundreds of thousands of dollars, depending upon the location.
In short, by carefully choosing the right community, you can maximize the resale value of your home. Knowing the rate of property value growth in a community is helpful too, as this can give you a feel for how rapidly your real estate value may increase.
What Are the Current Home Values in Winter Park, FL?
Winter Park, Florida is located in Orange County, within a stone’s throw of Orlando. This city is home to Rollins College and Full Sail University. It’s also the site of many golf courses, a thriving business district and the Charles Hosmer Morse Museum of American Art.
Winter Park has a population of over 29,000 people according to the most recent census data available. The city is spread across 10.2 square miles.
According to the Winter Park home value data on Zillow, the median real estate price for July 2016 was $351,000 – a figure that is above average for Florida as a whole. This figure reflects a very aggressive growth rate of 10.2% over the figure from 12 months prior (July 2015), when the median home price was $322,000.
Zillow predicts that the 12-month timeframe from August 2016 through July 2017 will see a 5.5% increase in median home values in Winter Park. This would place the median price at $371,000. This predicted growth rate is on the higher end of the spectrum. This is good news for anyone seeking to build a new custom home in a Florida city or town that will see a fairly rapid growth in real estate values.
Zillow’s historical real estate data for Winter Park indicates that prices have been on a steady increase since the low point of February 2012, when the median home price dipped to $234,000. This low came at the end of a massive downslide that started in May 2007, just six months after the November 2006 high point of $368,000.
Notably, if prices rise at the predicted rate, then in July 2017, prices will have surpassed the November 2006 high point — something that has not occurred in most other local communities, even in the upper crust community of Windermere, Florida.
If you’re planning to break ground on the construction of a new custom home in Winter Park, Florida, contact the home construction experts at Hulbert Homes. We look forward to discussing your project. Reach out to our team of home building professionals by completing our Contact form or call (863) 232-4924.