Winter Park is a charming and picturesque city in Orange County, central Florida. Nestled in the state's peninsula wetlands, just north of Orlando, this upscale yet lively community is home to several fine parks, excellent schools, and elegant homes overlooking magnificent lakes, including L. Osceola and L. Virginia. Residents here enjoy easy access to luxury amenities, from upscale restaurants and first-class shopping spots to endless entertainment opportunities for all ages.
Knowing the current market trends is one of the smartest things to do if you are planning to purchase a primary home, secondary home, or an income property in Winter Park. The real estate experts at Suzanne and Chad Team have compiled a few notable trends in Winter Park luxury real estate for 2023 to help you make informed decisions. When you are ready to buy or sell a home in Winter Park, check our resources for Buyers and Sellers.
Top Winter Park real estate market trends for 2023
Here are some of the notable trends in luxury real estate in 2023:
Median home prices
Despite a depressed market occasioned by runaway inflation and rising interest rates, Winter Park real estate has sustained a notable growth trajectory. As of September 2023, the median home prices in the city were $315,946, representing a 0.15% increase over the year. Based on recent market forecasts, a long-term increase is expected, with the predicted price of an average home hitting $349,537 by 2028. Experts reckon buying a home in Winter Park City today could be a good short-term investment, especially for those looking for homes for sale with good flipping profits.
Housing Inventory
Like all other Florida cities, the Winter Park housing market is experiencing a low housing inventory, with demand currently exceeding supply, making it a seller's market. Low inventory means sellers hesitate to put their homes on the market due to rising mortgage rates. However, when a seller lists their home, they will get top dollar. If this trend is sustained, home prices in the city will steadily increase over the long term with rising demand.
Mortgage rates
Interest rates have been on an upward trajectory in Winter Park, with recent data showing mortgage rates in the region are 7.392% for a 30-year fixed, 6.644% for a 15-year fixed, and 8.127% for a 5-year adjustable-rate mortgage. Higher mortgage rates may further trigger price escalation, while a limited supply of homes on the market and sustained demand combine to keep prices from falling in the near future.
Population
As of July 2023, the upscale city of Winter Park had a population of 29,816. In the last decade, the population increased by nearly 7% thanks to an influx of wealthy retirees, vacationers, investors, and professionals looking to tap into the region's booming economy. The Winter Park median household income is $88,688, $26,911 above the state median. When the median income in an area is high, it typically means that residents have more purchasing power. This can lead to increased demand for housing, as people are better able to afford homes and are willing to spend more on them.
Cost of living
The cost-of-living index for Winter Park is 113, which is 13% higher than the national average. The total cost of food, transportation, housing, child care, health care, taxes, and other necessities for a single adult in Winter Park is $37,771 annually. Contextually, a family of four living in the city should make at least $84,950 a year to live comfortably. With rising home prices, renting is sometimes a lower-cost alternative to homeownership. The typical renter in the city spends $1,183 a month on housing, which is more than the $1,023 national median monthly rent. Higher rents result in higher rental income, leading to positive cash flow for investors.
Sales and property taxes
Although Winter Park and the entirety of Florida enjoy zero income tax, the sales tax in the city is 6.5%. This tax rate comprises 6% Florida State sales tax and 0.5% Orange County sales tax. Currently, there is no applicable city tax or special tax. On the other hand, the average effective property tax rate in Orange County is 1.04%, meaning a homeowner with a house valued at $500,000 would pay $5,200 in property taxes each year. At such rates, property taxes in the region are some of the most expensive in the country. High property taxes can strain homeowners' budgets, especially those on fixed incomes or with limited financial resources.
Winter Park Neighborhoods: where to live in the city
In addition to the bustling downtown, Winter Park is home to several family-friendly neighborhoods, many of which boast a quiet ambiance and serene, oak-lined streets. These neighborhoods offer everything from high-end contemporary homes to luxurious rental apartments. Here are some of the top neighborhoods to call home in Winter Park:
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Windsong: If you prefer living in an exceedingly upscale and charming neighborhood in Winter Park, Windsong could be an ideal option. This luxurious community sits in the heart of the city and is surrounded by several stunning lakes. It is famed for the freely roaming peacocks that explore the streets and make friendly visits to homes. The median home price in Windsong, Winter Park, stands at a staggering $2,132,500.
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Winter Park Woods: Winter Park Woods is a charming neighborhood in Winter Park with cozy condominiums. There is an array of homes here with varying sizes, low prices, and gorgeous styles to choose from.
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Downtown Winter Park: This historic district offers a mix of residential and commercial spaces. Living here means you are within walking distance of Park Avenue, filled with upscale boutiques, restaurants, and cultural attractions. The area is known for its tree-lined streets, beautiful parks, and a vibrant, pedestrian-friendly atmosphere.
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Winter Park: As the name suggests, Old Winter Park is steeped in history and charm. It features historic homes with unique architectural styles, cobblestone streets, and large oak trees draped with Spanish moss. Living here provides a sense of nostalgia and a close connection to the city's past.
Suzanne and Chad Team of realtors can help you buy or sell a luxury home in Winter Park
Winter Park, Florida, is known for its charming atmosphere, cultural attractions, and outdoor recreational opportunities. It offers stunning scenes, magnificent mansions, fabulous restaurants, and boutique stores. Residents here find tranquility at Leu Gardens, which promise breathtaking views regardless of the season.
If you are looking for a perfect upscale home to buy in Winter Park or selling your current home, the experienced realtors at Suzanne and Chad Team can help. We are Winter Park City's most reliable real estate firm, helping homeowners find the best properties to match their needs. Contact us today to schedule a free consultation.
If you are looking for a perfect upscale home to buy in Winter Park or selling your current home, the experienced realtors at Suzanne and Chad Team can help. We are Winter Park City's most reliable real estate firm, helping homeowners find the best properties to match their needs. Contact us today to schedule a free consultation.
*Header photo courtesy of Shutterstock
