Central Florida Real Estate Market Recap of April 2022

Central Florida Real Estate Market Recap of April 2022

April’s median home price was recorded at $370,000. This sets a record high for the third month in a row.

April 2022 Recap

State of the Market

April’s median home price was recorded at $370,000, an increase of 2.5% compared to $361,000 in March 2022; this sets a new record high for the third month in a row.
Interest rates increased by 17.6% from 4.2% in March 2022 to 4.9% in April 2022. This is a 66% increase compared to April 2021 when interest rates were at 3%.
Overall sales in April decreased by 7.3%, with a total of 3,800 sales compared to 4,100 sales in March 2022. This is a 7% decrease compared to April 2021 when overall sales were recorded at 4,081.
Homes spent an average of 24 days on the market in April, down 11.1% from March 2022 when the average was 27.
Inventory increased in April by 7.7% from March 2022 for a total of 2,670 homes on the market in April.
New listings decreased by 0.5% from March 2022 to April 2022, with a total of 4,354 new homes on the market in April.
“As interest rates continue to rise, this indicates that the Orlando market might be starting to cool off,” says Tansey Soderstrom, Orlando Regional REALTOR® Association President. “With interest rates rising it will be more challenging for some buyers, as their monthly house payments will be higher as well. However, overall demand remains strong, and homes continue to sell quickly.”

Market Snapshot

Interest rates continue to increase as the average interest rate for April 2022 was recorded at 4.9% compared to March 2022 when it was at 4.2%.
Pending sales increased by 1.7% from March 2022 to April 2022 for a total of 5,041 pending sales.
23 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in April 2022. That represents a 14.8% decrease over March 2022, when 27 distressed homes sold.

Mortgage Rates

Inventory

Orlando area inventory increased by 7.7% from March 2022 to April 2022 from 2,478 homes to 2,670 homes. Inventory in April 2022 was 1% higher than in April 2021.
The supply of homes remained at nearly one month in April 2022. A balanced market is six months of supply.
The number of new listings decreased in April 2022 from March 2022 by 0.5% to 4,354 homes.