Central Florida Real Estate Market Recap of March 2022
March 2022 Recap
State of the Market
- March’s median home price was recorded at $361,000, an increase of 4.6% compared to $345,000 in February 2022. This sets a record high for the second month in a row.
- Interest rates increased by 8.7% from 3.9% in February 2022 to 4.2% in March 2022.
- Overall sales in March increased by 28.2%, with a total of 4,100 sales compared to 3,198 sales in February 2022.
- Homes spent an average of 27 days on the market in March, down 10% from February 2022 when the average was 30.
- Inventory increased in March by 7.1% from February 2022 for a total of 2,478 homes on the market in March.
- New listings increased by 18.7% from February 2022 to March 2022, with a total of 4,375 new homes on the market in March.
- “Spring is one of the most popular times to sell homes, and we are seeing exactly that through this month’s housing data,” says Tansey Soderstrom, 2022 Orlando Regional REALTOR® Association President. “Everything across the board has seen a jump – from inventory to a new record-high median home price, and even the number of homes sold in the last month. However, with interest rates rapidly rising, we have to watch their effect and see if this is the start to the market cooling off.”
- Interest rates continue to increase as the average interest rate for March 2022 was recorded at 4.2% compared to February 2022 when it was at 3.9%.
- ORRA members sold 4,100 homes in March 2022, an increase of 28.2% from 3,198 homes sold in February 2022.
- 24 distressed homes (bank-owned properties and short sales) accounted for .6% of all home sales in March 2022. That represents a 17.2% decrease over February 2022, when 29 distressed homes sold.
- Orlando area inventory increased by 7.1% from February 2022 to March 2022 from 2,313 homes to 2,478 homes. Inventory in March 2022 was 14% lower than in March 2021.
- The supply of homes remained at nearly one month in March 2022. A balanced market is six months of supply.
- The number of new listings increased in March 2022 from February 2022 by 18.7% to 4,375 homes.
Year over Year Changes
Courtesy of Orlando Regional Realtor Association
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