October’s median home price was $325,000. This is an increase after a slight drop in September to $318,000.
October 2021 Recap
State of the Market
- October’s median home price was recorded at $325,000, increasing once again after a slight drop in September to $318,000. Orlando saw a 10-month steady increase in the median home price prior to September when the record high hit $320,000 in July (maintained in August).
- Overall sales in October dropped by 0.77%, with a total of 3,760 sales.
- Homes spent an average of 27 days on the market in October, the same amount as September 2021.
- Inventory dropped for the first time in six months, decreasing by 7.12% from September to October, for a total of 3,406 homes on the market in October.
- “The market traditionally slows down during the winter months and that’s what we’re seeing with the drop in inventory in October – the first decrease in 6 months,” says Tansey Soderstrom, 2021 Orlando Regional REALTOR® Association President. “While the inventory is dropping, the median home price remains steady, still over 20% compared to 2020.”
Market Snapshot
- Interest rates showed a slight increase, as the average interest rate in October 2021 was 3.01%, an increase of 5.14% over September 2021.
- ORRA members sold 3,760 homes in October 2021, a decrease of 0.77% from 3,789 homes sold in September 2021. Sales were still 3% higher than October 2020.
- 26 distressed homes (bank-owned properties and short sales) accounted for .6% of all home sales in October 2021. That represents a 61% drop over October 2020, when 67 distressed homes sold.
Inventory
- Orlando area inventory decreased by 7.12% from September 2021 to October 2021 from 3,667 homes to 3,406 homes. Inventory in October 2021 was 42% lower than in October 2020.
- The supply of homes remained at nearly one month in October 2021. A balanced market is six months of supply.
- The number of new listings decreased in October 2021 from September 2021 by 2.14% from 4,026 homes to 3,940 homes.
Courtesy of Orlando Regional Realtor Association
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