Central Florida Real Estate Recap of April 2024


State of the Market
- The median home price for April was recorded at $388,500, up from $386,500 in March. This is the highest monthly median home price on record in the Orlando area.
- Overall sales rose 7.8% from March to April. There were 2,759 sales in April, up from 2,559 sales in March. This is the third month in a row that sales have risen.
- April’s interest rate was recorded at 6.9%, up slightly from 6.7% in March. This is the third month in a row that interest rates have risen.
- Inventory for April was recorded at 9,376, up 4.5% from March when inventory was recorded at 8,971. This is the fourth month in a row inventory has risen.
- Pending sales increased by 2.9%, with 4,257 in March and 4,379 in April.
- New listings rose 2.6% from March to April, with 4,230 new homes on the market in April, compared to 4,124 in March.
- Homes spent an average of 54 days on the market (DOM) in April – down from 58 in March.
- "April's median home price was recorded at $388,500," said Rose Kemp, Orlando Regional REALTOR® Association President. " We saw an increase in homes for sale, providing a wider selection for potential buyers. Despite the supply remaining slightly over three months, homes are selling quickly, indicating a strong demand. This demand is a positive indicator of market stability and is expected to continue through the next few months as families look to relocate during the summer season.”
Market Snapshot
- Interest rates rose from 6.7% in March to 6.9% in April.
- Pending sales rose 2.9%, with 4,257 in March and 4,379 in April.
- 26 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in April. That represents a 13.0% increase from March when 23 distressed homes sold.
Inventory
- Orlando area inventory increased 4.5% from March to April. Inventory in March was 8,971, and inventory in April was 9,376.
- The supply of homes fell to 3.40 months in April, down 3.1% from 3.51 months in March. A balanced market is six months of supply.
- The number of new listings increased from March to April by 2.6% – from 4,124 homes to 4,230 homes.
Year over Year Changes
Courtesy of Orlando Regional Realtor Association
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