Central Florida Real Estate Recap of December 2023

Interest rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines..

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Real Estate Market Central Florida - December 2023


2023 Annual Market Recap

(Cumulative 2023 totals compared to cumulative 2022 totals)

  • The overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to 2022 when the overall median home price was recorded at $365,000.
  • Overall sales in 2023 decreased by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162.
    • Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022.
    • Condo sales decreased in 2023 by 22.5% for a total of 4,007 sales compared to 5,168 sales in 2022.
    • Townhome sales decreased by 19.7% in 2023 for a total of 2,853 sales compared to 3,551 in 2022.
  • “The housing market in 2023 continued to stabilize from the frenzy we saw during COVID-19. Many buyers chose to wait on buying a home amid rising interest rates,” said Rose Kemp, 2024 Orlando Regional REALTOR® Association President. “Interest rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines. Looking ahead, these rates will continue to be the biggest factor in the market.”

Interest rates - Central florida real estate 2023

Market Snapshot

  • Interest rates rose nearly every month in 2023. In October 2023, interest rates reached 7.8%, their highest point in more than 22 years. Interest rates began to fall in the two subsequent months, closing out the year at 6.6%.
  • The average interest rate in 2023 was 6.8%. 


  • At the start of the year, inventory was recorded at 6,115 – 3.65 months of supply. Supply dipped in the following months before rising again.
  • In November 2023, inventory was recorded at 8,202 – 4.11 months of supply. This was the highest inventory in the Orlando area since January 2019. (The real estate market is considered balanced when there is 6 months of supply.)
  • Closing the year, inventory was recorded at 7,838 in December – 3.95 months of supply.
  • The average monthly inventory for 2023 was 6,243. The average monthly inventory for 2022 was recorded at 4,997.

Central Florida Real Estate inventory - December 2023

December 2023 Summary

  • Interest rates decreased for the second month in a row – 6.6% in December compared to 7.3% in November.
  • December’s median home price was recorded at $367,250, down from November’s median home price of $375,000.
  • Homes spent an average of 49 days on the market in December, up from November when the average was 46.
  • Inventory dropped in December, decreasing by 4.4% from November, for a total of 7,838 homes on the market.
  • Overall sales in December decreased slightly – 0.7% – from November, with 1,982 sales recorded.
  • New listings dropped in December, with 2,409 new listings, compared to 3,188 new listings in November.

Year over Year Changes 

yearly changes december 2023 - central florida real estate

 Courtesy of Orlando Regional Realtor Association

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