Central Florida Real Estate Recap of December 2024

2024 data reveals that demand for homes held strong as inventory rose and buyers adjusted to higher interest rates

Buy Before you Sell

State of Real Estate Market Central Florida December 2024

2024 Annual Market Recap

(Cumulative 2024 totals compared to cumulative 2023 totals)

  • The overall median home price in 2024 was recorded at $385,000, an all-time high and increase of 3.9% compared to 2023 when the overall median home price was recorded at $370,500.
    • 2023 previously held the record for highest overall median home price.
    • For further comparison, the overall median home price in 2022 was $365,000.
  • Overall sales in 2024 decreased by 7.1% with a total of 28,321 sales. Overall sales in 2023 were recorded at 30,499.
    • Single family home sales decreased in 2024 by 5.3% for a total of 22,216 sales compared to 23,464 sales in 2023.
    • Condo sales decreased in 2024 by 17.9% for a total of 3,290 sales compared to 4,007 sales in 2023.
    • Townhome sales decreased by 7.0% in 2024 for a total of 2,815 sales compared to 3,028 in 2023.
  • "As interest rates rose throughout 2023 from historic lows during the pandemic, many buyers and sellers waited on the sidelines, hoping for a drop. In 2024, these buyers and sellers accepted the current rates and re-entered the market to secure a home," said Lawrence Bellido, 2025 President of the Orlando Regional REALTOR® Association. "The market is now much more stable and balanced than in previous years. In 2025, I expect sales to increase. For anyone hoping to secure a home this year, now is the time to connect with a local REALTOR® and a loan officer to make these dreams a reality."

Market Snapshot

  • Interest rates fluctuated in the 6.0 levels throughout 2024.
    • The average interest rate in 2024 was 6.5%.
  • Homes spent an average of 58 days on the market.

Average mortgage rates in Central Florida

Inventory

  • At the start of the year, inventory was recorded at 8,217 – 4.78 months of supply. Supply continued to rise in the following months.
  • In November 2024, inventory was recorded at 11,604 – 6.43 months of supply. This was the first time since February 2011 that the Orlando area witnessed a balanced market. (The real estate market is considered balanced when there is 6 months of supply.)
  • Closing the year, inventory was recorded at 10,049 in December – 4.67 months of supply.
  • The average monthly inventory for 2024 was 10,289. The average monthly inventory for 2023 was recorded at 6,243.

Central FL Real Estate Inventory

December 2024 Summary

  • Interest rates decreased from 6.7% in November to 6.5% in December.
  • December’s median home price was recorded at $380,000 – the same as in November.
  • Homes spent an average of 68 days on the market in December, up slightly from November when the average was 67.
  • Inventory dropped in December, decreasing by 13.4% from November, for a total of 10,049 homes on the market.
  • Overall sales in December increased 19.3% from November, with 2,154 sales recorded.
  • New listings dropped, with 2,510 new listings in December, compared to 3,185 new listings in November.

Year over Year Changes 

year over year

 Courtesy of Orlando Regional Realtor Association

Homes for Sale in Davenport FL -
Click Here to Search All of Davenport

Posted by Florida Realty Marketplace on

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.