Real Estate News

Central Florida Real Estate Recap of July 2024

State of the Market

• July’s interest rate was recorded at 6.6%, down from 6.7% in June.
  
  • In ORRA’s new survey of Orlando REALTORS, 52% of respondents cited interest rates as the top challenge for buyers, causing some buyers to wait out purchasing homes right now or look at lower price points.
• The median home price for July was recorded at $390,000, down from $395,000 in June. June was the highest monthly median home price on record in the Orlando area.
  
  • Home prices were cited as the second biggest issue facing buyers in ORRA’s new survey.
• Inventory for July was recorded at 11,158, up 3.4% from June when inventory was recorded at 10,796. This is the seventh month in a row inventory has risen. The last time inventory was this high was November 2015.
  
  • Inventory in July 2024 was 95.1% higher than in July 2023.
• Overall sales rose 2.0% from June to July. There were 2,652 sales in July, up from 2,601 sales in June.
• Pending sales rose by 1.5%, with 3,940 in June and 3,999 in July.
• New listings fell 1.8% from June to July, with 4,067 new homes on the market in July, compared to 4,143 in June.
• Homes spent an average of 55 days on the market (DOM) in July – up from 54 in June. This is 41.0% higher than July 2023 when homes spent an average of 39 days on the market.
  
  • 72% of survey respondents reported that most homes are moving from sale to pending in 21+ days, up significantly from last year.
• "July represented another strong month in the housing market as many families worked to squeeze in their moves before the start of the new school year. We continued to see an increase in inventory and sales as the Orlando housing market continues to stabilize,” said Rose Kemp, Orlando Regional REALTOR® Association President. “Interest rates are still holding steady in the mid-upper 6.0% range. The current market conditions offer more options for buyers along with new potential negotiating opportunities. Realtors are key to the success of a buyer and seller transaction.”

Market Snapshot

• Interest rates fell from 6.7% in June to 6.6% in July.
• Pending sales rose 1.5%, with 3,940 in June and 3,999 in July.
• 25 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in July. This is the same number of distressed homes that sold in June. 

Inventory

• Orlando area inventory rose 3.4% from June to July. Inventory in June was 10,796, and inventory in July was 11,158.
• The supply of homes rose to 4.21 months in July, up 1.4% from 4.15 months in June. A balanced market is six months of supply.
• The number of new listings decreased from June to July by 1.8% – from 4,143 homes to 4,067 homes.

Year over Year Changes 

 Courtesy of Orlando Regional Realtor Association

Homes for Sale in Davenport FL

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$224,995

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2564 St George Drive, DAVENPORT

1 Bed 2 Baths 546 SqFt Residential MLS® # O6201283

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106 East Magnolia Street, DAVENPORT

3 Beds 2 Baths 960 SqFt Residential MLS® # O6227473

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