Real Estate News

Central Florida Real Estate Recap of March 2024

State of the Market

• Overall sales rose 17.7% from February to March. There were 2,559 sales in March, up from 2,174 sales in February.
• The median home price for March was recorded at $386,500, up from $377,000 in February. The highest monthly median home price on record in the Orlando area was $387,000 in June 2022.
• Pending sales increased by 9.4%, with 3,891 in February and 4,257 in March.
• New listings rose 8.6% from February to March, with 4,124 new homes on the market in March, compared to 3,799 in February.
• Inventory for March was recorded at 8,971, up 4.4% from February when inventory was recorded at 8,589.
• March’s interest rate was recorded at 6.7%, up slightly from 6.6% in February.
• Homes spent an average of 58 days on the market (DOM) in March – up slightly from February.
• “The busy spring season for the real estate market is in full swing,” said Rose Kemp, Orlando Regional REALTOR® Association President. “We’ve seen a steady increase in sales, median home price and inventory every month this year. Our median home price in March was very close to our peak from June 2022, so it will be interesting to see how these high prices affect the market in the coming months.”

Market Snapshot

• Interest rates rose from 6.6% in February to 6.7% in March.
• Pending sales rose 9.4%, with 3,891 in February and 4,257 in March.
• 23 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in March. That represents an 8.0% decrease from February when 25 distressed homes sold. 

Inventory

• Orlando area inventory increased 4.4% from February to March. Inventory in February was 8,589, and inventory in March was 8,971.
• The supply of homes fell to 3.51 months in March, down 11.3% from 3.95 months in February. A balanced market is six months of supply.
• The number of new listings increased from February to March by 8.6% – from 3,799 homes to 4,124 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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