Central Florida Real Estate Recap of May 2024

Inventory surpasses 10,000 homes for first time since 2016

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Real Estate Market Data Central Florida May 2024

State of the Market

  • Inventory for May was recorded at 10,282, up 9.7% from April when inventory was recorded at 9,376. This is the fifth month in a row inventory has risen. The last time inventory was this high was September 2016.
    • Inventory was 99.7% higher than May 2023.
  • Overall sales rose 5.4% from April to May. There were 2,909 sales in May, up from 2,759 sales in April. This is the fourth month in a row that sales have risen.
  • The median home price for May was recorded at $385,000, down from $388,500 in April. April was the highest monthly median home price on record in the Orlando area.
  • May’s interest rate was recorded at 6.6%, down from 6.9% in April.
  • Pending sales fell by 1.8%, with 4,379 in April and 4,298 in May.
  • New listings rose 6.9% from April to May, with 4,521 new homes on the market in May, compared to 4,230 in April.
  • Homes spent an average of 54 days on the market (DOM) in May – the same as in April.
  • "Although May's inventory did show a slight increase, it's important to remember that our market is still very active. While there may be a few more options available compared to recent months, the high sales volume means homes are still moving quickly,” said Rose Kemp, Orlando Regional REALTOR® Association President. “With inventory levels remaining below the six months of supply that is considered a balanced market, buyers should be prepared to act fast if they find a home that meets their needs. The past four months have seen consistent sales growth, and I expect that trend to continue into the summer, making inventory a key factor for buyers."

Mortgage Rates May 2024

Market Snapshot

  • Interest rates fell from 6.9% in April to 6.6% in May.
  • Pending sales fell 1.8%, with 4,379 in April and 4,298 in May.
  • 17 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May. That represents a 34.6% decrease from April when 26 distressed homes sold. 


  • Orlando area inventory increased 9.7% from April to May. Inventory in April was 9,376, and inventory in May was 10,282.
  • The supply of homes rose to 3.53 months in May, up 4.0% from 3.40 months in April. A balanced market is six months of supply.
  • The number of new listings increased from April to May by 6.9% – from 4,230 homes to 4,521 homes.

Housing inventory in Central Florida May 2024

Year over Year Changes 

Year over Year Real Estate Market May 2024

 Courtesy of Orlando Regional Realtor Association

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