Central Florida Real Estate Recap of November 2024

State of the Market

• The supply of homes in Central Florida rose to 6.43 months in November, up from 5.45 months in October. A balanced market is six months of supply.
  
  • February 2011 was the last time there was a six-month supply of homes.
• Inventory for November was recorded at 11,604, up 2.2% from October when inventory was recorded at 11,357.
• November’s interest rate was recorded at 6.7%, up from 6.4% in October.
• The median home price for November was recorded at $380,000, down from $388,990 in October.
• Homes spent an average of 67 days on the market (DOM) in November – up from 60 in October.
• Overall sales decreased by 13.4% from October to November. There were 2,085 sales in October and 1,805 sales in November.
• Pending sales rose by 18.7%, with 2,767 in October and 3,285 in November.
• New listings fell 2.3% from October to November, with 3,185 new homes on the market in November, compared to 3,260 in October.
• “We have watched our market slowly settle over the last 12 months, and we now have what we consider a ‘balanced market’ for the first time in many years,” said Rose Kemp, president of the Orlando Regional REALTOR® Association. “As we near the end of 2024, I expect sales to cool as families focus on the holiday season, then ramp back up as we move toward springtime. Now is the perfect time to connect with your local REALTOR® to discuss your real estate goals for 2025. Start planning to take advantage of this balanced market's exciting opportunities for buying or selling in the year ahead.”

Market Snapshot

• Interest rates rose from 6.4% in October to 6.7% in November.
• Pending sales rose 18.7%, with 2,767 in October and 3,285 in November.
• 16 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in November. This is a 5.9% decrease from October, when 17 distressed homes sold.

Inventory

• Orlando area inventory rose 2.2% from October to November. Inventory in October was 11,357, and inventory in November was 11,604.
• The supply of homes rose to 6.43 months in November, up 18.0% from 5.45 months in October. A balanced market is six months of supply.
  
  • This is the highest supply of homes has been since January 2011.
• The number of new listings decreased from October to November by 2.3% – from 3,260 homes to 3,185 homes.

Year over Year Changes 

 Courtesy of Orlando Regional Realtor Association

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$179,900

108 Andros Avenue, DAVENPORT

3 Beds 2 Baths 1,227 SqFt Residential MLS® # O6272686

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2564 St George Drive, DAVENPORT

1 Bed 2 Baths 546 SqFt Residential MLS® # O6201283

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