Central Florida Real Estate Recap of October 2024

Central Florida Real Estate Recap of October 2024

Orlando saw a Drop in the nine-month streak of rising inventory in October, even as interest rates rose back into the 6.0s

State of the Real Estate Market November 2024

State of the Market

Inventory for October was recorded at 11,357, down 1.8% from September when inventory was recorded at 11,560. This breaks a nine-month streak of rising inventory.
- Inventory in October 2024 was still 45.4% higher than in October 2023.
October’s interest rate was recorded at 6.4%, up from 5.9% in September.
The median home price for October was recorded at $388,990, up from $380,000 in September.
Homes spent an average of 60 days on the market (DOM) in October – up slightly from 58 in September.
Overall sales decreased by 7.3% from September to October. There were 2,249 sales in September and 2,085 sales in October.
Pending sales fell by 20.7%, with 3,490 in September and 2,767 in October.
New listings fell 7.6% from September to October, with 3,260 new homes on the market in October, compared to 3,530 in September.
“We saw a break in the nine-month streak of rising inventory in October, as interest rates rose back into the 6.0s,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “While inventory has shifted, this still represents a significant improvement compared to last year, offering more opportunities for buyers. With the holidays approaching, we typically see a market cooldown, but it will be exciting to see how the rest of the year unfolds. Additionally, with the election period now over, its impact on market conditions will also be interesting to follow.”

Average mortgage rates in Central Florida november 2024

Market Snapshot

Interest rates rose from 5.9% in September to 6.4% in October.
Pending sales fell 20.7%, with 3,490 in September and 2,767 in October.
17 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in October – the same as in September.

Inventory

Orlando area inventory fell 1.8% from September to October. Inventory in September was 11,560, and inventory in October was 11,357.
The supply of homes rose to 5.45 months in October, up 6.0% from 5.14 months in September. A balanced market is six months of supply.
This is the highest supply of homes has been since January 2015.
The number of new listings decreased from September to October by 7.6% – from 3,530 homes to 3,260 homes.

Housing inventory in Central Florida November 2024