Central Florida Real Estate Recap of September 2024

Lower interest rates and rising inventory levels are setting the stage for a balanced Orlando housing market as we head through fall

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State of Orlando RE Market September 2024

State of the Market

  • Inventory for September was recorded at 11,560, up 0.4% from August when inventory was recorded at 11,511. This is the ninth month in a row inventory has risen. The last time inventory was this high was September 2015.
    • Inventory in September 2024 was 71.1% higher than in September 2023.
  • September’s interest rate was recorded at 5.9%, down from 6.1% in August. This is the lowest interest rates have been since August 2022.
  • Homes spent an average of 58 days on the market (DOM) in September – up slightly from 57 in August.
    • This is a 41.5% increase compared to September 2023 when homes spent an average of 41 days on the market.
  • The median home price for September was recorded at $380,000, down from $384,500 in August.
  • Overall sales decreased by 15.3% from August to September. There were 2,655 sales in August and 2,249 sales in September.
  • Pending sales fell by 1.9%, with 3,556 in August and 3,490 in September.
  • New listings fell 8.5% from August to September, with 3,530 new homes on the market in September, compared to 3,856 in August.
  • “Lower interest rates and rising inventory levels are setting the stage for a balanced Orlando housing market as we enter Q4,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “With the Federal Reserve’s recent interest rate cuts and a significant increase in available homes, many buyers who have been waiting on the sidelines are now finding opportunities to achieve the American dream of homeownership.”

Average mortgage rates in Central Florida

Market Snapshot

  • Interest rates fell from 6.1% in August to 5.9% in September.
  • Pending sales fell 1.9%, with 3,556 in August and 3,490 in September.
  • 17 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in September. This is a 54.5% increase from August, when 11 distressed homes sold.

Inventory

  • Orlando area inventory rose 0.4% from August to September. Inventory in August was 11,511, and inventory in September was 11,560.
  • The supply of homes rose to 5.14 months in September, up 18.6% from 4.34 months in August. 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 August to September by 8.5% – from 3.856 homes to 3,530 homes.

Central FL Real Estate Inventory

Year over Year Changes 

Year over year changes central florida real estate changes

 Courtesy of Orlando Regional Realtor Association

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