Central Florida Real Estate Recap of January 2024

New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year.

State of the Market

  • New listings rose 46.3% from December to January, with 3,524 new homes on the market in January, compared to 2,409 in December.
  • Inventory for January was recorded at 8,217, up 4.8% from December when inventory was recorded at 7,838.
  • The median home price for January was recorded at $360,000, down from $367,250 in December. This is the third month in a row that median price fell. Median price has dropped $17,000 since October 2023.
  • January’s interest rate was recorded at 6.5%, down slightly from 6.6% in December. This is the third month…

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Central Florida Real Estate Recap of December 2023

Interest rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines..

 

2023 Annual Market Recap

(Cumulative 2023 totals compared to cumulative 2022 totals)

  • The overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to 2022 when the overall median home price was recorded at $365,000.
  • Overall sales in 2023 decreased by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162.
    • Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022.
    • Condo sales decreased in 2023 by 22.5% for a…

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Central Florida Real Estate Recap of October 2023

New Orlando Regional REALTOR® Association data shows inventory spikes as interest rates reach new heights.

October 2023 Recap

State of the Market

  • October’s interest rate was recorded at 7.8%, up from 7.3% in September. This is the highest interest rate in the Orlando area since April 2001.
  • Inventory for October was recorded at 7,813, up 15.6% from September when inventory was recorded at 6,758. This is the seventh month in a row inventory has risen and the largest monthly percentage increase in 2023 so far.
  • Overall sales fell 5.0% from September to October. There were 2,429 sales in October, down from 2,558 sales in September. This is the fifth month…

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Central Florida Real Estate Recap of September 2023

New Orlando Regional REALTOR® Association data shows rates reach highest level in over 20 years, contributing to market slowdown this fall.

September 2023 Recap

State of the Market

  • September’s interest rate was recorded at 7.3%, up from 6.6% in August. This is the highest interest rate since March 2002.
  • Inventory for September was recorded at 6,758, up 10.5% from August when inventory was recorded at 6,115. This is the sixth month in a row inventory has risen.
  • Overall sales fell 8.4% from August to September. There were 2,558 sales in September, down from 2,792 sales in August. This is the fourth month in a row that home sales have fallen.
  • The…

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Central Florida Real Estate Recap of August 2023

New Orlando Regional REALTOR® Association data shows market continues to cool as fall season approaches

August 2023 Recap

State of the Market

  • Inventory for August was recorded at 6,115, up 6.9% from July when inventory was recorded at 5,720.
  • New listings rose 6.1% from July to August, with 3,620 new homes on the market in August, compared to 3,413 in July.
  • The median home price for August was recorded at $375,000, down from $380,000 in July. This is the second month in a row that median home price has fallen.
  • Median home price in August 2023 was extremely close to August 2022, when it was recorded at $377,750.
  • Overall sales fell slightly – 2.1% – from…

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Central Florida Real Estate Recap of July 2023

New Orlando Regional REALTOR® Association data shows interest rates reach second-highest level in 20 years, impacting Orlando’s housing market

July 2023 Recap

State of the Market

  • July’s interest rate was recorded at 6.8%, up slightly from 6.7% in June. This is the second-highest interest rate in Central Florida in 20 years. October 2022 had the highest interest rate in 20 years at 7.0%
    • In ORRA’s new survey of Orlando REALTORS, 43% of respondents said that rising interest rates are the biggest challenge facing buyers, causing some buyers to wait out purchasing homes right now or look at lower price points.
  • Overall sales fell 8.7% from June to July. There…

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Central Florida Real Estate Recap of June 2023

New Orlando Regional REALTOR® Association data shows the highest median home price this year as an uptick in inventory hits the summer market

June 2023 Recap

State of the Market

  • The median home price for June was recorded at $385,000, up from $378,000 in May. Median home prices have increased every month this year.
  • Median home price in June 2023 was close to June 2022, when it was recorded at $387,000.
  • New listings rose 7.1% from May to June, with 3,703 new homes on the market in June, compared to 3,459 in May.
  • Homes spent an average of 41 days on the market (DOM) in June, down from 45 days in May. This is 105.0% higher than June 2022 when homes spent an…

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Central Florida Real Estate Recap of May 2023

New Orlando Regional REALTOR® Association data shows rise in sales and median home price as summer selling season heats up

May 2023 Recap

State of the Market

  • Overall sales rose 13.9% from April to May. There were 3,150 sales in May, up from 2,766 sales in April.
  • Overall sales in May 2023 were 20.2% lower than May 2022 when there were 3,946 sales.
  • The median home price for May was recorded at $378,000, up from $370,000 in April. This is a $28,000 increase since January. Median home prices have increased every month this year.
  • Median home price in May 2023 was roughly the same as May 2022, when it was recorded at $379,950.
  • May’s interest rate was recorded at…

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Central Florida Real Estate Recap of April 2023

New Orlando Regional REALTOR® Association data shows rise in inventory and fall in home sales, indicating spring selling season may be balancing out

April 2023 Recap

State of the Market

  • Overall sales fell 5.8% from March to April. There were 2,766 sales in April, down from 2,936 sales in March.
  • Overall sales in April 2023 were 27.2% lower than April 2022 when there were 3,800 sales.
  • Inventory rose 1.9% – from 5,052 homes in March to 5,148 homes in April.
  • Inventory in April 2023 (5,148) was 92.8% higher compared to April 2022, when it was recorded at only 2,670 homes.
  • The median home price for April was recorded at $370,000, up from $365,000 in March.…

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Central Florida Real Estate Recap of March 2023

New Orlando Regional REALTOR® Association data shows an increase in new listings and home sales as spring buying season begins

March 2023 Recap

State of the Market

  • Overall sales rose 31.1% from February to March. There were 2,936 sales in March, up 696 from the 2,240 sales recorded in February.
  •   Overall sales in March 2023 were 28.4% lower than March 2022 when there were 4,100 sales.
  •   Inventory dropped 9.1% – from 5,555 homes in February to 5,052 homes in March.
  •   Inventory in March 2023 (5,052) was 103.9% higher compared to March 2022, when it was recorded at only 2,478 homes.
  •   New listings spiked 22.1% from February to March, with 3,442 new homes on…

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