Special offer

Orlando State of the Market April 2024

By
Real Estate Agent with Keller Williams Realty at the Lakes

New Orlando Regional REALTOR® Association data shows record-high median home price in Central Florida.


State of the Market

  • The median home price for April was recorded at $388,500, up from $386,500 in March. This is the highest monthly median home price on record in the Orlando area.
  • Overall sales rose 7.8% from March to April. There were 2,759 sales in April, up from 2,559 sales in March. This is the third month in a row that sales have risen.
  • April’s interest rate was recorded at 6.9%, up slightly from 6.7% in March. This is the third month in a row that interest rates have risen.
  • Inventory for April was recorded at 9,376, up 4.5% from March when inventory was recorded at 8,971. This is the fourth month in a row inventory has risen.
  • Pending sales increased by 2.9%, with 4,257 in March and 4,379 in April.
  • New listings rose 2.6% from March to April, with 4,230 new homes on the market in April, compared to 4,124 in March.
  • Homes spent an average of 54 days on the market (DOM) in April – down from 58 in March.
  • "April's median home price was recorded at $388,500," said Rose Kemp, Orlando Regional REALTOR® Association President. " We saw an increase in homes for sale, providing a wider selection for potential buyers. Despite the supply remaining slightly over three months, homes are selling quickly, indicating a strong demand. This demand is a positive indicator of market stability and is expected to continue through the next few months as families look to relocate during the summer season.”

Market Snapshot

  • Interest rates rose from 6.7% in March to 6.9% in April.
  • Pending sales rose 2.9%, with 4,257 in March and 4,379 in April.
  • 26 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in April. That represents a 13.0% increase from March when 23 distressed homes sold.

Inventory

  • Orlando area inventory increased 4.5% from March to April. Inventory in March was 8,971, and inventory in April was 9,376.
  • The supply of homes fell to 3.40 months in April, down 3.1% from 3.51 months in March. A balanced market is six months of supply.
  • The number of new listings increased from March to April by 2.6% – from 4,124 homes to 4,230 homes.

ORRA’s full State of the Market Report for April can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
May 27, 2024 03:15 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your market report with us here in the Rain. It's always interesting to see how other areas of the country are doing.

 

May 29, 2024 02:41 PM