New Orlando Regional REALTOR® Association data shows highest inventory in nearly ten years.

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.”

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.

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

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