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 in a row that rates have fallen.
• Overall sales fell 13.3% from December to January. There were 1,719 sales in January, down from 1,982 sales in December. This is the eighth month in a row that home sales have fallen.
• Pending sales increased by 32.4%, with 2,495 in December and 3,303 in January.
• Homes spent an average of 57 days on the market (DOM) in January, up from 49 days in December.
• “We closed out 2023 with the healthiest market we’ve had in years, and this made both buyers and sellers optimistic for 2024,” said Rose Kemp, Orlando Regional REALTOR® Association President. “Rates have begun to fall, and many sellers are happy with the equity they have earned in their existing homes. January data shows a spike in new listings as many buyers and sellers who had been waiting on the sidelines felt confident to enter the market and make a move.”

Market Snapshot

• Interest rates fell from 6.6% in December to 6.5% in January. This is 6.2% higher than January 2023 when interest rates were 6.1%.
• Pending sales rose 32.4%, with 2,495 in December and 3,303 in January.
• 22 distressed homes (bank-owned properties and short sales) accounted for 1.3% of all home sales in January. That represents a 69.2% increase from December, when 13 distressed homes sold.

Inventory

• Orlando area inventory increased 4.8% from December to January. Inventory in December was 7,838, and inventory in January was 8,217.
• The supply of homes increased to 4.78 months in January, up 20.9% from 3.95 months in December. A balanced market is six months of supply. The last time the supply of homes was this high was January 2016.
• The number of new listings increased from December to January by 46.3% – from 2,409 homes to 3,524 homes.

ORRA’s full State of the Market Report for December 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.

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