Orlando State of the Market December 2024
January 17th, 2025 by tisnerNew Orlando Regional REALTOR® Association data shows The median home price reached a new all-time high in 2024, increasing 3.9% from 2023.
State of the Market
– “As interest rates rose throughout 2023 from historic lows during the pandemic, many buyers and sellers waited on the sidelines, hoping for a drop. In 2024, these buyers and sellers accepted the current rates and re-entered the market to secure a home,” said Lawrence Bellido, 2025 President of the Orlando Regional REALTOR® Association. “The market is now much more stable and balanced than in previous years. In 2025, I expect sales to increase. For anyone hoping to secure a home this year, now is the time
to connect with a local REALTOR® and a loan officer to make these dreams a reality.”
– The overall median home price in 2024 was recorded at $385,000, an all-time high and increase of 3.9% compared to 2023 when the overall median home price was recorded at $370,500. 2023 previously held the record for highest overall median home price. For further comparison, the overall median home price in 2022 was $365,000.
– Overall sales in 2024 decreased by 7.1% with a total of 28,321 sales. Overall sales in 2023 were recorded at 30,499. Single family home sales decreased in 2024 by 5.3% for a total of 22,216 sales compared to 23,464 sales in 2023. Condo sales decreased in 2024 by 17.9% for a total of 3,290 sales compared to 4,007 sales in 2023. Townhome sales decreased by 7.0% in 2024 for a total of 2,815 sales compared to 3,028 in 2023.
– At the start of the year, inventory was recorded at 8,217 – 4.78 months of supply. Supply continued to rise in the following months. In November 2024, inventory was recorded at 11,604 – 6.43 months of supply. This was the first time since February 2011 that the Orlando area witnessed a balanced market. (The real estate market is considered balanced when there is 6 months of supply.) Closing the year, inventory was recorded at 10,049 in December – 4.67 months of supply.
– Interest rates decreased from 6.7% in November to 6.5% in December.
– New listings dropped, with 2,510 new listings in December, compared to 3,185 new listings in November.
ORRA’s full State of the Market Report for December can be found at https://www.orlandorealtors.org/statemarket
¡El informe completo sobre el estado del mercado de ORRA se encuentra en https://www.orlandorealtors.org/statemarket
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