March 2023 Orlando Housing Market Updates

As we review the Central Florida housing market for March 2023, the Orlando housing market shows some positive signs for buyers and sellers. The market has seen an increase in new listings (a 22% increase from February 2023), home prices, and sales (up 31% from last month), a great sign for sellers looking to profit. For those in the market to buy, housing inventory numbers are double compared to this time in 2022.

In March, the reported median home price in Orlando was $365,000. This is slightly higher than last month (up 2%) and March 2022 (up 1.1%). Buyers should be prepared to pay top dollar for the home they want. However, even with more buyer activity in the market, there are more opportunities to find the perfect home. Additionally, average days on market decreased by 8% to 57 days from 62 days last month.

For sellers, home prices are up, but there is still competition in the market. To ensure you get the best value for your home, working with a knowledgeable real estate agent can help you navigate the market and stand out from the competition. This includes staging your home, highlighting its unique features, and pricing it competitively.

Housing experts closely monitor interest rates, inflation, employment, corporate earnings reports, and geopolitics. Interest rates in March increased to 6.7% from 6.4% in February. However, the 30-year fixed-rate mortgage was 6.27% for the week ending April 14, 2023. 

As we move through the spring and summer months, it will be interesting to see how the Orlando housing market continues to evolve. Regardless of which side of the market you are on, working with a knowledgeable Realtor can help you navigate the market and achieve your investment goals.

*Complete stats and additional data can be found at www.orlandorealtors.org