November 2024 Central Florida Housing Snapshot and Things to Watch in 2025

As we wrap up 2024 and head into the holidays, the Central Florida housing market is showing clear signs of seasonal slowdown, along with some notable year-over-year and month-over-month shifts in key metrics.

Days on Market

• Year-Over-Year: The average days on market rose significantly to 67 days in November 2024, compared to 46 days in November 2023 – an increase of 45.7%.
• Month-Over-Month: From October 2024 to November 2024, days on market increased from 60 to 67 days, marking an 11.7% jump.

Inventory Levels

• Year-Over-Year: Inventory surged 41.5%, reaching 11,604 homes in November 2024, compared to 8,202 homes in November 2023.
• Month-Over-Month: Inventory also saw a slight 2.2% increase, up from 11,357 homes in October 2024.
  This growth in inventory points to a "balanced market," where buyers have more options, and sellers face greater competition to stand out.

Average Sales Price

• Year-Over-Year: The average sales price rose by 3.0% to $466,166 in November 2024, up from $452,578 in November 2023.
• Month-Over-Month: However, prices dipped slightly by 2.4% from $477,404 in October 2024.
  While prices remain higher than last year, the month-over-month decline reflects softer demand due to higher mortgage rates.

What to Watch in 2025

As the new year begins, the real estate industry will keep a close eye on several critical factors:

1. White House Administration Changes: The impact on the economy, particularly the 10-year Treasury yield and mortgage rates, will play a significant role in affordability and buyer sentiment.
2. Buyer & Seller Attitudes: With a more balanced market, buyer confidence and seller expectations will shape the early months of 2025.
3. Spring Momentum: Traditionally, spring brings renewed activity. Whether the market gains early momentum will set the tone for the year ahead.

The Bottom Line

If you’re considering buying or selling in 2025, now is the time to plan. A balanced market offers opportunities for buyers to negotiate and for sellers to price strategically. Stay tuned as the Central Florida market continues to evolve, and let's watch how the economy responds in the coming months.

Ready to talk real estate goals for 2025? I'd love to connect.

*Source: Orlando Regional Realtor Association