October 2024 Central Florida Housing Market Update

by Eric English

The Central Florida housing market in October 2024 experienced notable shifts compared to both the previous month and last year. Here’s a snapshot of key trends:

Home Prices on the Rise: The median home price climbed to $388,990, up from $380,000 in September and 3.2% higher than in October 2023. The average home price followed a similar trajectory, reaching $477,404, reflecting a 6.4% increase year-over-year.
Inventory Declines for the First Time in Months: Inventory decreased slightly from September to October by 1.8%, ending a nine-month stretch of growth. Nonetheless, compared to October 2023, inventory levels were still up by a substantial 45.4%.
Sluggish Sales Activity: Total sales declined 7.3% month-over-month from September, with 2,085 homes sold in October. This represented a 14.2% decrease compared to October of the previous year.
Rising Interest Rates Impacting Buyers: Mortgage rates averaged 6.4% in October, marking an increase from 5.9% in September. This upward shift, coupled with economic factors, has continued to challenge affordability and may contribute to slowed sales.
New Listings Dip: The market saw a 7.6% drop in new listings from September, totaling 3,260 new homes. Compared to October 2023, new listings were down by 5.7%.

Market Insights

Rose Kemp, President of the Orlando Regional REALTOR® Association, noted that while inventory has tightened recently, it still represents greater opportunities for buyers compared to last year. The approaching holiday season and election aftermath could further shape market dynamics through year-end.