Orlando Area Housing Market Brief for September 2023

September 2023 reported a 10.5% increase in inventory compared to August 2023. For buyers, this means more options and the potential for negotiating more favorable terms. As for sellers, this could be a sign to get a bit more strategic and creative in your listings.

The median home price in Orlando took a subtle dip, falling by just 1.3% from the previous month to $370,000. Meanwhile, the average home price remained virtually unchanged, with only a slight drop of -0.1% to $446,888. 

Remember, home sales tend to slow down in the fall compared to the vibrant spring and summer months. 

For our sellers, it's essential to be patient in this shifting landscape. The average days on the market have increased to 41 days compared to 31 days last September. Additionally, new listings have seen a 2.1% decrease compared to the previous month.

The higher interest rates are the number one contributor to the increased inventory in September 2023. However, a balanced market typically hovers closer to 6 months and with only 2.64 months of supply sellers still hold some cards. 

The wait-and-see mentality from both buyers and sellers caused by high-interest rates has kept overall inventory lower, leading to home price stability. 

When studying monthly real estate updates, it's about understanding the market dynamics, and for sellers, it's a reminder to stay steady. For buyers, it's an opportunity for increased inventory and potentially negotiate better contract terms.

As always, if you'd like to connect, don't hesitate to reach out.

*source Orlando Regional Realtor Association