Orlando Area Housing Market in April 2024

Here's a summary of the latest Orlando Regional REALTOR® Association (ORRA) data.

Key Highlights

Inventory: A significant 82.1% year-over-year increase in inventory suggests a shift towards a more balanced market, offering buyers a wider array of choices.

New Listings: The influx of new listings, up 31.4% from last year, further reinforces the growing supply, potentially easing buyer competition.

Sales Activity: While closed sales remained relatively stable compared to last year, a 7.8% increase from the previous month indicates a growth in demand.

Prices Continue to Climb: The median sale price of $388,500 hit a new record high, reflecting a continued demand in our area.

Days on Market Decline: The average number of days on the market decreased from March 2024 from 58 to 54 days.

Months of Supply Increase: The rise in months of supply suggests a potential shift towards a more balanced market.

Market Analysis:

While the increase in inventory may indicate a gradual shift towards a buyer's market, the strength of home prices and high mortgage rates slowed closed sales slightly.

The month-over-month decrease in average days on the market and days to sell in April 2024 should be examined and compared to future months as we evaluate the housing in Orlando for the remainder of the year. 

Future Outlook:

The expanding inventory throughout Central Florida offers the potential for a more balanced market, while sellers remain confident in home prices. We still have many factors to consider, such as mortgage rates, inflation, and unemployment, however, Florida and the Orlando area continue to grow in demand.