September 2024 Greater Orlando Housing Market Overview
The latest data from the Orlando Regional Realtor Association highlights key trends in the September 2024 housing market, pointing toward a more balanced landscape as inventory rises and interest rates decline.
Key Trends:
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Rising Inventory: September saw a 71.1% increase in available homes compared to the same period in 2023, marking the ninth consecutive month of inventory growth. The total number of homes for sale reached 11,560, a slight 0.4% increase from August 2024.
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Slight Decline in Home Prices: The median home price in Orlando decreased to $380,000 in September from $384,500 in August, reflecting a small 1.2% drop. However, year-over-year, prices have risen by 2.7%.
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Sales Activity: Home sales took a dip in September, with 2,249 properties sold, a 15.3% decrease from August. Additionally, new listings dropped by 8.5%, with 3,530 new homes entering the market in September, down from 3,856 in August.
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Interest Rates: Mortgage interest rates have decreased to 5.9%, the lowest since August 2022, offering potential relief for buyers who have been priced out in previous months. This decline from August's 6.1% signals better borrowing conditions as we approach the end of the year. *As of October 15, 2024, the rate was 6.62% (https://www.cnbc.com/quotes/US30YFRM)
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Distressed Sales: While distressed properties remain a small portion of the market, their sales have increased by 54.5% compared to August, making up 0.8% of the total home sales (17 homes) in September.
Conclusion: Lower interest rates and rising inventory levels are setting the stage for a more balanced market in Orlando as we enter the final quarter of 2024. For buyers, these conditions could present new opportunities, especially for those who have been waiting for the right moment to jump in. For sellers, competitive pricing will be key as more homes come to market.
Stay updated on these trends by checking out the full report and additional details at https://www.orlandorealtors.org/marketreports
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