February 2023 Orlando Housing Market Updates

The Orlando housing market has been experiencing rapid growth over the past few years. With interest rates hovering around 6%, February's month-to-month national home sales increased by 14.5%, making it all the more interesting for the housing market. In this blog post, we will explore the latest news and market updates for the Orlando housing market. The real estate industry in Orlando has been booming, and this trend is expected to continue through 2023. According to the Orlando Regional Realtor Association, the median home price in Orlando has risen to $358,000, up from $350,000 in January. Additionally, the inventory in February 2023 of available homes in Orlando has decreased to 2.48 months of supply, down from 3.65 in January 2023. This means buyers should expect to continue seeing multiple offers on homes for purchase in the Orlando area. Interest rates are still low (considering the historical highs in the 80s), remaining realistic for many buyers to secure a mortgage. However, experts predict that interest rates may slightly rise throughout the remainder of 2023 before leveling off, which could affect the housing market. As demand continues to outpace supply, the median home price is expected to rise steadily through 2023. This means that now may be a good time to invest in the Orlando housing market, as home values are likely to continue to appreciate. Orlando is a popular destination for tourists and residents alike, with a thriving economy and job market. The city is home to world-famous theme parks, including Walt Disney World, Universal Studios, and SeaWorld. In addition to tourism, Orlando is known for its healthcare, technology, and aerospace industries. With so much going on in the city, it's no wonder that the housing market is resilient. Finally, the banking turmoil may continue to be a factor in the housing market. As banks consider the tightening of their lending standards, it may be more challenging for potential buyers to secure a mortgage. The banking industry, interest rates and inflation are all areas you'll want to pay attention to moving forward this year. The Florida and Orlando housing market is expected to remain strong through 2023.

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