Hot Summer Housing: Orlando Market Update

Hold onto your flip-flops, folks, because the Orlando housing market is sizzling this summer! With the sun shining and the prices rising, it’s time to dive into the latest market snapshot and discover the exciting trends that are making waves in the real estate scene.

Let’s start with the numbers that really matter. The median home price for June surfed its way to $385,000, riding the wave of consistent monthly increases throughout the year. It’s like a roller coaster that only goes up, and homeowners couldn’t be happier.

Speaking of comparisons, June 2023’s median home price was neck and neck with its counterpart in June 2022, standing strong at $387,000. It’s a testament to the market’s resilience and stability, giving both buyers and sellers plenty to smile about.

New listings decided to join the summer party, rising 7.1% from May to June. With 3,703 new homes hitting the market, house hunters have more options to explore than ever before. It’s like finding seashells on the shore – each one unique and waiting to be discovered.

Homes are selling like hotcakes, with an average of 41 days on the market in June. It’s a race against time as properties fly off the shelves faster than sunscreen on a scorching day. While the days on the market have increased compared to last year, it’s still a seller’s dream come true.

Now, let’s catch a wave and ride the wave of overall sales. Although there was a slight 0.8% dip from May to June, with 3,124 sales in June, the market remains robust and full of potential. It’s like catching the perfect wave – sometimes you have to wait for the right one, but when it comes, it’s a thrilling ride.

Interest rates decided to put on their sunglasses and soak up some sun, ticking up to 6.7% in June. While it’s a small increase, it’s a gentle reminder that rates are still riding higher than the previous year. So, grab your sunscreen and protect yourself from those rising rates!

Inventory is making a splash, with a 5.8% increase from May to June. With 5,450 homes available, buyers have more choices than ever before. It’s like a beach buffet of homes, offering a variety of options to suit every taste and preference.

As we take a step back and admire the panoramic view of the market, it’s clear that Orlando’s housing scene is shining bright like a summer day. Lisa Hill, the President of the Orlando Regional REALTOR® Association, sums it up perfectly: “Now that we’re officially halfway through the year, Orlando’s housing market remains strong.” So grab your shades, folks, because we’re in for a wild ride!

In the wider market snapshot, interest rates saw a modest increase from 6.6% in May to 6.7% in June. It’s a reminder that rates are floating higher than the previous year, so keep an eye on the tide. Pending sales took a dip, but that’s all part of the ebb and flow of the market. And distressed homes made a cameo, accounting for 0.9% of all sales in June. It’s like finding hidden treasure among the waves – a rare sight, but worth exploring.

When it comes to inventory, the Orlando area saw a 5.8% surge from May to June, bringing the total to 5,450 homes. It’s an open invitation for buyers to dive into the market and find their dream home. And with a supply of 1.74 months in June, it’s a balanced market that offers opportunities for both buyers and sellers.

So, whether you’re riding the waves of selling or diving into the ocean of buying, the Orlando housing market is the place to be this summer. With rising prices, increased inventory, and a market that’s hotter than the sand, it’s time to make a splash in the world of real estate. Catch the wave and ride it all the way to your dream home!

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