By Michael Cordero, Ember Realty
March 2024 marked another strong month for the Orlando housing market, according to the latest data from the Orlando Regional REALTOR® Association. Sales, median home prices, and inventory levels all saw increases, indicating a market thriving during the busy spring season.
Sales and Median Home Prices Climb
Orlando experienced a 17.7% increase in overall sales, rising from 2,174 in February to 2,559 in March. This surge in sales accompanies a rise in the median home price to $386,500, nearing the record high of $387,000 set in June 2022. This uptick reflects a sustained buyer interest and a competitive housing environment.
Listings and Inventory Expand
The number of new listings added to the market also grew 8.6% from February, with 4,124 new homes available in March. Concurrently, the total housing inventory increased by 4.4%, reaching 8,971 units. Despite the growth in available homes, the supply of homes decreased to 3.51 months, moving further away from the six months that typically define a balanced market.
Market Dynamics
Interest rates continued their gradual ascent, reaching 6.7% in March and 6.6% in February. Homes spent an average of 58 days on the market, a slight increase from the previous month. The number of distressed properties sold represented just 0.9% of total sales, showing a decrease from February’s figures.
Rose Kemp, President of the Orlando Regional REALTOR® Association, noted, “The busy spring season for the real estate market is in full swing. We’ve seen a steady increase in sales, median home price, and inventory every month this year. Our median home price in March was very close to our peak from June 2022, so it will be interesting to see how these high prices affect the market in the coming months.”
Outlook
The Orlando real estate market’s performance in March signals a continued robust market activity as we move further into 2024. With rising prices and shrinking supply, the market dynamics suggest that buyers and sellers must stay informed and agile. The upcoming months will be crucial to see if rising prices and competitive market conditions persist, making it an exciting time for those involved in the Orlando housing market.
