Residential Real Estate News
Orlando Full Year Total Home Sales Down 16.3 Percent in 2022
According to the Orlando Regional Realtor Association, the overall median home price across the Orlando MSA in 2022 was recorded at $365,000, an all-time high and a 17.7% increase compared to 2021 when the overall median home price was recorded at $310,000. Overall sales in 2022 decreased by 16.3% with a total of 38,162 sales. Overall sales in 2021 were recorded at 45,572.
ORRA also says single family home sales decreased in 2022 by 19.1% for a total of 28,022 sales compared to 34,648 sales in 2021. Condo sales also decreased in 2022 by 12.2% for a total of 5,168 sales compared to 5,889 sales in 2021. In addition, townhome sales decreased by 29.5% in 2022 for a total of 3,551 sales compared to 5,035 in 2021.
"The white-hot seller's market we saw last year is over as we're now seeing a more traditional market," said Lisa Hill, 2023 Orlando Regional Realtor Association President. "Inventory is on the rise, giving buyers more options. However, those buyers are also faced with higher interest rates, which will have the biggest impact on the market in 2023."
During 2022, interest rates increased each month until October when interest rates reached 6.95%, their highest point in more than 20 years. Interest rates began to fall the two subsequent months, closing out the year at 6.12%. The average interest rate in 2022 was 5.34%.
At the start of the year, inventory was recorded at 2,379 - just 0.78 months of supply. In December 2022, inventory was recorded at 6,351 - 2.85 months of supply. (The real estate market is considered balanced when there is 6 months of supply).
Inventory bottomed out in February 2022, when inventory was recorded at 2,313 - a historic record low dating back to 1995, as far back as ORRA data goes. Inventory steadily increased each month after this, apart from December, when inventory fell 11.8%.
The average monthly inventory for 2022 was 4,997. The average monthly inventory for 2021 was recorded at 3,247.
December 2022 Housing Data for Orlando
- December's median home price was recorded at $353,200, down from November's median home price of $360,000.
- Overall sales in December 2022 increased by 11.7% from November, with 2,230 sales recorded.
- Homes spent an average of 49 days on the market in December, up from November when the average was 43.
- Inventory dropped in December, decreasing by 11.8% from November, for a total of 6,351 homes on the market. New listings dropped in December, with 2,186 new listings, compared to 2,597 new listings in November.
- Interest rates decreased for the second month in a row - 6.1% in December 2022 compared to 6.6% in November.
