Residential Real Estate News
Greater Orlando Area Home Prices Reach Record High in April
According to recent data from the Orlando Regional Realtors Association (ORRA), the median home price in April 2024 reached $388,500, an increase from $386,500 in March. This marks the highest monthly median home price ever recorded in the Orlando area.
ORRA says overall sales experienced a 7.8% rise from March to April 2024, with 2,759 homes sold in April compared to 2,559 in March 2024, making it the third consecutive month of sales growth.
The 30-year fixed mortgage rate for April 2024 was 6.9%, slightly up from 6.7% in March, continuing an upward trend for the third month in a row.
Inventory levels in April were at 9,376, a 4.5% increase from March's inventory of 8,971, marking the fourth consecutive month of rising inventory.
Pending sales saw a 2.9% increase, with 4,379 in April compared to 4,257 in March 2024, says ORRA.
New listings also rose by 2.6% from March to April, with 4,230 new homes entering the market in April, up from 4,124 in March. The average number of days homes spent on the market (DOM) decreased to 54 days in April, down from 58 days in March.
"April's median home price was recorded at $388,500," said Rose Kemp, Orlando Regional Realtors Association President. "We saw an increase in homes for sale, providing a wider selection for potential buyers. Despite the supply remaining slightly over three months, homes are selling quickly, indicating a strong demand. This demand is a positive indicator of market stability and is expected to continue through the next few months as families look to relocate during the summer season."
