Residential Real Estate News
Orlando Area Home Sales Slide in January, Eighth Consecutive Month
Based on new data by the Orlando Regional Realtor Association (ORRA), Greater Orlando area residential listings rose 46.3% from December 2023 to January 2024, with 3,524 new homes on the market in January, compared to 2,409 in December.
ORRA also reported housing inventory for January 2024 reached 8,217 units, up 4.8% from December when inventory was recorded at 7,838.
The median home price for January was recorded at $360,000, down from $367,250 in December. This is the third month in a row that median price fell. Median price has dropped $17,000 since October 2023.
January's interest rate was recorded at 6.5%, down slightly from 6.6% in December. This is the third month in a row that rates have fallen.
Overall sales fell 13.3% from December to January. There were 1,719 sales in January, down from 1,982 sales in December. This is the eighth month in a row that Orlando home sales have fallen.
Orlando area pending sales increased by 32.4%, with 2,495 in December and 3,303 in January.
Homes spent an average of 57 days on the market (DOM) in January, up from 49 days in December.
"We closed out 2023 with the healthiest market we've had in years, and this made both buyers and sellers optimistic for 2024," said Rose Kemp, Orlando Regional Realtors Association President. "Rates have begun to fall, and many sellers are happy with the equity they have earned in their existing homes. January data shows a spike in new listings as many buyers and sellers who had been waiting on the sidelines felt confident to enter the market and make a move."
