Today, the Orlando Regional REALTOR Association’s published its State of the Market on Orlando, Florida home sales for May 2024.
Orlando, Florida Home Sales
A total of 2,909 homes sold during the month of May 2024. That is 8% less than the 3,150 sales in May 2023. Overall sales rose 5.4% from April to May. There were 2,909 sales in May, up from 2,759 sales in April. This is the fourth month in a row that sales have risen.
Median Home Price
The Orlando, Florida median home price for May was $385,000. That is down from $388,500 in April 2024. April was the highest monthly median home price on record in the Orlando metropolitan area. The median home price for May 2024 was 2% higher than May 2023.
Inventory of Homes for Sale
The number of homes on the market increased by 100% compared to May 2023 and increased by 10% over April 2024. There are currently 10,282 homes listed for sale. This is the fourth month in a row that sales have risen.
The market is still very active. While there may be a few more options available compared to recent months, the high sales volume means homes are still moving quickly. With inventory levels remaining below the six months of supply that is considered a balanced market, buyers should be prepared to act fast if they find a home that meets their needs. The past four months have seen consistent sales growth, and expect that trend to continue into the summer, making inventory a key factor for buyers.
Average 30-Year Mortgage
ORRA’s Complete Market Report
The current edition of ORRA’s State of the Market Report has the complete data for the most recent 13 months. They have editions posted going back 5 years.
