Orlando Area Residential Real Estate Snapshot for December 2024
Orlando Regional REALTOR® Association releases overall 2024 data, revealing demand for homes held strong as inventory rose and buyers adjusted to higher interest rates.
(Cumulative 2024 totals compared to cumulative 2023 totals)
- The overall median home price in 2024 was recorded at $385,000, an all-time high and increase of 3.9% compared to 2023 when the overall median home price was recorded at $370,500.
- 2023 previously held the record for highest overall median home price.
- For further comparison, the overall median home price in 2022 was $365,000.
- Overall sales in 2024 decreased by 7.1% with a total of 28,321 sales. Overall sales in 2023 were recorded at 30,499.
- Single family home sales decreased in 2024 by 5.3% for a total of 22,216 sales compared to 23,464 sales in 2023.
- Condo sales decreased in 2024 by 17.9% for a total of 3,290 sales compared to 4,007 sales in 2023.
- Townhome sales decreased by 7.0% in 2024 for a total of 2,815 sales compared to 3,028 in 2023.
- “As interest rates rose throughout 2023 from historic lows during the pandemic, many buyers and sellers waited on the sidelines, hoping for a drop. In 2024, these buyers and sellers accepted the current rates and re-entered the market to secure a home,” said Lawrence Bellido, 2025 President of the Orlando Regional REALTOR® Association. “The market is now much more stable and balanced than in previous years. In 2025, I expect sales to increase. For anyone hoping to secure a home this year, now is the time to connect with a local REALTOR® and a loan officer to make these dreams a reality.”
- Interest rates fluctuated in the 6.0 levels throughout 2024.
- The average interest rate in 2024 was 6.5%.
- Homes spent an average of 58 days on the market.
- At the start of the year, inventory was recorded at 8,217 – 4.78 months of supply. Supply continued to rise in the following months.
- In November 2024, inventory was recorded at 11,604 – 6.43 months of supply. This was the first time since February 2011 that the Orlando area witnessed a balanced market. (The real estate market is considered balanced when there is 6 months of supply.)
- Closing the year, inventory was recorded at 10,049 in December – 4.67 months of supply.
- The average monthly inventory for 2024 was 10,289. The average monthly inventory for 2023 was recorded at 6,243.
- Interest rates decreased from 6.7% in November to 6.5% in December.
- December’s median home price was recorded at $380,000 – the same as in November.
- Homes spent an average of 68 days on the market in December, up slightly from November when the average was 67.
- Inventory dropped in December, decreasing by 13.4% from November, for a total of 10,049 homes on the market.
- Overall sales in December increased 19.3% from November, with 2,154 sales recorded.
- New listings dropped, with 2,510 new listings in December, compared to 3,185 new listings in November.
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.