Orlando Area Residential Real Estate Snapshot for October 2024
New Orlando Regional REALTOR® Association data shows break in nine-month streak of rising inventory.
State of the Market
Inventory for October was recorded at 11,357, down 1.8% from September when inventory was recorded at 11,560. This breaks a nine-month streak of rising inventory.
Inventory in October 2024 was still 45.4% higher than in October 2023.
October’s interest rate was recorded at 6.4%, up from 5.9% in September.
The median home price for October was recorded at $388,990, up from $380,000 in September.
Homes spent an average of 60 days on the market (DOM) in October – up slightly from 58 in September.
Overall sales decreased by 7.3% from September to October. There were 2,249 sales in September and 2,085 sales in October.
Pending sales fell by 20.7%, with 3,490 in September and 2,767 in October.
New listings fell 7.6% from September to October, with 3,260 new homes on the market in October, compared to 3,530 in September.
“We saw a break in the nine-month streak of rising inventory in October, as interest rates rose back into the 6.0s,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “While inventory has shifted, this still represents a significant improvement compared to last year, offering more opportunities for buyers. With the holidays approaching, we typically see a market cooldown, but it will be exciting to see how the rest of the year unfolds. Additionally, with the election period now over, its impact on market conditions will also be interesting to follow.”
Market Snapshot
Interest rates rose from 5.9% in September to 6.4% in October.
Pending sales fell 20.7%, with 3,490 in September and 2,767 in October.
17 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in October – the same as in September.
Inventory
Orlando area inventory fell 1.8% from September to October. Inventory in September was 11,560, and inventory in October was 11,357.
The supply of homes rose to 5.45 months in October, up 6.0% from 5.14 months in September. A balanced market is six months of supply.
This is the highest supply of homes has been since January 2015.
The number of new listings decreased from September to October by 7.6% – from 3,530 homes to 3,260 homes.
ORRA’s full State of the Market Report for October can be found here.
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.