Market situation
- The average house price for August 2022 was recorded at $377,750, a slight drop of 0.8% compared to July's average house price of $380,900. This is the second month in a row that the average house price has fallen.
- Stock rose 3.7% in August, from 6,518 to 6,762. This is the fourth consecutive month of rising stock.
- Homes stayed on the market for an average of 27 days in August, up 28.6% on July, when the average was 21 days.
- Interest rates remained relatively stable - 4% in July against 5.3% in August.
- Overall sales in August also remained stable, with an increase of 0.5% to a total of 3,324 sales compared to 3,309 sales in July.
- Overall sales fell by 16.9% in August 2022 compared to August last year.
- New listings decreased by 4.1% from July to August, with 4,550 new homes on the market in August.
"With a drop in median home prices and another increase in inventory, we are seeing the Orlando real estate market stabilize as we continue to move away from a period of volatility and into a period of stability," said Tansey Soderstrom, president of ORRA. "This is good for buyers and sellers, as they can take a slower, more measured approach to buying or selling a home."
Market overview
- Interest rates fell slightly, with August's average interest rate recorded at 5.3%. This is 86.1% higher than August 2021, when interest rates were 2.8%.
- Pending sales increased by 3.5% from July to August to a total of 4,171 pending sales.
- 6 distressed homes (bank seizures and short sales) accounted for 0.2% of all home sales in August. This represents a decrease of 66.7% compared to July, when 18 homes were sold.
Stock
- Inventory in the Orlando area increased by 3.7% from July to August, from 6,518 homes to 6,762 homes. Inventory in August 2022 was 85.9% higher than in August 2021, when it was recorded at 3,638 homes.
- The supply of homes increased to 2.03 months in August. This is the first month since June 2020 with more than two months' supply. A balanced market is six months of supply.
- The number of new listings fell in August compared to July by 4.1% to 4,550 homes.
The full State of the Market report published by ORRA can be found here.
Updated real estate market indicators
Below you can see up-to-date figures on the real estate market in Orlando and the surrounding area.
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This representation is based in whole or in part on data provided by the Orlando Regional Realtor® Association and Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. The data maintained by the association or StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record closings published after the date of the report.
ORRA Realtor® sales represent sales involving Orlando Regional Realtor® Association members, who are primarily - but not exclusively - located in Orange and Seminole counties. Please note that the statistics released each month may be revised in the future as new data is received.
Orlando MSA figures reflect sales of homes located in Orange, Seminole, Osceola and Lake counties by members of any Realtor® association, not just ORRA members.