Market situation
- Total sales rose by 33.8% from January to February. There were 2,240 sales in February and 1,674 sales in January.
- Total sales in February 2023 were 30.0% lower than in February 2022, when there were 3,198 sales.
- The stock fell from 6,115 homes in January to 5,555 homes in February.
- The stock in February 2023 (5,555) was 140.2% higher than in February 2022, when it was registered in only 2,313 households.
- The average house price in February was recorded at $358,000, up from $350,000 in January. This follows three consecutive months of falling average house prices.
- The interest rate for February was 6.4%, compared to 6.1% in January.
- Homes spent an average of 62 days on the market (DOM) in February, compared to 57 days in January. This represents an increase of 106.7% compared to February 2022, when homes spent an average of 30 days on the market.
- New listings decreased slightly from January to February, with 2,820 new homes on the market in February, compared to 2,911 in January.
"In February, we saw an increase in sales due to closings that began during the holiday season. After the New Year, we tend to see those contracts close as home buying and selling activity increases," said Lisa Hill, president of the Orlando Regional REALTOR® Association. "The Orlando real estate market remains positive as we look forward to a strong spring selling season."
Market overview
- Interest rates rose from 6.1% in January to 6.4% in February. This is 64.5% higher than February 2022, when interest rates were 3.9%.
- Pending sales increased by 21.2%, from 3,453 in January to 4,184 in February.
- 22 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in February. This represents an increase of 57.1% compared to January, when 14 distressed homes were sold.
Stock
- Inventory in the Orlando area fell by 9.2% from January to February - from 6,115 homes to 5,555 homes. Inventory in February 2023 was 140.2% higher than in February 2022, when inventory reached a record level.
- Housing supply fell to 2.48 months in February, down from 3.65 months in January. A balanced market is six months of supply.
- The number of new hires fell from January to February by 3.1% - from 2,911 households to 2,820 households.
The full and most up-to-date 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.