Market situation
- Total sales increased by 13.9% from April to May. There were 3,150 sales in May, up from 2,766 in April.
- Total sales in May 2023 were 20.2% lower than in May 2022, when there were 3,946 sales.
- The average house price in May was recorded at $378,000, up from $370,000 in April. This represents an increase of $28,000 since January. Average house prices have risen every month this year.
- The average house price in May 2023 was about the same as in May 2022, when it was recorded at $379,950.
- The May interest rate was recorded at 6.6%, up from 6.4% in April.
- Homes stayed on the market for an average of 45 days in May, down from 52 days in April. This is 114.3% higher than in May 2022, when homes stayed on the market for an average of 21 days.
- New listings increased 7.4% from April to May, with 3,459 new homes on the market in May, compared to 3,220 in April.
- The inventory remained stable - there were 5,148 homes in April and 5,149 homes in May.
- The inventory in May 2023 (5,149) was 33.7% higher compared to May 2022, when only 3,851 homes were registered.
"As we approach the middle of the year, prices continue to rise and homes spend less time on the market," said Lisa Hill, President of the Orlando Association of Realtors. "The market cooled off at the end of last year, but we've been on an upward trajectory ever since. Many families prefer to make their moves in the summer, when the kids are on school vacation, so we'll probably have a busy selling season in the coming months."
Market overview
- Interest rates rose from 6.4% in April to 6.6% in May. This represents an increase of 25.4% compared to May 2022, when interest rates were at 5.3%.
- Pending sales fell, with 4,485 in April and 4,304 in May.
- 21 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all real estate sales in May. This represents an increase of 16.7% compared to April, when 18 distressed homes were sold.
Stock
- Inventory in the Orlando region remained the same from April to May. However, inventory in May 2023 was 33.7% higher than in May 2022.
- The supply of homes decreased to 1.63 months in May, compared to 1.86 months in April. A balanced market has a six-month supply.
- The number of new listings increased from April to May by 7.4% - from 3,220 homes to 3,459 homes.
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.