Market situation
- Total sales rose 31.1% from February to March. There were 2,936 sales in March, 696 more than the 2,240 sales recorded in February.
- Total sales in March 2023 were 28.4% lower than in March 2022, when there were 4,100 sales.
- The stock fell by 9.1% - from 5,555 homes in February to 5,052 homes in March.
- The stock in March 2023 (5,052) was 103.9% higher than in March 2022, when only 2,478 households were registered.
- New listings increased by 22.1% from February to March, with 3,442 new homes on the market in March, compared to 2,820 in February.
- The average house price in March was recorded at $365,000, up from $358,000 in February. This is the second month in a row that average house prices have risen.
- The March interest rate was recorded at 6.7%, compared to 6.4% in February. This is the fourth consecutive month with rising rates.
- Houses spent an average of 57 days on the market (DOM) in March, compared to 62 days in February. This is 111.1% higher than in March 2022, when homes spent an average of 27 days on the market.
"Spring has sprung in the Central Florida real estate market. March data shows increases in new listings, home prices and overall sales, and a reduction in inventory as buyer activity increased significantly," said Lisa Hill, president of the Orlando Regional REALTOR® Association. "The good news for buyers is that they have many more options to choose from. There were twice as many homes on the market in March compared to this time last year, and the median home price was only slightly higher than a year ago."
Market overview
- Interest rates rose from 6.4% in February to 6.7% in March. This is 59.4% higher than March 2022, when interest rates were 4.2%.
- Pending sales remained stable at 4,184 in February and 4,220 in March.
- 28 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in March. This represents an increase of 27.3% compared to February, when 22 distressed homes were sold.
Stock
- Inventory in the Orlando area decreased by 9.1% from February to March - from 5,555 homes to 5,052 homes. Inventory in March 2023 was 103.9% higher than in March 2022.
- Housing supply fell to 1.72 months in March, down from 2.48 months in February. A balanced market is six months of supply.
- The number of new admissions increased from February to March by 22.1% - from 2,820 households to 3,442 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.