Market situation
- The average interest rate for September was recorded at 6.3%, an increase of 19.5% compared to August when the interest rate was 5.3%.
- Sales in September fell 18.3% to a total of 2,717 sales compared to 3,324 sales in August. Compared to September last year, sales fell 28.3%.
- The average sales price for September 2022 was recorded at $365,000, a 3.4% drop from the August average price of $377,750. This is the third month in a row that the average home sales price has fallen.
- The stock rose 1.8% in September, from 6,762 to 6,884. This is the fifth consecutive month of inventory increases.
- Homes spent an average of 31 days on the market in September, jumping 14.8% compared to August, when the average was 27 days.
- New listings decreased 27.1% from August to September, with 3,318 new homes on the market in September.
“We are starting to feel the impacts of rising interest rates in the Orlando real estate market as they have more than doubled in the last 12 months,” said Tansey Soderstrom, president of the Orlando Regional REALTOR® Association. “Rising interest rates are causing buyers to be more cautious, resulting in fewer Orlando home sales in September. This slowdown in sales has an advantage for buyers as they now have the luxury of being more patient when searching for a home.”
Market overview
- Interest rates increased, leaving the average interest rate for September at 6.3%. This is 120.9% higher than September 2021 when interest rates were 2.9%.
- Pending sales decreased 8% from August to September for a total of 3,838 pending sales.
- 12 distressed homes (bank repossessions and short sales) represented 0.4% of all home sales in September. This represents a 100% increase from August when 6 distressed homes were sold.
Stock
- Orlando area inventory increased 1.8% from August to September, from 6,762 homes to 6,884 homes. Inventory in September 2022 was 87.9% higher than in September 2021, when it was recorded at 3,664 homes.
- Home supply increased to 2.53 months in September. This is the second month since June 2020 with more than two months of supply. A balanced market is six months of supply.
- The number of new listings decreased in September from August by 27.1% to 3,318 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.