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Orlando State of the Market May 2023

June 16th, 2023 by tisner

State of the Market

– “As we approach midway through the year, prices continue to rise and homes spend fewer days on the market,” said Lisa Hill,
Orlando Regional REALTOR® Association President. “The market cooled near the end of last year, but we have been on an upward
trajectory ever since. Many families prefer to save their moves for summer when the kids are out of school, so we will likely be in
for a busy selling season these next few months.”

– The median home price for May was recorded at $378,000, up from $370,000 in April. This is a $28,000 increase since January.
Median home prices have increased every month this year. Median home price in May 2023 was roughly the same as May 2022,
when it was recorded at $379,950.

– Overall sales rose 13.9% from April to May. There were 3,150 sales in May, up from 2,766 sales in April. Overall sales in May 2023
were 20.2% lower than May 2022 when there were 3,946 sales.

– Inventory stayed level – there were 5,148 homes in April and 5,149 homes in May. Inventory in May 2023 was 33.7% higher
compared to May 2022, when it was recorded at only 3,851 homes.

– Interest rates increased from 6.4% in April to 6.6% in May. This is 25.4% higher than May 2022 when interest rates were 5.3%.
21 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all home sales in May. That represents a 16.7%
increase from April, when 18 distressed homes sold.

– New listings rose 7.4% from April to May, with 3,459 new homes on the market in May, compared to 3,220 in April.

ORRA’s full State of the Market Report for March can be found here.

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