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Orlando State of the Market May 2024

June 18th, 2024 by tisner

New Orlando Regional REALTOR® Association data shows inventory surpasses 10,000 homes for first time since 2016.

State of the Market

  • Inventory for May was recorded at 10,282, up 9.7% from April when inventory was recorded at 9,376. This is the fifth month in a row inventory has risen. The last time inventory was this high was September 2016.
    • Inventory was 99.7% higher than May 2023.
  • Overall sales rose 5.4% from April to May. There were 2,909 sales in May, up from 2,759 sales in April. This is the fourth month in a row that sales have risen.
  • The median home price for May was recorded at $385,000, down from $388,500 in April. April was the highest monthly median home price on record in the Orlando area.
  • May’s interest rate was recorded at 6.6%, down from 6.9% in April.
  • Pending sales fell by 1.8%, with 4,379 in April and 4,298 in May.
  • New listings rose 6.9% from April to May, with 4,521 new homes on the market in May, compared to 4,230 in April.
  • Homes spent an average of 54 days on the market (DOM) in May – the same as in April.
  • “Although May’s inventory did show a slight increase, it’s important to remember that our market is still very active. While there may be a few more options available compared to recent months, the high sales volume means homes are still moving quickly,” said Rose Kemp, Orlando Regional REALTOR® Association President. “With inventory levels remaining below the six months of supply that is considered a balanced market, buyers should be prepared to act fast if they find a home that meets their needs. The past four months have seen consistent sales growth, and I expect that trend to continue into the summer, making inventory a key factor for buyers.”

Market Snapshot

  • Interest rates fell from 6.9% in April to 6.6% in May.
  • Pending sales fell 1.8%, with 4,379 in April and 4,298 in May.
  • 17 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May. That represents a 34.6% decrease from April when 26 distressed homes sold.


  • Orlando area inventory increased 9.7% from April to May. Inventory in April was 9,376, and inventory in May was 10,282.
  • The supply of homes rose to 3.53 months in May, up 4.0% from 3.40 months in April. A balanced market is six months of supply.
  • The number of new listings increased from April to May by 6.9% – from 4,230 homes to 4,521 homes.

You can find ORRA’s full State of the Market Report for May here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

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Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

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