State of the Market
- Orlando’s median home price remained unchanged in August 2021 from the prior month – a record-high $320,000. The median price is 16% higher than August 2020’s $275,000.
- Sales fell for a second straight month this summer. In August 2021, sales dropped 4.4% from the previous month.
- Homes spent just 25 days on the market in August 2021, which is a record low. That is half the time homes spent on the market during the same month in 2020.
- For a fourth straight month, inventory increased, after reaching its lowest point in April 2021. This is in line with national trends from the National Association of REALTORS®.
- “It’s important to note that interest rates have remained low, which continues to drive demand, especially among first-time homebuyers. Despite our inventory increases, there are still not enough homes on the market to accommodate buyers,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “As we head into fall and the market continues its cool-down, the seller still has the upper-hand. Buyers should have their financing in order and be prepared to make a strong offer.”
Market Snapshot
- ORRA members sold 3,999 homes in August 2021, a decrease of 4.4% from 4,183 homes sold in July 2021. Sales were still 13% higher than August 2020.
- Interest rates showed little change, as they remain low. The average interest rate in August 2021 was 2.84%, an increase of .01% over July 2021.
- 31 distressed homes (bank-owned properties and short sales) accounted for .8% of all home sales in August 2021. That represents a 62% drop over August 2020, when 82 distressed homes sold.
Inventory
- Orlando area inventory increased 3.2% from July 2021 to August 2021 from 3,524 homes to 3,638 homes. Inventory plunged 39% from August 2020 to August 2021.
- The supply of homes ticked up to nearly one month in August 2021. A balanced market is six months of supply.
- The number of new listings decreased in August 2021 from July 2021 by 7.1% from 4,710 homes to 4,375 homes.
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 of 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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