State of the Market
- Orlando’s median home price dropped by $2,000 from last month. September’s median home price was recorded at $318,000, down a slight drop from the record high of $320,000 set in August 2021. The median home price has steadily been increasing over the last 11 months when it was recorded at $269,950 in October 2020.
- Overall sales in September dropped by 5.25%, with a total of 3,879 sales.
- Homes spent an average of 27 days on the market in September, an 8% increase from August.
- Inventory edged upward for the fifth straight month, rising by 0.8% from August to September, for a total of 3,667 homes on the market in September.
- “With the median price slightly dropping and inventory continuing to trend upward, we’re seeing signs of things leveling off after months of this market being on fire,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “The market is still heavily in favor of sellers, but is showing some signs of returning to become more balanced.”
Market Snapshot
- ORRA members sold 3,789 homes in September 2021, a decrease of 5.25% from 3,999 homes sold in August 2021. Sales were still 9% higher than September 2020.
- Interest rates showed little change, as they remain low. The average interest rate in September 2021 was 2.86%, an increase of .7% over August 2021.
- 27 distressed homes (bank-owned properties and short sales) accounted for .7% of all home sales in September 2021. That represents a 37% drop over September 2020, when 43 distressed homes sold.
Inventory
- Orlando area inventory increased .8% from August 2021 to September 2021 from 3,638 homes to 3,667 homes. Inventory in September 2021 was 39% lower than in September 2020.
- The supply of homes ticked up to nearly one month in September 2021. A balanced market is six months of supply.
- The number of new listings decreased in September 2021 from August 2021 by 7.9% from 4,375 homes to 4,026 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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