Orlando, FL Metro Area Housing Market Analysis - July 2024
The Orlando, FL metro area housing market in July 2024 presents a nuanced picture with various indicators showing both positive and negative trends. The median sales price for homes in the region stands at $410,000, reflecting a slight decrease of 1.0% year-over-year (YoY). Meanwhile, the median list price remains unchanged at $425,000, indicating stability in seller expectations.
Price per square foot metrics show a modest increase, with the median price per square foot rising to $229.65, up by 2.9% YoY. Similarly, the median list price per square foot has increased to $237.44, marking a 2.7% YoY growth. These figures suggest that while overall home prices have slightly dipped, the value per square foot has appreciated, indicating a potential shift towards smaller, more valuable properties.
In terms of sales activity, the number of homes sold in July 2024 is 3,559, showing a marginal increase of 0.1% YoY. However, pending sales have decreased by 1.7% YoY, totaling 4,236. This decline in pending sales could signal a cooling off in buyer interest or a lag in transaction completions.
New listings have surged by 6.0% YoY, reaching 4,696, while inventory levels have seen a significant increase of 54.0% YoY, now standing at 12,217. This substantial rise in inventory has contributed to an increase in the months of supply, which has more than doubled to 3.40 months, up by 120.0% YoY. The higher inventory and months of supply suggest a shift towards a more balanced market, potentially easing the competitive pressure on buyers.
The median days on market for homes in Orlando is now 36 days, reflecting a 15.0% YoY increase. This indicates that homes are taking longer to sell compared to the previous year. The average sale to list ratio has slightly decreased to 97.6%, down by 0.7% YoY, suggesting that sellers are receiving offers closer to their asking prices, but with a slight downward adjustment.
The percentage of homes sold above list price has dropped to 13.9%, a decrease of 5.4% YoY. Additionally, the proportion of price drops has risen to 37.6%, up by 8.0% YoY, indicating that sellers are increasingly adjusting their expectations to align with market conditions. The percentage of homes going off the market within two weeks has also declined to 29.5%, down by 13.9% YoY, further highlighting the extended time properties are spending on the market.
Overall, the Orlando housing market in July 2024 is characterized by increased inventory and longer selling times, coupled with stable list prices and a slight decline in sales prices. These trends suggest a shift towards a more balanced market, providing opportunities for both buyers and sellers to navigate the evolving landscape.
