Orlando Housing Market: A Detailed Analysis for November 2024
The Orlando, FL metro area housing market in November 2024 presents a complex scenario with varying trends across different metrics. The Median Sales Price stands at $407,990, reflecting a slight decrease of 0.5% year-over-year (YoY). In contrast, the Median List Price has increased by 1.2% YoY, reaching $415,000. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.
Examining Price Per Square Foot, the Median Sales Price per square foot is $224.58, down by 1.0% YoY, while the Median List Price per square foot has risen by 1.1% YoY to $233.07. This indicates a slight softening in the market, where sellers are listing properties at higher prices, but actual sales are occurring at slightly lower valuations.
The number of Homes Sold in November 2024 is 2,690, marking a decline of 4.7% YoY. However, Pending Sales have increased by 1.7% YoY to 3,270, suggesting a potential uptick in future transactions. New Listings have decreased significantly by 9.4% YoY, totaling 3,624, which could indicate a tightening supply in the coming months.
Inventory levels have surged by 26.1% YoY, reaching 12,932 homes, contributing to an increase in the Months of Supply to 4.80, a substantial rise of 120.0% YoY. This increase in inventory and supply suggests a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years.
The Median Days on Market have increased by 23.0% YoY to 52 days, indicating that homes are taking longer to sell. This trend is further supported by the average sale to list ratio, which has slightly decreased by 0.3% YoY to 97.5%, and the sold above list ratio, which has dropped by 3.6% YoY to 10.9%. These metrics suggest that buyers are gaining more negotiating power.
Price Drops are occurring in 29.1% of listings, a slight decrease of 1.0% YoY, while the percentage of homes going off market in two weeks has decreased by 8.0% YoY to 23.8%. These figures indicate a cooling market where sellers may need to adjust expectations to align with current buyer demand.
Overall, the Orlando housing market in November 2024 is characterized by a mix of rising inventory and supply, coupled with a slight decline in sales prices and increased time on the market. These trends suggest a shift towards a more balanced market, providing opportunities for both buyers and sellers to navigate the evolving landscape.
