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Written by:

Andrea Pointon

Orlando Real Estate Market – April 2023

Market Conditions

  • Total sales fell 5.8% from March to April. There were 2,766 sales in April, down from 2,936 in March.
  • Total sales in April 2023 were 27.2% lower than in April 2022, when there were 3,800 sales.
  • Inventory increased by 1.9%—from 5,052 homes in March to 5,148 homes in April.
  • The number of households in April 2023 (5,148) was 92.8% higher than in April 2022, when only 2,670 households were recorded.
  • The average home price in April was US$370,000, up from US$365,000 in March. Average home prices have risen every month this year.
  • The average home price in April 2023 was the same as in April 2022, at $370,000.
  • The interest rate for April stood at 6.4%, down from 6.7% in March. This comes after three consecutive months of rising rates.
  • New listings fell 6.4% from March to April, with 3,220 new homes on the market in April, compared with 3,442 in March.
  • Homes spent an average of 52 days on the market (DOM) in April, compared with 57 days in March. That is 116.7% higher than in April 2022, when homes spent an average of 24 days on the market.

“April’s data showed a slight increase in Orlando’s inventory as home sales slowed, indicating that the spring selling season may be starting to level off,” said Lisa Hill, president of the Orlando Regional REALTOR® Association. “Average home prices in Orlando are still rising, and sellers continue to receive competitive offers. The good news for buyers is that interest rates in Orlando have fallen slightly, giving them extra buying power.”

Market Overview

  • Interest rates fell from 6.7% in March to 6.4% in April. This is 29.7% higher than in April 2022, when interest rates stood at 4.9%.
  • Pending sales (awaiting the signing of the deed) increased, with 4,220 in March and 4,485 in April.
  • 18 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all home sales in April. This represents a 35.7% decline from March, when 28 homes

Inventory

  • Housing inventory in the Orlando area increased by 1.9% from March to April—from 5,052 homes to 5,148 homes. Inventory in April 2023 was 92.8% higher than in April 2022.
  • The housing supply rose to 1.86 months in April, up from 1.72 months in March. A balanced market is defined as a six-month supply.
  • The number of new admissions fell by 6.4% from March to April—from 3,442 households to 3,220 households.

The complete and most up-to-date Market Situation report published by ORRA can be found here.

Updated Real Estate Market Indicators

Below you can find the latest real estate market figures for Orlando and the surrounding area.

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This representation is based in whole or in part on data provided 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. The data maintained by the association or StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to account for closings published after the report date.

ORRA Realtor® sales refer to sales involving members of the Orlando Regional Realtor® Association, who are primarily—but not exclusively—located in Orange and Seminole counties. Please note that the statistics released each month may be revised in the future as new data is received.

The Orlando MSA figures reflect home sales in Orange, Seminole, Osceola, and Lake counties by members of any Realtor® association, not just ORRA members.