Market Conditions
- Total sales rose 33.8% from January to February. There were 2,240 sales in February and 1,674 sales in January.
- Total sales in February 2023 were 30.0% lower than in February 2022, when there were 3,198 sales.
- Inventory fell from 6,115 homes in January to 5,555 homes in February.
- The number of households in February 2023 (5,555) was 140.2% higher than in February 2022, when only 2,313 households were recorded.
- The average home price in February was $358,000, up from $350,000 in January. This follows three consecutive months of declines in average home prices.
- The interest rate for February was recorded at 6.4%, up from 6.1% in January.
- Homes spent an average of 62 days on the market (DOM) in February, up from 57 days in January. This represents a 106.7% increase compared to February 2022, when homes spent an average of 30 days on the market.
- New listings declined slightly from January to February, with 2,820 new homes coming on the market in February, compared with 2,911 in January.
“In February, we saw an increase in sales due to the deals that began during the holiday season. After the New Year, we tend to see these deals close as real estate buying and selling activity picks up,” said Lisa Hill, president of the Orlando Regional REALTOR® Association. “The Orlando real estate market remains strong, and we expect a robust sales season this spring.”
Market Overview
- Interest rates rose from 6.1% in January to 6.4% in February. This is 64.5% higher than in February 2022, when interest rates stood at 3.9%.
- Pending sales rose 21.2%, from 3,453 in January to 4,184 in February.
- 22 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in February. This represents a 57.1% increase from January, when 14 distressed homes were sold.
Inventory
- Inventory in the Orlando area fell 9.2% from January to February—from 6,115 homes to 5,555 homes. Inventory in February 2023 was 140.2% higher than in February 2022, when inventory reached a record high.
- The housing supply fell to 2.48 months in February, down from 3.65 months in January. A balanced market is defined as a six-month supply.
- The number of new admissions decreased by 3.1% from January to February—from 2,911 households to 2,820 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.