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Written by:

Andrea Pointon

Orlando Real Estate Market – May 2022

Market Conditions

  • Inventory increased by 44.2% from April 2022 to May 2022, with more than 1,200 additional homes coming onto the market in May—this is the largest monthly increase in Orlando’s inventory ever recorded.
  • The average sales price in May was US$379,950, a 2.7% increase compared with US$370,000 in April 2022; this marks a record for the fourth consecutive month.
  • Interest rates rose from 4.9% in April 2022 to 5.3% in May 2022. This is the highest interest rate in the Orlando area since 2009. It is also the first time Orlando’s interest rates have exceeded 5% since April 2010, when they stood at 5.1%.
  • Overall sales in May increased by 3.8%, with a total of 3,946 sales compared to 3,800 sales in April 2022. This represents a 1.9% increase from May 2021, when 3,872 sales were recorded.
  • Homes spent an average of 21 days on the market in May, a 12.5% decrease from April 2022, when the average was 24 days.
  • New listings increased by 10.7% from April 2022 to May 2022, with a total of 4,822 new homes on the market in May.

“This new increase in inventory is a sign that the Orlando real estate market is beginning to stabilize, which is good news for buyers and sellers,” said Tansey Soderstrom, president of ORRA. “Buyers will find more home options, and sellers are still getting good prices, as the average price of homes in Orlando continues to rise.”

Market Overview

  • Interest rates continue to rise, averaging 5.3% in May 2022. This represents a significant increase compared to May 2021, when interest rates stood at 3%.
  • Pending sales decreased by 7.9% from April 2022 to May 2022, for a total of 4,645 pending sales.
  • 24 distressed homes (foreclosed properties and short sales) accounted for 0.6% of all home sales in May 2022. This represents a 7.7% decrease from April 2022, when 26 distressed homes were sold.

Inventory

  • Housing inventory in the Orlando area increased by 44.2% from April 2022 to May 2022, rising from 2,670 homes to 3,851 homes on the market. Inventory in May 2022 was 36.5% higher than in May 2021.
  • The housing supply stood at nearly one month in May 2022. A balanced market has a supply of six months.
  • The number of new listings increased by 10.7% in May 2022 compared to April 2022, reaching 4,822 homes.

The full 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.