Market Conditions
- Total sales increased by 13.9% from April to May. There were 3,150 sales in May, up from 2,766 in April.
- Total sales in May 2023 were 20.2% lower than in May 2022, when there were 3,946 sales.
- The average home price in May was $378,000, up from $370,000 in April. This represents an increase of $28,000 since January. Average home prices have risen every month this year.
- The average home price in May 2023 was roughly the same as in May 2022, when it stood at $379,950.
- The interest rate for May was recorded at 6.6%, up from 6.4% in April.
- Homes spent an average of 45 days on the market in May, down from 52 days in April. That is 114.3% longer than in May 2022, when homes spent an average of 21 days on the market.
- New listings increased by 7.4% from April to May, with 3,459 new homes on the market in May, compared with 3,220 in April.
- Inventory remained stable—there were 5,148 homes in April and 5,149 homes in May.
- The housing inventory in May 2023 (5,149) was 33.7% higher than in May 2022, when only 3,851 homes were recorded.
“As we approach the middle of the year, prices continue to rise and homes are spending less time on the market,” said Lisa Hill, president of the Orlando Association of Realtors. “The market cooled off at the end of last year, but we’ve been on an upward trajectory ever since. Many families prefer to move during the summer, when the kids are on school break, so we’ll likely see a busy sales season in the coming months.”
Market Overview
- Interest rates rose from 6.4% in April to 6.6% in May. This represents a 25.4% increase compared to May 2022, when interest rates stood at 5.3%.
- Pending sales declined, with 4,485 in April and 4,304 in May.
- 21 distressed properties (bank-owned properties and short sales) accounted for 0.7% of all real estate sales in May. This represents a 16.7% increase from April, when 18 distressed properties were sold.
Inventory
- Housing inventory in the Orlando area remained unchanged from April to May. However, inventory in May 2023 was 33.7% higher than in May 2022.
- The housing supply fell to 1.63 months in May, compared with 1.86 months in April. A balanced market has a six-month supply.
- The number of new listings rose by 7.4% from April to May—from 3,220 homes to 3,459 homes.
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.