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Written by:

Andrea Pointon

Orlando Real Estate Market – March 2022

Market Conditions

  • The average sales price in March was $361,000, a 4.6% increase from $345,000 in February 2022. This marks a record high for the second consecutive month.
  • Interest rates rose 8.7%, from 3.9% in February 2022 to 4.2% in March 2022.
  • Overall sales in March rose 28.2%, totaling 4,100 sales compared with 3,198 sales in February 2022.
  • Homes spent an average of 27 days on the market in March, a 10% decrease from February 2022, when the average was 30 days.
  • Inventory rose 7.1% in March compared to February 2022, bringing the total number of homes on the market in March to 2,478.
  • New listings increased by 18.7% from February 2022 to March 2022, with a total of 4,375 new homes on the market in March.
  • “Spring is one of the most popular times to sell homes, and we’re seeing exactly that in this month’s real estate data,” says Tansey Soderstrom, 2022 president of the Orlando Regional REALTOR® Association. “Everything has seen a jump—from inventory to a new record average sales price and even the number of homes sold last month. However, with interest rates rising rapidly, we’ll have to monitor their impact and see if this marks the beginning of a market slowdown.”

Market Overview

  • Interest rates continue to rise. The average interest rate for March 2022 was 4.2%, compared to 3.9% in February 2022.
  • ORRA member real estate agents sold 4,100 homes in March 2022, a 28.2% increase from the 3,198 homes sold in February 2022.
  • 24 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in March 2022. This represents a 17.2% decrease from February 2022, when 29 distressed homes were sold.

Inventory

  • Housing inventory in the Orlando area increased by 7.1% from February 2022 to March 2022, rising from 2,313 homes to 2,478 homes. Inventory in March 2022 was 14% lower than in March 2021.
  • The housing supply remained at nearly one month in March 2022. A balanced market is defined as six months of supply.
  • The number of new listings increased by 18.7% in March 2022 compared to February 2022, reaching 4,375 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.