Market Conditions
- Total sales rose 31.1% from February to March. There were 2,936 sales in March, 696 more than the 2,240 sales recorded in February.
- Total sales in March 2023 were 28.4% lower than in March 2022, when there were 4,100 sales.
- Inventory fell 9.1%—from 5,555 homes in February to 5,052 homes in March.
- The March 2023 figure (5,052) was 103.9% higher than in March 2022, when only 2,478 households were recorded.
- New listings rose 22.1% from February to March, with 3,442 new homes on the market in March, compared with 2,820 in February.
- The average home price in March was $365,000, up from $358,000 in February. This marks the second consecutive month of rising average home prices.
- The interest rate for March stood at 6.7%, up from 6.4% in February. This marks the fourth consecutive month of rising rates.
- Homes spent an average of 57 days on the market (DOM) in March, compared with 62 days in February. That is 111.1% higher than in March 2022, when homes spent an average of 27 days on the market.
“Spring has arrived in the Central Florida real estate market. March data show increases in new listings, home prices, and overall sales, as well as a decline in inventory as buyer activity has increased significantly,” said Lisa Hill, president of the Orlando Regional REALTOR® Association. “The good news for buyers is that they have many more options to choose from. There were twice as many homes on the market in March compared to this time last year, and the median home price was only slightly higher than it was a year ago.”
Market Overview
- Interest rates rose from 6.4% in February to 6.7% in March. This is 59.4% higher than in March 2022, when interest rates stood at 4.2%.
- Pending sales remained stable, at 4,184 in February and 4,220 in March.
- 28 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in March. This represents a 27.3% increase from February, when 22 distressed homes were sold.
Inventory
- Inventory in the Orlando area decreased by 9.1% from February to March—from 5,555 homes to 5,052 homes. Inventory in March 2023 was 103.9% higher than in March 2022.
- The housing supply fell to 1.72 months in March, down from 2.48 months in February. A balanced market has a supply of six months.
- The number of new enrollments increased by 22.1% from February to March—from 2,820 households to 3,442 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.