Market Conditions
- The average interest rate in September was 6.3%, a 19.5% increase from August, when the interest rate was 5.3%.
- Sales in September fell 18.3% to a total of 2,717 sales, compared with 3,324 sales in August. Compared with September of last year, sales fell 28.3%.
- The average sales price for September 2022 was US$365,000, a 3.4% decrease from August’s average price of US$377,750. This is the third consecutive month that the average home sales price has fallen.
- Inventory rose 1.8% in September, from 6,762 to 6,884. This marks the fifth consecutive month of inventory growth.
- Homes spent an average of 31 days on the market in September, a 14.8% increase from August, when the average was 27 days.
- New listings fell 27.1% from August to September, with 3,318 new homes on the market in September.
“We’re starting to feel the impact of rising interest rates on the Orlando real estate market, as they’ve more than doubled over the past 12 months,” said Tansey Soderstrom, president of the Orlando Regional REALTOR® Association. “Rising interest rates are causing buyers to be more cautious, resulting in fewer home sales in Orlando in September. This slowdown in sales works to buyers’ advantage, as they now have the luxury of being more patient when searching for a home.”
Market Overview
- Interest rates rose, with the average interest rate for September standing at 6.3%. This is 120.9% higher than in September 2021, when interest rates stood at 2.9%.
- Pending sales decreased by 8% from August to September, totaling 3,838 pending sales.
- 12 distressed homes (foreclosed properties and short sales) accounted for 0.4% of all home sales in September. This represents a 100% increase from August, when 6 distressed homes were sold.
Inventory
- Housing inventory in the Orlando area increased by 1.8% from August to September, rising from 6,762 homes to 6,884 homes. Inventory in September 2022 was 87.9% higher than in September 2021, when it stood at 3,664 homes.
- Housing supply rose to 2.53 months in September. This is the second month since June 2020 with more than two months of supply. A balanced market is defined as six months of supply.
- The number of new listings fell by 27.1% in September compared with August, to 3,318 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.