Orlando Housing Market Activity
Orlando Area Residential Real Estate Snapshot for August 2021
State of the Market
- Orlando’s median home price remained unchanged in August 2021 from the prior month – a record-high $320,000. The median price is 16% higher than August 2020’s $275,000.
- Sales fell for a second straight month this summer. In August 2021, sales dropped 4.4% from the previous month.
- Homes spent just 25 days on the market in August 2021, which is a record low. That is half the time homes spent on the market during the same month in 2020.
- For a fourth straight month, inventory increased, after reaching its lowest point in April 2021. This is in line with national trends from the National Association of REALTORS®.
- “It’s important to note that interest rates have remained low, which continues to drive demand, especially among first-time homebuyers. Despite our inventory increases, there are still not enough homes on the market to accommodate buyers,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “As we head into fall and the market continues its cool-down, the seller still has the upper-hand. Buyers should have their financing in order and be prepared to make a strong offer.”
Market Snapshot
- ORRA members sold 3,999 homes in August 2021, a decrease of 4.4% from 4,183 homes sold in July 2021. Sales were still 13% higher than August 2020.
- Interest rates showed little change, as they remain low. The average interest rate in August 2021 was 2.84%, an increase of .01% over July 2021.
- 31 distressed homes (bank-owned properties and short sales) accounted for .8% of all home sales in August 2021. That represents a 62% drop over August 2020, when 82 distressed homes sold.
Inventory
- Orlando area inventory increased 3.2% from July 2021 to August 2021 from 3,524 homes to 3,638 homes. Inventory plunged 39% from August 2020 to August 2021.
- The supply of homes ticked up to nearly one month in August 2021. A balanced market is six months of supply.
- The number of new listings decreased in August 2021 from July 2021 by 7.1% from 4,710 homes to 4,375 homes.