Residential Real Estate News
Greater Orlando Total Residential Sales Drop 20 Percent in 2023
Yet Orlando home prices uptick 1.5 percent for the full year
According to the Orlando Regional Realtor Association, greater Orlando's overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to 2022 when the overall median home price was recorded at $365,000.
ORRA also reports Orlando residential sales in 2023 decreased by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162. Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022. Condo sales decreased in 2023 by 22.5% for a total of 4,007 sales compared to 5,168 sales in 2022. Townhome sales decreased by 19.7% in 2023 for a total of 2,853 sales compared to 3,551 in 2022.
"The housing market in 2023 continued to stabilize from the frenzy we saw during COVID-19. Many buyers chose to wait on buying a home amid rising interest rates," said Rose Kemp, 2024 Orlando Regional Realtors Association President. "Interest rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines. Looking ahead, these rates will continue to be the biggest factor in the market."
Orlando December 2023 Housing Market Summary
- Interest rates decreased for the second month in a row - 6.6% in December compared to 7.3% in November.
- December's median home price was recorded at $367,250, down from November's median home price of $375,000.
- Homes spent an average of 49 days on the market in December, up from November when the average was 46.
- Inventory dropped in December, decreasing by 4.4% from November, for a total of 7,838 homes on the market.
- Overall sales in December decreased slightly - 0.7% - from November, with 1,982 sales recorded.
- New listings dropped in December, with 2,409 new listings, compared to 3,188 new listings in November.
