The Orlando Market Recap

The Orlando Market Recap

Orlando’s housing market, things are looking as stable as ever.  In contrast to other cities, the housing market in Orlando is experiencing stability rather than a decrease in home prices. At the same time, there is a limited supply of homes, high employment rates, and an upward trend in consumer sentiment. Overall, the housing market in Orlando remains robust and is expected to remain so for the immediate future.

How the Orlando Housing Market Changed in 2022

The number of permits for single-family homes experienced a significant decrease in 2022, with a drop of 51% from the peak in March. However, there has been a notable recovery since then. In March 2023, there were 1,707 permits approved, representing only a 9% decline compared to the previous year.

During the first quarter of 2023, the city approved a total of 4,000 permits for single-family homes. This represents a decrease of approximately 18% compared to the previous year's approval of 4,857 permits. However, it is important to note that this figure still reflects a significant improvement when compared to the preceding months. Despite this, there is still a shortage of inventory and a surplus of buyers.

Orlando Housing Supply and Demand

The housing supply in Orlando is currently at an incredibly low level of just 1.7 months. While this is a slight improvement from last year, it is still significantly below historical norms and the national average of 1.9 months. The lack of available homes has become even more pronounced in recent months, with home inventory dropping by over 50% between January and March of this year alone.

As a result of this limited supply, the housing market in Orlando has become somewhat competitive. On average, homes are now taking 25 days to sell compared to just seven days last year. In April, there were only 587 homes sold, a notable decrease from the 805 sold during the same month last year.

Low housing supply continues to be a challenge for buyers in Orlando, impacting both the availability and affordability of homes in the area.

Median Home Price in Orlando

According to Redfin, the median home price in Orlando is currently $390,000. This represents a 3.2% increase from last year, but it has remained fairly stable since last June, fluctuating between $380,000 and $400,000. It's worth noting that the median home price in Orlando is slightly below the national average of $401,000.