Orlando Area Residential Real Estate Snapshot for July 2021
State of the Market
Orlando’s median home price reached $320,000 in July 2021, continuing a six-month trend of record-setting prices. The increase is 18.5% from July 2020, when the median home price was $270,000.
Sales fell 5.2% in July 2021 compared to the previous month; however, they have spiked 13.7% from July 2020.
The time homes are spending on the market has reached a historic low. In July 2021, homes spent just 26 days on the market.
Inventory rose for a third straight month in July 2021 but is still down 43.3% year-over-year.
“We are seeing the housing market start to level off from its peak, but that doesn’t mean it’s less competitive. Sellers are continuing to see the benefits of record high prices, even as more homes are listed for sale,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “The demand is still strong. A recent survey of our REALTORS® found the majority of sellers plan to buy another house here in Central Florida. They’re competing with people moving here from out-of-state.”
ORRA members sold 4,183 homes in July 2021, a 5.2% decrease from the 4,414 homes sold in June 2021. Home sales are still up 13.7% from July 2020.
Interest rates fell to an average of 2.83% in July 2021, continuing four straight months of decline.
Listings spent just 26 days on the market in July 2021 – the lowest in ORRA’s recorded history. That is a full month less than the time listings spent on the market in July 2020.
44 distressed homes (bank-owned properties and short sales) accounted for 1% of all home sales in July 2021. That is an increase of .3% from the previous month.
Orlando area inventory is has fallen from 6,220 homes in July 2020 to 3,524 homes in July 2021. However, that is an increase from June 2021’s 3,098 homes.
The supply of homes ticked up to 3.5 weeks in July 2021.A balanced market is six months of supply.
The number of new listings increased for a fifth straight month to 4,710 homes. That is an increase of 13% year-over-year and 2% from June 2021 to July 2021.