Orlando Area Residential Real Estate Snapshot for October 2021
State of the Market
October’s median home price was recorded at $325,000, increasing once again after a slight drop in September to $318,000. Orlando saw a 10-month steady increase in the median home price prior to September when the record high hit $320,000 in July (maintained in August).
Overall sales in October dropped by 0.77%, with a total of 3,760 sales.
Homes spent an average of 27 days on the market in October, the same amount as September 2021.
Inventory dropped for the first time in six months, decreasing by 7.12% from September to October, for a total of 3,406 homes on the market in October.
“The market traditionally slows down during the winter months and that’s what we’re seeing with the drop in inventory in October – the first decrease in 6 months,” says Tansey Soderstrom, 2021 Orlando Regional REALTOR® Association President. “While the inventory is dropping, the median home price remains steady, still over 20% compared to 2020.”
Market Snapshot
Interest rates showed a slight increase, as the average interest rate in October 2021 was 3.01%, an increase of 5.14% over September 2021.
ORRA members sold 3,760 homes in October 2021, a decrease of 0.77% from 3,789 homes sold in September 2021. Sales were still 3% higher than October 2020.
26 distressed homes (bank-owned properties and short sales) accounted for .6% of all home sales in October 2021. That represents a 61% drop over October 2020, when 67 distressed homes sold.
Inventory
Orlando area inventory decreased by 7.12% from September 2021 to October 2021 from 3,667 homes to 3,406 homes. Inventory in October 2021 was 42% lower than in October 2020.
The supply of homes remained at nearly one month in October 2021. A balanced market is six months of supply.
The number of new listings decreased in October 2021 from September 2021 by 2.14% from 4,026 homes to 3,940 homes.
