July brought a dynamic shift to Orlando's real estate scene, with more homes hitting the market and prices holding steady. Many families worked hard to complete their moves before the school year started, leading to a notable increase in both inventory and sales. With interest rates stable in the mid-upper 6.0% range, buyers now have more choices and potential negotiating power. Realtors remain essential to navigating these evolving market conditions. Dive into our detailed July 2024 market analysis to see how these trends could impact your next real estate move.
Median Home Prices:
The median home price for July was recorded at $390,000, down slightly from $395,000 in June. Despite the decrease, June marked the highest monthly median home price on record in the Orlando area. The high home prices were noted as a significant challenge for buyers in the Orlando Regional REALTOR® Association's (ORRA) new survey.
Sales Performance:
Overall sales rose by 2.0% from June to July, with 2,652 sales recorded in July, up from 2,601 sales in June. This increase highlights a strong demand for homes despite the ongoing fluctuations in the market.
Inventory Dynamics:
Inventory for July was recorded at 11,158, reflecting a 3.4% increase from June's 10,796. This is the seventh consecutive month of rising inventory, offering more options for buyers. The last time inventory was this high was in November 2015, and it represents a 95.1% increase from July 2023.
Interest Rate Trends:
July's interest rate was recorded at 6.6%, down slightly from 6.7% in June. In ORRA’s new survey of Orlando REALTORS®, 52% of respondents cited interest rates as the top challenge for buyers, influencing some to wait on purchasing homes or to consider lower price points.
Distressed Home Sales:
Distressed homes, including bank-owned properties and short sales, accounted for 0.9% of all home sales in July, consistent with the previous month's figures. This stable percentage reflects a relatively low level of distressed sales in the current market.
Key Takeaways:
July's market trends in Orlando show a resilient housing market with an increase in inventory, providing more options for buyers. Despite the slight drop in median home prices, the market remains competitive, with steady sales and interest rates. Realtors continue to play a crucial role in navigating this dynamic environment.
July 2024 vs. July 2023: Orlando Market Stats Comparison
Active Listings: 11,158 vs 5,720, 95.1% increase
Closed Sales: 2,652 vs 2,852, 7% decrease
Median Sale Price: $390,000 vs $380,000, 2.6% increase
Avg. Days on Market: 55 vs 39, 41% increase
Interest Rates: 6.65% vs 6.84%, slight decrease
Navigating Orlando's Real Estate Market:
As Orlando’s housing market continues to evolve, buyers and sellers alike benefit from the expertise of Aponte Group. Whether you’re looking to buy, sell, or invest, our team is here to guide you every step of the way. Contact us today to start your journey in Orlando’s real estate market.