Central Florida home prices continue upward trend

In the most recent Orlando Area Residential Real Estate snapshot for July 2021, new data reveals slowing sales, as median home price continue to climb for the seventh consecutive month.

According to the report, 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.

However, sales fell 5.2% in July 2021 as compared to the previous month but spiked 13.7% from July 2020.

Homes are also reaching a historic low in terms of time spent on the market. In July 2021, homes spent just 26 days on the market.

Market Snapshot

• ORRA members sold 4,183 homes in July 2021.

          - 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.

          - Four consecutive months of decline.

• Listings spent just 26 days on the market in July 2021.

          - Lowest in ORRA’s recorded history.

          - 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.

          - Increase of .3% from the previous month.

Inventory

• Orlando area inventory fallen from 6,220 homes in July 2020 to 3,524 homes in July 2021.

          - Increase from June 2021’s 3,098 homes.

• The supply of homes ticked up to 3.5 weeks in July 2021.

• The number of new listings increased for a fifth straight month to 4,710 homes.

          - Increase of 13% year-over-year and 2% from June 2021 to July 2021.

ORRA’s full Market Pulse Report for July can be found here.