Orlando Area Residential Sales Down 18 Percent Annually in June
Based on the Orlando Regional Realtor Association’s latest market data, the median residential home sales price for the Orlando MSA in June 2023 was recorded at $385,000, up from $378,000 in May. Median home prices have increased every month this year. The median home price in June 2023 was close to June 2022, when it was recorded at $387,000.
ORRA reports new listings rose 7.1% from May to June, with 3,703 new homes on the market in June, compared to 3,459 in May.
Orlando homes spent an average of 41 days on the market in June 2023, down from 45 days in May. This is 105.0% higher than June 2022 when homes spent an average of 20 days on the market.
Overall sales fell 0.8% from May to June 2023. There were 3,124 sales in June 2023, down from 3,150 sales in May 2023, and down 18% annually to 3,793 sales in June 2022. Pending sales also fell, with 4,304 in May and 3,964 in June 2023.
ORRA also says 28 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in June. That represents a 33.3% increase from May, when 21 distressed homes sold.
Inventory for June 2023 was recorded at 5,450, up 5.8% from May when inventory was recorded at 5,149. Inventory was 0.2% higher compared to June 2022, when it was recorded at 5,437 homes.
“Now that we’re officially halfway through the year, Orlando’s housing market remains strong,” said Lisa Hill, Orlando Regional Realtor Association President. “June’s housing data is a strong indication of what the rest of the year will look like – we can expect to continue to see more inventory and great prices for homes, which is good news for buyers and sellers.”
Source: World Property Journal