Orlando Real Estate - Current Trends Q2 of 2024

What's happening in Orlando Real Estate?! As we wrapped up Q2 of 2024, this article shares the current trends, explore what’s influencing the current trends, and where they're headed next.

Orlando Real Estate Trends - Video Overview with Kris Kennedy

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When people ask about the market, understand Orlando has multiple markets. There's the vacation home market, the primary home market, the established luxury markets, and the burgeoning new construction on the city's outskirts.

One of the common trends we are seeing is an increase in new listings coupled with a decrease in sales and pending sales. Most would imagine this would influence a drop in home values; however, interestingly, many—but not all—areas experienced an increase in home values. Many established primary residential areas continue to maintain low inventory levels, with approximately three months’ worth.

Let’s delve into key areas of Orlando. In this report, we’ll examine Q2 median prices and compare them to the year-over-year trend, accounting for seasonal changes. Our focus will be solely on the single-family home market.

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City of Orlando

In the City of Orlando, the Q2 Median Sale Price is $453,500, up 4.1.% YoY and the Median Sale Price per Square Foot is up 5.9% to $255/SF.

The number of new listings is up 13%, while the number of homes sold is Down 3%. The Number of put under contract remained steady.

Inventory remains relatively low at 2.5 months. The average time on market is 37 days to go under contract.

Note* Even with the increase in new listings, the relative supply for the demand has not influenced enough pressure on pricing to see any price decrease trends.

Winter Park

In the City of Winter Park (32789 zip code), the Q2 Median Sale Price is $1,223,946, up 33% YoY and the Median Sale Price per Square Foot is up 4.2% to $466/SF. This SP increase seems extreme, however if looking at the SP/SF, that ells a different story. Possible reasons for this extreme difference is that there are fewer and fewer smaller or entry level homes that have been selling in addition to larger properties selling more frequently.

The number of new listings is down 13%, while the number of home sales and pending sales are also down 25% and 29% respectively.

Inventory remains relatively low at 2.5 months. The average time on market 37 days to go under contract.

Windermere

In Windermere, the Q2 Median Sale Price is $942,500, up 27% YoY and the Median Sale Price per Square Foot is up 8.3% to $305/SF.

The number of new listings is down 3.8%, while the number of Sales and pending sales are down 36% and 14% respectively.

Inventory of available homes remain relatively low at 2.7 months. Interestingly, the average time on market has decreased slightly to 42 days.

Lakefront Homes

For Lakefront homes in Winter Park and Windermere, the Q2 Median Sale Price is $$2,150,000, down 6.5% YoY and the Median Sale Price per Square Foot is down 11% to $512/SF.

The number of new listings is up 16%, while the number of Sales and pending sales are down 35% and 45% respectively.

Inventory is currently at about 6.5 months for lakefront properties in Winter Park and Windermere. But don’t assume it is a buyer market here. The nicely updated homes and new homes are still fetching a premium and sell quickly. It may appear that the stats show a declining market for lakefront home values, but that is not the case. The people who own the very nice lakefront tend to hold them and most seem unwilling to sell. The supply has dwindled for very nice, updated, newer, and extremely well maintained lakefront homes. So what qe see on paper is the the smaller, outdated, or possible tear down homes being sold which pulls the stats downward.

The average time on market has been decreasing and is currently at about 54 days for the average time to go under contract for the lakefront homes.

Central Florida

For Central Florida*, the Q2 Median Sale Price is $484,500, up 2.5% YoY and the Median Sale Price Per Square Foot is up 4.4%% to $248/SF.

The number of new listings is up 16%, while there was no change in the number of sales and pending sales are down 8.5%.

There is currently just under 3 months of inventory. The average time on market has remained consistent at around 40 days to go under contract.

• A 20 mile radius centered in downtown Orlando at the Interstate 4 and 408 Expressway intersection.

Orlando Vacation Homes

For the Orlando Vacation Homes, the Q2 Median Sale Price is $405,000, down 3.6% YoY and the Median Sale Price per Square Foot is up 4.4%% to $248/SF.

The number of new listings is up 7%, while the number of Sales and pending sales are down 18% and 16% respectively.

Keep in mind, there are many new construction vacation homes sites that are available to purchase that are not listed on the MLS which this report does not reflect.

There is currently over 8 months of inventory. The average time on market has been consistory around 73 days for the past year.

Conclusion:

As we look forward to the remainder of 2024, several key factors will shape the market's trajectory.

The Fed's decision to maintain interest rates, coupled with the upcoming presidential election, introduces some uncertainty. However, Orlando's low inventory levels, great weather for most of the year, the Orlando attractions, and favorable tax environment continue to attract buyers from across the country.

Looking ahead, expect a strong market with steady mortgage rates and competitive pricing here in the Orlando area.