The Orlando Market
On May 15, 2017, The Orlando Regional Realtors’ Association (ORRA) reported that the Orlando’s overall median home price is $215,000, 12% higher than a year ago. Year-over-year increases in median price have been recorded for the past 69 consecutive months and is 86% higher than it was in July 2011.
The inventory of homes available for purchase in Orlando sit at only 2.8 months’ supply. Economists consider six months, with a range of five to seven months, of supply as a balanced market between buyers and sellers.”
The affordability index* for April increased slightly to 144%, up from 140% as reported last month. *(An affordability index of 101% means a family with median income earns 1% more than they need to be able to purchase a median priced home).
In April, Orlando area home buyers paid an average interest rate of 4.11%, down 18 basis points from March. The average interest rate so far year-to-date is up a little over 2016, it is still very low by historical standards. See 30-Year Fixed-Rate Mortgages Since 1971 as reported by Freddie Mac for historical, national ,average mortgage interest rates.
For the complete ORRA report, including all the statistics and an excellent analysis, see ORRA Real Estate Market Report.
Are you thinking about selling your home and moving? We can apply this information and your local market data to value the price of your home to buyers. Learn more about us and what we have to offer by visiting http://LearnMore.JeanScottHomes.com.