Orlando Florida Home Sales
Here’s your May market update for the Greater Orlando area. In this edition of Orlando Florida Home Sales May 2024, we explore another strong month of activity in the local housing market as the summer season approaches.
May 2024 Sales Summary
A total of 2,909 homes were sold in May 2024, marking an 8% drop compared to 3,150 sales in May 2023. However, month-over-month activity increased by 5.4% from April’s 2,759 sales—making this the fourth straight month of rising home sales.
Median Home Price
The median home price in May was $385,000, slightly down from April’s record-setting $388,500. Even with the dip, May’s median was still 2% higher than the same time last year, indicating continued long-term growth.
Inventory of Homes for Sale
Inventory grew to 10,282 homes on the market, representing a 10% increase over April and a 100% increase compared to May 2023. With four straight months of rising sales, inventory remains a key pressure point, especially as more buyers enter the summer market.
Market Dynamics
Despite more listings, the market remains highly competitive. Homes are still selling quickly, and buyers should be ready to act fast if they find the right fit. With demand staying strong and inventory below the six-month “balanced market” threshold, activity is expected to stay brisk heading into summer.
Mortgage Rates
The average 30-year mortgage rate in May was 6.6%, down from 6.9% in April. This slight drop in borrowing costs likely helped boost May’s sales volume.
ORRA’s Complete Market Report
Want the full picture? ORRA’s State of the Market Report provides data for the past 13 months, plus archived editions dating back five years.