"Orlando Housing Market Report 2023: Trends, Prices, and Inventory Insights".

"Explore the latest trends in Orlando's real estate market for October 2023. Discover insights on rising interest rates, inventory spikes, sales patterns, and pricing shifts impacting home buyers and sellers."

12/12/20231 min read

Understanding Orlando’s Housing Market Trends in October 2023.

Hey there! 🏡 Curious about what’s happening in Orlando's housing market. Let’s dive in!

Interest Rates on the Rise: Think of interest rates as the cost of borrowing money for a home. In October 2023, they climbed to 7.8%, the highest since 2001. This affects how much people pay for their homes.

More Houses to Pick From: Imagine a shelf full of different candies. Well, the number of homes for sale in Orlando spiked by 15.6% from September to October. That’s good news for house hunters—you’ve got more choices!

Sales Are Kind of Slowing Down: The number of homes sold went down by 5.0% in October compared to September. But wait, the prices of houses went up a bit, reaching $377,000. That’s after three months of prices going down, so it's a change.

Not as Many New Homes for Sale: Fewer people put their houses up for sale in October, about 2.5% less than in September. So, there were 3,456 new homes on the market.

Homes Take a Little Longer to Sell: On average, homes spent 44 days on the market in October, which is a bit longer than in September. Last year, homes sold faster, spending around 38 days on the market by October.

What It All Means: So, with interest rates going up, buying a home might cost a bit more. But hey, more houses are available for you to choose from! Even though sales slowed down, the prices of homes went up a bit after dropping for a few months.

In a nutshell, the housing market in Orlando is going through changes. More options for buyers, slower sales, but prices are picking up a bit. Keep an eye on it, things might shift again soon!