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

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!