Orlando Area Residential Real Estate Snapshot for March 2021
New Orlando Regional REALTOR® Association report shows just three weeks of inventory available, as new listings quickly come under contract
State of the Market
- The number of homes for sale in the Orlando area plunged 61% from March 2020 to March 2021. This continued decline from the prior month puts an even tighter squeeze on a market with just 2,878 homes for sale.
- Inventory is so low, it would take only three weeks to sell all the homes for sale in the Orlando area. A balanced market is considered six months of inventory.
- The median home price continues to rise, now at $285,000, a 12% increase from March 2020 to March 2021.
- Interest rates continued to rise for a third straight month. The average interest rate in March 2021 was 3.07%, a 7% increase from February 2021.
- “The shortage of homes for sale is so severe, houses are under contract almost as soon as they’re listed. Even though we’re seeing more listings ahead of summer, those homes are getting four to five offers once they’re on the market,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “Interest rates are still lower than last year, fueling demand at a time where there are few houses for sale.”
- ORRA members sold 4,268 homes in March 2021, an increase of 33% over March 2020.
- The median sales price for March 2021 was $285,000 up 12% from March 2020.
- Listings spent an average of 48 days on the market until contract in March 2021, a drop of 11% from March 2020.
- 50 distressed homes (bank-owned properties and short sales) accounted for 1% of all home sales in March 2021, a decrease of 38% from the 80 sold in March 2020
- The Orlando area inventory is down 61% from 7,341 homes in March 2020 to just 2,878 homes in March 2021.
- The number of new listings decreased 5% from 4,150 homes in March 2020 to 3,959 homes in March 2021. However, the number of listings increased from February 2021 by 19%.