In an article published by the Orlando Sentinel yesterday, we learn that for the first time since October 2020, the median home price in Orlando has seen a decreased. According to a report released on Friday from the Orlando Regional Realtor Association, the median home price in metro Orlando, Florida dropped from August to September. In September, that median home price came in at $318,000. And while this is still a 17.8% increase over the previous year at this time, the number is $2,000 less than where it had been for July and August of this year.
In addition to this, the average home price fell $6,000 month to month. It is important to note that average home price is calculated differently than median home price. Also, average prices haven’t been as consistent as the median. Median prices have shown steady increases for almost a year. In other words, seeing the median home price finally drop is a better indicator of where the market is heading.
The market is showing other signs of starting to level off as well. Examples of this includes increasing home inventory and a decrease in sales. Homes are also starting to spend longer on the market which means the odds of price decreases for existing listings is higher. While we are still seeing a seller’s market, things are starting to align to balance the market out.
If you were waiting for things to shift into the buyer’s favor before you make your move to the sunshine state, that shift seems to have started. Our Moving to Orlando REALTORS are here to help you navigate the market. Take a moment to fill out our contact form, and someone will be in contact with you!