ORLANDO, Fla. — The median price of a home in the Orlando area increased 2.99% from January to $345,000 in February, the Orlando Regional Realtor® Association reported Tuesday.
What You Need To Know
- Orlando area median home prices set a record in February, a realtor group reported
- The price increased 2.99% from January to $345,000
- The Orlando Regional Realtor Association said 3,198 homes sold last month
- The selling season is expected to stay strong through spring, an industry leader said
The previous record was $340,000, set in December 2021. The median home price in February 2021 was $280,000.
The higher price and a .01% increase in interest rates to 3.88% has not slowed demand for the homes. Sales in February increased by 5.44%, with a total of 3,198 sales compared to 3,033 sales in January 2022, the realtors group reported. Homes spent an average of only 30 days on the market in February, down slightly from 32 in January 2022, and there was only about a month's supply of homes.
A balanced market has a six-month supply. A total of 2,313 homes were on the market in February, down 2.77% from a month earlier.
New listings surged 3.13% last month to 3,686, the regional realtor group reported.
“This is the strong start to the spring selling season that we expected,” Orlando Regional Realtor® Association President Tansey Soderstrom said. “We anticipate the competitive housing market to continue throughout the spring.”