Orlando Home Prices hit Record in April

Orlando home prices have soared to a record high, with demand prevailing over high mortgage rates.

The Orlando metro’s median home price reached $388,500 in April, up $2,000 from the previous month, the Orlando Business Journal reported, citing the Orlando Regional Realtor Association.

Last month’s number barely topped the previous record of $387,000, set in June 2022. It also surpassed the national median sale price of $383,725 for the four weeks ending April 21, according to Redfin data.

Orlando home sales increased by 7.8 percent month-over-month in April to a total of 2,759 transactions. The average time a home sat on the market decreased from 58 days to 54 days.

Orlando Regional Realtor Association president Rose Kemp called the demand surge “a positive indicator of market stability and is expected to continue through the next few months as families look to relocate during the summer season.”

Despite a 4.5 percent spike in inventory last month, to 9,376 homes, the overall supply dipped slightly from 3.5 months to 3.4 months. Six months is typically considered a balanced market.

Mortgage rates also continued their upward trend, climbing from 6.7 to 6.9 percent in April, marking the third straight month of increases, the outlet reported.

Distressed properties, including bank-owned homes and short sales, accounted for 26 of the metro’s total sales, up from 23 in March.

Chen Zhao, Redfin’s economic research lead, advised sellers to price homes competitively to attract buyers amid high mortgage rates. For buyers, Zhao suggested that while now may not be the time for bargain hunting, it’s possible that the market will cool in the coming months, potentially allowing for favorable deals.

Overall, housing costs in metro Orlando are expected to remain elevated for the foreseeable future, influenced by market demand and fluctuating interest rates, Zhao said.

—Quinn Donoghue