Orlando Area Residential Real Estate Snapshot for February 2022
Housing Market Narrative - February 2022
New Orlando Regional REALTOR® Association data shows the spring market starting to heat up with a record high median home price, increases in new listings and overall sales
State of the Market
February’s median home price was recorded at $345,000, an increase of 2.99% compared to January 2022 and setting a new record high, surpassing December 2021’s record high of $340,000. The median home price in February 2021 was $280,000.
Overall sales in February increased by 5.44%, with a total of 3,198 sales compared to 3,033 sales in January 2022.
Homes spent an average of 30 days on the market in February, down slightly from January 2022 when the average was 32.
Inventory continued to drop in February, decreasing by 2.77% from January 2022 for a total of 2,313 homes on the market in February.
New listings increased by 3.13% from January 2022 to February 2022, with a total of 3,686 new homes on the market in February.
“In February, we saw an increase across the board in overall sales, pending sales, and new listings in Central Florida,” says Tansey Soderstrom, 2022 Orlando Regional REALTOR® Association President. “This is the strong start to the spring selling season that we expected. We anticipate the competitive housing market to continue throughout the spring.”
Interest rates continue to slightly increase as the average interest rate for February 2022 was recorded at 3.87% compared to January 2022 when it was at 3.38%.
ORRA members sold 3,198 homes in February 2022, an increase of 5.44% from 3,033 homes sold in January 2022.
26 distressed homes (bank-owned properties and short sales) accounted for .81% of all home sales in February 2022. That represents a 4% increase over January 2022, when 25 distressed homes sold.
Orlando area inventory decreased by 2.77% from January 2022 to February 2022 from 2,379 homes to 2,313 homes. Inventory in February 2022 was 32% lower than in February 2021.
The supply of homes remained at nearly one month in February 2022. A balanced market is six months of supply.
The number of new listings increased in February 2022 from January 2022 by 3.13% to 3,686 homes.