Orlando's Median Home Price Hits Record High Despite Rising Mortgage Rates

Orlando Housing Market Hits Record High in April

The Orlando housing market saw a significant surge in April, with the median home price reaching an all-time high of $388,500, surpassing the national median. Despite rising mortgage rates, home sales experienced a notable 7.8% month-over-month increase, reflecting the robust demand in the market. Although there was a 4.5% rise in inventory, the overall housing supply remained low at 3.4 months. Experts, including Chen Zhao of Redfin, are advising potential buyers to wait for a potential cooling of the market to find favorable deals, as mortgage rates continue to climb, reaching 6.9% in April. However, the escalating demand and fluctuating interest rates are expected to sustain high housing costs in Orlando.

Key Takeaways

• Orlando breaks records with a median home price of $388,500 in April, surpassing the national median.
• Robust demand leads to a 7.8% month-over-month increase in home sales, despite rising mortgage rates.
• Inventory rises to 9,376 homes, but the overall supply remains below the balanced market level.
• Mortgage rates climb to 6.9% in April, affecting affordability for homebuyers.
• Market experts recommend competitive pricing for sellers and patience for buyers anticipating a cooler market.

Did You Know?

• Median home price: Represents the middle value in a set of home prices, reaching an all-time high of $388,500 in Orlando in April 2024.
• Inventory: Refers to the total number of homes for sale, witnessing an increase to 9,376 homes in April.
• Mortgage rates: Climbed to 6.9% in April, impacting the affordability of homes for potential buyers.