The real estate market in Central Florida continues to show strong resilience in sales data. This is due to the low inventory of homes available for sale. The low interest rate environment from 2018 to 2021 created a surge in purchasing demand. However, with higher rates currently, buyers from that period are holding onto their homes and not upgrading or downsizing, since the current rates to purchase a home are high. If they sell, they will have to forego their lower rates in homes where they currently reside.
Consequently, we are facing a shortage of homes available for sale. Buyers are still competing for fewer homes in the market, which is keeping home prices relatively stable, albeit still increasing in some areas.
The median home price for April was recorded at $370,000, up from $365,000 in March. Median home prices have increased every month this year. Median home price in April 2023 was the same as recorded in April 2022 at $370,000.
The number of new listings decreased from March to April by 6.4% – from 3,442 homes to 3,220 homes.
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