Orlando Area Residential Real Estate Snapshot for 2021

by | Jan 18, 2022 | REALTOR Associations | 0 comments

The Orlando Regional REALTOR Association recently released overall 2021 data, revealing a historic year of real estate in Orlando, including an all-time record low for inventory and an all-time record high for median home price.

For a graphic quick view of the Orlando market covering Months of Supply, New Listings, Inventory, Mortgage Rates, New Contracts, Pending Properties, Closed Sales, Average & Median Prices, check out ORRA’s full Market Plus Report for December 2021 at full ORRA Market Plus Report

2021 Annual Market Recap  

(Cumulative 2021 totals compared to cumulative 2020 totals) 

 

  • The overall median home price in 2021 was recorded at $310,000, a record high and a 17% increase compared to 2020 when the overall median home price was recorded at $265,000.
  • Overall sales in 2021 increased by 23.6% with a total of 45,572 sales. Overall sales in 2020 were recorded at 36,871.
  • Single family home sales increased in 2021 by 18.3% for a total of 34,648 sales compared to 29,287 sales in 2020.
  • Condo sales increased in 2021 by 46.7% for a total of 5,889 sales compared to 4,016 sales in 2020.
  • Townhome sales increased by 41.1% in 2021 for a total of 5,035 sales compared to 3,568 in 2020.
  • “We witnessed an unprecedented real estate market in 2021 – with demand, and price, dramatically increasing. On the flipside, we saw buyers struggle in a market punctuated by low inventory month-after-month,” said Tansey Soderstrom, 2022 Orlando Regional REALTOR® Association President. “We expect demand will remain strong in 2022. If sellers decide to take advantage of this market, we could be in for another fierce year.”

 

Market Snapshot 

  • During 2021, interest rates increased by roughly a quarter point from 2.73% on January 1, 2021 compared 3.07% on December 31, 2021.
  • There were 439 total distressed homes (bank-owned properties and short sales) sold in 2021. That represents a 50.1% drop over 2020 when 880 distressed homes sold.

 

Inventory 

  • At the start of the year, inventory was at 4,875. The last day of the year, inventory was at 2,586 – a decrease of 47% and a historic record low dating back to 1995, as far back as ORRA data goes. Previously this year, inventory hit a record low in April 2021 followed by several months of increased inventory.

 

December 2021 Summary

  • December’s median home price was recorded at $340,000, closing the year with the highest median home price ever recorded.
  • Overall sales in December increased by 4.26% with 3,820 sales.
  • Homes spent an average of 31 days on the market in December, up slightly from November 2021 when the average was 28.
  • Inventory noticeably dropped in December, decreasing by 15.1% from November, for a total of 2,586 homes on the market. This is a historic low for inventory in Orlando.
  • New listings continued to drop with just 2,797 new listings in December.
  • Interest rates showed a slight increase as the average interest rate in December 2021 was 3.07% compared to 2.95% in November.

 

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