Race Day Live (Orlando, FL) – The Orlando Regional Realtor Association’s 2024 housing market breakdown shows that home prices are rising, fewer people are buying, and the market is balanced.
The median home price in 2024 was $385,000, a record high and a 3.9% increase year on year. However, total sales declined 7.1% compared to 2023, according to data compiled by the organization from Orange, Osceola, Lake, and Seminole counties.
As sales fell and more properties remained on the market, inventory hit a six-month supply for the first time since 2011. The six-month barrier is seen as a balanced market by buyers and sellers.
Meanwhile, loan rates continue to be the primary motivator for prospective purchasers. According to Freddie Mac, the current 30-year fixed mortgage rate is 6.96%, which is significantly more than what experts expected this time last year.
Lawrence Bellido, president of the Orlando Regional Realtor Association, spoke with News 6 about the current health of the housing market and his forecast for 2025. Questions and answers were changed for clarity.
What is the outlook for the Central Florida home market this year?
Interest rates will adjust and cool off. We could see them fall slightly, but we won’t have the historical interest rates from the Covid time. That is not going to happen. I don’t think that will happen again in our lives. However, we expect to see lower interest rates this year, allowing many homebuyers to get out there and find a home.
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Are housing prices likely to continue rising?
Absolutely, since there are so many people moving down here from all around. I’m not only talking about the country; I’m talking about the entire planet because so many people are relocating here. We are aware of many commercial acquisitions from other nations by firms coming here, so you do have international purchasers at the top of the range.
Many people consider decreased sales to be a warning indicator. How do you see it?
In my opinion, there is always something in the market that will make someone want to pass on a purchase. Many people prefer to wait and see if interest rates will fall because they are now at a high level. Rates are really important when it comes to acquiring. When it begins to fall little, you will see that the market changes immediately.
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What recommendations do you offer for potential buyers?
Don’t wait because you’ll miss out on the magnificent home you deserve to live in. Don’t be so anxious about interest rates. loan rates are continually going up and down, and if you wait for the right house and the perfect loan rate, you may be priced out of the market.
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