ORANGE COUNTY, Fla. – The Orlando Regional Realtor Association released its latest state of the market report Tuesday that looked at the housing market in both Orange and Seminole counties.
The report shows inventory for single-family homes, condos and townhomes is up, though buyers are seeing higher interest rates overall year to year.
In December of last year, the report showed the inventory for single-family homes was at 4,900, compared to a little more than 1,900 homes available in December 2021.
“That just gives our buyers more options and the luxury to find the house that they really want,” said Lisa Hill.
[TRENDING: Another Buc-ee’s in Florida? This county may be next to offer Beaver Nuggets | Hearing continued for Orlando woman accused of killing boyfriend in zipped suitcase | Become a News 6 Insider]
Hill is President of the Orlando Regional Realtor Association. She said buyers are also faced with higher interest rates now than the year before. Their report shows interest rates for homes this past December were 6.12%, compared to the rate being at 3.07% in December 2021.
“I think (people) should be encouraged,” Hill said. “Even though the interest rates are higher now, you still have people who want to buy their own homes.”
The report also shows the median cost for a home as of December 2022 in Orange and Seminole counties is a little more than $353,000. That’s up from $340,000 the year before.
Hill said, right now appears to be both a buyer’s and a seller’s market.
Orlando resident Jeriah Owens is searching to buy her second home. She told News 6 that as a single mom especially, it’s been a little frustrating with the up and down interest rates and the pricing on homes.
“Some stuff I’ll see and then I’ll be like, ‘That’s not that bad,’ then I’ll look again and I’ll say ‘This crazy,’” Owens said.
“When I was searching two years ago, the same type of houses I’m looking at right now, they were like $250,000 - $300,000 — 2 years ago and now minimum they’re like $450,000 and they are the same type of houses.”
Owens said she knows it also depends on how much buyers are willing to spend right now.
“If I go higher, of course, there are houses everywhere,” Owens said. “I would say there are still a good amount of selections, just not affordable.”
You can read the full report released by the Orlando Realtor Association here.
Get today’s headlines in minutes with Your Florida Daily: