Monthly Market Update
Between July 2022 and February 2023, home prices across the United States declined slightly overall, with the U.S. housing market declining by 2.77%. Some markets like the Bay Area in California are seeing much bigger declines (-35% in Feb 2023 from the peak) while markets like Miami are actually increasing still (up 6.7%yoy in March 2023).
2023 stands to be another strong & steady year for sellers in Central Florida & Florida overall. Florida is the state with the highest influx of new residents which will help keep demand strong and inventory low in the near future. However, everyone should keep a close watch on whether the Fed continues to hike rates in the ensuing months along with the current regional banking crisis. If credit starts tightening substantially while the Fed sticks to a hiking cycle, then the market could start shifting to the downside even quicker.
Either way, if you're thinking about selling your home, being aware of the trends in the market will help you understand the strength of the overall market as well as your submarkets where you have a property or properties.
Our monthly market update showcases everything you need to know about local real estate trends over the last month in the Orlando & Winter Park neighborhoods overall.
May 2023 Market Update for Orlando & Winter Park
Average Sales Price
Months of Supply
Average Days on Market
Average Price per Square Foot