2024 Central Florida Market Predictions
As we wrap up 2023, many people are wondering what the 2024 real estate market in Central Florida holds. Before I dive into my predictions, let's review the stats as they stand today. The data below is straight from the most recent Orlando Regional Realtors Association State of the Market:
The median home price is $375,000, which is a 4.2% increase from year end 2022.
Average days on market in Central Florida currently sits at 46 days, up from the 43 days on market we saw at the end of last year.
Inventory is up 14% compared to this time last year, giving us roughly 4 months of supply. This is actually the first time since January of 2019 that we have had more than four months of supply.
Interest rates saw a 20-year historic high in October of this year, surpassing 8%. Due to these high rates, coupled with high home prices, many home buyers have been sitting on the sidelines waiting for more favorable conditions.
However, even with high interest rates, tight inventory has held the upper hand keeping home prices elevated. We anticipate home prices to remain high in 2024 because we are far from a balanced market, which is a six-month supply of inventory. Our market could easily absorb a doubling of inventory before we see buyers having the upper hand.
So here is what I think we will see in 2024 in the Central Florida Real Estate Market…
Rates will continue to come down slightly, especially as we near election season. The drop in rates will encourage more homeowners, who have been hesitant to list because of the sweet deal they have, to list their home & make the move they've been waiting on, which will increase our inventory. On the flip side, the relief in interest rates will also spur more home buyers to get off the benches and get back in the game, as they will see their affordability increase.
By this time next year, we will probably see a conservative 3-4% increase in home prices, just like we saw in 2023. The bottom line is, there are simply more buyers in our market than we have supply for. I frankly wouldn't be surprised if by the end of the 2nd Quarter we are back to seeing buyers in multiple offer situations due to a relief in rates and a tick up in buyers flooding the market.
So if you're looking for a bargain in 2024, it's unlikely you'll see it. If you want to talk more about the market and how to best accomplish your home selling & buying goals in the new year, I'd absolutely love to discuss all things real estate with you. Click here to shoot me an email and we will set up a time to talk.
Meet Shelby Buck
In 2023 I set a lofty goal to sell $14 MILLION in real estate. Thanks to all of you, I surpassed that goal and officially closed $15,729,000 in real estate transactions for the year!! I truly appreciate all your referrals & support of my business. Moving into 2024, I have officially hired a full-time assistant, Shelby Buck.
Shelby has been in the real estate business since 2014, first starting as a weekend receptionist and transitioning into an assistant and transaction coordinator role in 2016 after graduating from UCF (Go Knights)! She will be taking over the sometimes daunting tasks of back end paperwork or organizing and coordinating a lot of moving parts for multiple transactions at once, so I can spend more time with my clients, which is the most important part of my business. Please welcome Shelby to my team!
Who do you know that is thinking of selling or buying in 2024?
I'd love an introduction to them and I promise to treat your friends & family with top notch service & care like I do all my clients.
Happy New Year to all of you!! Wishing you health & happiness in 2024.
