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The Orlando Regional Realtors Association is reporting this week that Orlando’s housing market in April 2020 saw its median home price increase 12%, while home sales dropped 28% in the first month to show an anticipated decline in activity, as a result of the COVID-19 pandemic. Inventory experienced a year-over-year decline of 3%.
“Our market — like those nationwide — is grappling with the coronavirus-induced slowdown,” says ORRA President Reese Stewart. “Orlando Realtors anticipate listings and buying activity will eventually resume, especially given our history of demand versus low supply, along with the record low mortgage rates that increase buyers’ purchasing power.”
“Although the pandemic is a major disruption in regard to sales, Orlando home prices held up in April and even increased due to the ongoing housing shortage, continues Stewart. “However, while lack of inventory in the lower-price categories will likely safeguard prices, it’s possible the upper-end market segment could experience a decline in values.”
