Orange County FL Housing Market Report For September of 2024

As September comes to an end home owners both to be, and present are watching the Orange County FL Housing Market as it experiences an overall market decline. This is normal although tragic for many home owners. There are several things that will likely to cause market turmoil to stretch out and I will address some of the known challenges in this article. First let us look at same interesting numbers.

Home Sales Compared To A Year Ago

In the previous 30 days a 1,067 homes sold in the OC aka Orange County Florida. The types of homes I included in my research were single family homes, condos and townhomes. No villas, multi family homes, mobile homes etcetera. Let's take a look at the median sales prices and then some areas.

• Condos- 149 sold with a median price of $218,000
• Single Family Homes- 791 sold for a median price of $480,000.
• Townhomes Median Price- 127 sold for a median price of $385,000.

The Housing Market This Time Last Year

Obviously some things have changed. I will be upfront in reminding you that these numbers cover all of the Orange County Housing Market. Some areas remain strong like Winter Garden FL, Windermere and to a certain extent Lake Nona. Older homes in less popular areas often take the brunt of bad economic news.

• Condos- 236 sold for a median price of $236,000.
• Single Family Homes- 1,110 sold for $494,000.
• Townhomes- 141 townhomes sold for a median price of $395,000.

Things Which Will Effect The Rate Of Market Sales & Price Declines

Many who purchased homes in the previous few years placed very little money down on their purchases. Some because of the low interest rates allowed them to afford the home while investing cash in what they hoped to be more lucrative returning investments. Others, meaning most of the buyers put little down because they simply did not have the funds available and the banks would still loan then money. With prices and sales volume declining many owners cannot afford to sell.

Short Sales & Bankruptcies

Will these be a thing? Well for many people yes they will. Historically when these begin to hit the market enough to effect overall market pricing it is time to consider purchasing a home. If an owner whishes to sell a home short of what is owed normally they have to be 6 months behind in their payments, there is an approval process and tax implications to be considered. More short sales will begin to hit the market in late spring of 2025.

Florida has a judicial foreclosure. This is a process that also takes quite a while, on average. As more foreclosures hit the market the process can even takes years for the entire process to go from the first late or non payment till the home is sold by the lender. Banks have to have a fairly high number of foreclosures in their inventory to accept less that current market value for a home. Thank you for visiting and taking the time to review the current Orange County FL Housing Market Update.