New data from the Orlando Regional Realtor Association is showing that the median price for home sales in the area is continuing an upward trend, even as dwindling inventory is resulting in fewer homes sold.
According to the association president, some would-be home buyers are starting to get priced out of the market or are choosing to wait until more homes are listed, which seems to be the primary reason for a decline in overall sales.
With all home types combined, the median sold price in Orlando was $231,000 back in August, which represents a 2.7 percent increase compared to August 2017. August also marked the 86th consecutive month a year-over-year increase was recorded, and it also represents a 100 percent increase compared to prices back around the same time in 2011.
Broken down, the median price for single family homes that were sold in August is now at $255,000, a 4.9 percent increase compared to last year. The median price for condos in the Orlando area jumped a whopping 12 percent from last August and is now $125,975.