If you’ve bought or sold a home in the Tampa Bay area in the past few years, you have probably noticed an upward trend in pricing. To be sure, Tampa Bay is a hot market! And we’re going to talk to you about what that means and how you can get the most for your home.
Our local real estate agents like to keep our clients informed about the market. It’s important to know what houses in your area are going for as to best price and sell your home. If you’re a buyer, you’ll be equipped with the knowledge needed to set your expectations and budget based on the current market trends.
Here’s how the Tampa Bay Area housing market is trending:
Local Housing Trends
This is an exciting time for the housing market in Tampa. In August 2021, home prices were up 23.7% and selling for a median price of $345k. On top of those numbers, we are seeing that homes are selling after 8 days on the market on average – this is compared to last year’s 18 days.
Prices in the Tampa Bay area are also much higher than they were last year. Proves are more than 20% higher than last year. Along with that, cash sales went up as much as 123% in Hillsborough County. Cash sales are increasing and are being utilized by wealthy second-home buyers and former Snowbirds making the move to more affordable Tampa.
Competition Is High
We don’t have to tell you that; you know that this market is crazy right now.
The Tampa area market is very competitive at the moment – especially if you’re looking to buy a home. Many homes get multiple offers – and they’re selling fast.
Most homes are selling for around the asking price, but some extra desirable homes are selling up to 4% above the list price and are being sold within 3 days of listing.
While the market has been trending as competitive, some sources have noticed that there has been a slight slow down in the past couple of months. There are nearly 13% fewer single-family homes for sale than last year. This isn’t the first market decline, however, there is an inventory shortage that could be to blame.
We’ll help with the home inventory shortage. Contact Heffernan real estate team for a comparative market analysis CMA today. We’d be honored to help you sell your home!
Is the Market Slowing Down?
Despite the slight slowdown the market is experiencing, we shouldn’t expect to see prices drop any time soon.
However, the prices might level off as inventory increases. It is still a sellers’ market, but rather than getting 20 offers, homeowners might receive 10.
These trends are also deeply affected by the job market and growth that we’ve been experiencing in Tampa this past year. Due to this growth, we are experiencing an extreme demand for housing in Tampa and Hillsborough County.
Real Estate Recap:
- Homes in more desirable areas like the Plant School District are commonly selling above the list price and are being sold within 3 days of listing.
- In August 2021, home prices were up 23.7% and the average days on market (DOM) in Tampa Bay dropped from 18 days on average to just 8.
- Don’t expect to see prices severely drop any time soon. They may level, but it is still a sellers’ market, but they may get slightly fewer offers.
- Stay on top of the local trends. See more real estate knowledge from team Heffernan.
Here For Tampa Bay Homes
Tampa is a great place to live and do business. The economy is extremely diverse and includes work in finance, tech, tourism, and construction. There are opportunities and it is a growing, beautiful city.
We would love to work with you – whether you’re buying or selling a home in the Tampa Bay area. We’ve loved watching this area grow in amazing ways. We love Tampa – and we want you to love it too! Contact us today to learn more about how we can help you on your real estate journey — (813) 857-8592.