St Petersburg Housing Market: An Overview
St Petersburg Housing Market and we ponder the outlook for the Homes for sale St Petersburg FL trends. Located on the central west coast, St Petersburg is a city located in the Sunshine State of Florida. Most of all, it is known for its beautiful beaches and vibrant culture. But, what is the housing market like in this city today? Well, let’s take a closer look at the recent trends and data.
St Petersburg Housing Market: Home Prices on the Rise
According to the latest data, the median price for homes for sale St Petersburg FL in December 2022 was $396K, up 14.3% compared to the previous year. Despite the surge in home prices, the number of homes sold in December 2022 was slightly lower than last year, with 399 homes sold compared to 605 homes sold in December 2021.
St Petersburg Housing Market: Competitive Market
Homes for sale St Petersburg FL housing market is currently trending to be somewhat competitive with a Redfin Compete Score of 1.5 out of 5. Some homes receive multiple offers and the average home sells for about 4% below the list price. On average, homes in St Petersburg take 29 days to sell, which is longer in comparison to last year when homes were selling in just 14 days.
St Petersburg Housing Market: Relocation Trends
In the period from October to December 2022, 28% of homes for sale St Petersburg FL homebuyers searched to move out of the city while 72% looked to stay within the metropolitan area. Among the homebuyers searching to move into St. Petersburg, the majority were coming from outside metros with New York being the most popular source of migration followed by Chicago and Washington. On the other hand, the most popular destinations among St. Petersburg homebuyers were within the metropolitan area with Asheville, Ocala, and Sarasota being the top three choices.
St Petersburg Housing Market: Conclusion
In conclusion, the St Petersburg housing market is a competitive one. As a matter of fact, homes for sale St Petersburg FL prices are on the rise. Furthermore, a growing number of homebuyers are looking to stay within the metropolitan area. With its beautiful beaches, vibrant culture, and friendly people, St. Petersburg continues to be a popular destination for homebuyers. Whether you are a first-time buyer, an investor, or a relocator, the St. Petersburg housing market is definitely worth considering.