Tampa Real Estate Market Update: The Current State of the Tampa Housing Market
As of October 2023, the Tampa housing market could be characterized as moderately competitive. Specifically, homes in Tampa receive an average of 2 offers and sell in approximately 24 days. Moreover, the median sale price of a Tampa home last month was $400K, a 2.5% decrease since last year. However, the median price per square foot rose by 5.6% to $283.
Tampa Real Estate Market Update: Examining Price Changes
Indeed, Tampa home prices have declined slightly, with the median sale price down 2.5% year-over-year. Additionally, 30% of homes sold below asking price last month. To illustrate, of the 557 Tampa homes sold in October:
- 320 (57.5%) sold under asking price
- 139 (25%) sold at asking price
- 98 (17.5%) sold over asking price
Nevertheless, prices remain 4% higher than the national median. Furthermore, lower home prices coupled with Tampa’s cost of living, which is 2% below the national average, could present buyers with an opportunity. Specifically, the small decrease in prices allows buyers to find relatively affordable homes in an area with a low overall cost of living.
Tampa Real Estate Market Update: Examining Sales Volume and Speed
In addition to the modest price changes, sales volume decreased while sales speed increased slightly. For example, October saw 501 homes sold, down from 589 last year, representing a 15% drop. However, days on market declined from 27 last year to 24 this year.
To elaborate, of the 557 homes sold last month:
- 347 (62%) sold in under 30 days
- 158 (28%) sold in 30 to 90 days
- Just 52 (9%) were on the market over 90 days
The dip in volume coupled with marginally faster sales indicates a moderately competitive market. In other words, while buying a Tampa home remains reasonably achievable for buyers, significant competition and bidding wars are less common than in extremely hot markets.
Tampa Real Estate Market Update: Offering a Nuanced Perspective
When viewed holistically, analysis shows the Tampa market to be balanced for both buyers and sellers. Homes sell relatively quickly, often garnering multiple offers. Yet buyers still have opportunities to purchase homes below list price without facing severe competition. Sellers may need to price appropriately and market homes effectively but can reasonably expect to sell within 30 days.
In summary, Tampa provides a temperate alternative to the most competitive U.S. markets. Home prices and sales pace exceed national rates but have cooled slightly from previous peaks. Consequently, Tampa appeals to buyers seeking affordability coupled with strong job prospects and quality of life. Though not the most extreme seller’s market, Tampa remains moderately competitive, rewarding sellers who accurately set asking prices. With thoughtful preparation and reasonable expectations, both buyers and sellers can succeed.
Tampa Real Estate Market Update: Tampa’s Outlook Versus National Trends
On a national scale, Tampa home prices slightly outpace while sales numbers fall short of national trends. For context, the national median home price in September 2023 reached $384,800, $15,200 below Tampa’s median. Concurrently, national September sales declined 17.8% year-over-year compared to 15% locally.
In short, Tampa trails national price growth metrics while aligning directionally with slowing sales. This indicates the Tampa market, despite localized price and volume fluctuations, remains tied to broader economic conditions influencing housing nationwide. Tampa Realtor Aaron Hunt states “As the Federal Reserve sustains interest rate hikes to curb inflation, national data suggests the housing slowdown will persist near-term.”
Tampa Real Estate Market Update: Drilling Down: Price Per Square Foot
Beyond overall sale prices, the value of Tampa real estate on a per square foot basis grew 5.6% year-over-year to $283. This localized price growth outpaces the 2.1% national increase in price per square foot.
Multiple factors drive Tampa’s strong per square foot appreciation:
- Low existing home inventory places upwards pressure on prices
- Strong local job market expands buyer pool
- Favorable weather and amenities attract residents long-term
- Ongoing development raises property values area-wide
In contrast to declining overall prices, the sustained per square foot increase highlights Tampa’s underlying housing strength. Scarcity of homes meeting buyer needs fuels competitive bidding in targeted areas. As inventory shrinks, properties in move-in condition or desirable locations command higher square foot prices.
Tampa Real Estate Market Update: The Outlook for Tampa Homebuyers and Sellers
For Homebuyers
Tampa homebuyers currently experience tempered competition with slower price growth and reasonably achievable inventory goals. Specifically:
- Home price deceleration provides purchasing opportunities
- Healthy local economy supports buying power
- Lower cost of living eases affordability constraints
In light of moderating competition, interested Tampa homebuyers should move decisively on properties meeting their criteria. To secure housing before rising rates and prices return, buyers must:
- Obtain pre-approval to strengthen offers
- Broaden home search parameters
- Make competitive bids quickly before competition intensifies again
In summary, Tampa retains positives for homebuyers even as the market cools nationally. Savvy buyers may exploit opportunities today that evaporate as the market rebounds.
For Homesellers
Tampa homeowners seeking to sell inhabit a moderately strong sellers’ market. Tampa home prices still trend higher than national benchmarks. Likewise, homes move quickly, averaging just 24 days on market.
Yet sellers must adapt to the cooling housing market by:
- Pricing homes accurately from the outset
- Enhancing marketing to stand out
- Structuring offers strategically to secure the best buyer
In conclusion, Tampa sellers retain leverage tied to better local prices and quicker sales. Sellers simply need greater precision pricing homes and marketing to buyers. As competition moderates, preparation separates motivated sellers who close sales fast.
Tampa Real Estate Market Update: The Bottom Line
While softer than its 2022 peak, Tampa real estate sustains desirable traits for both buyers and sellers. Home prices appreciation slows but outpaces national medians. Sales speed eases slightly but exceeds the broader market. Inventory declines less sharply than seen nationally.
In this environment, Tampa residents looking to buy or sell homes can succeed by making data-driven decisions. Proper pricing, assertive marketing and strategic offer responses allow homeowners to navigate cooling conditions. With reasonable expectations and proactive tactics, Tampa homebuyers also uncover housing opportunities as competition declines.
Fundamentally, Tampa’s housing slowdown reflects national trends, not localized market weakness. Yet relative affordability and economic growth provide resilience absent in more heated areas. Both buyers and sellers can thrive by capitalizing on Tampa’s sustained intermediate-term appeal.
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