If you’re considering buying or selling a home in South Tampa, you’ll want to keep an eye on the current Tampa real estate market.
Tampa Florida Real Estate Market
Tampa, Florida, is among the country’s fastest-growing metro areas, with a bustling downtown area, various restaurants, and tourism attractions. Because it is currently one of the hottest residential and commercial properties, investors who choose this market will see a significant increase in their investments. It also has a high overall quality of life, making it a desirable place to live for many families.
- In November 2021, the average listing property price in Tampa, FL, was $355K, up 10.9% over the previous year.
- In November 2021, the typical price per square foot for a property on the market was $229.
- The median sale price of a home was $350,000.
- Tampa, FL, is in a seller’s market in November 2021, which means more people are trying to purchase than there are homes available.
- The average time it takes to sell a home in Tampa, FL, is 50 days.
- The sale-to-list price ratio of 100 percent shows that most properties sell for close to, if not precisely, the asking amount.
- With a typical home listing price of $2.6 million, Davis Islands appears to be the most expensive area in Tampa, while Sulphur Springs seems to be the least costly, with a median home listing price of $190,000.
Tampa Bay Real Estate Market
According to a recent analysis by the Tampa Bay Times, Tampa Bay is the 7th most attractive metro in the United States for investors. Here’s why:
Tampa Housing Sales for Single-Family Homes
- Year over year closed sales climbed by 2.0 percent.
- Year-to-date sales are up 8.3% from the previous year.
- All-cash sales are a systematic way to track investor activity.
- The number of cash sales increased by 35.8% year over year.
- Cash sales accounted for 33.2 percent of all closed sales throughout the month.
- It demonstrates how active the Tampa home market is for investors.
- To $2.1 billion, total dollar volume has increased by 23.8 percent.
- The number of new pending sales has decreased by 4.3 percent.
Housing Demand and Prices in Tampa for Single-Family Homes
- The Median Sale Price has risen to $362,250, a total of 25% increase.
- The average sale price has risen to $446,224, a total of 21.4% increase.
- Offers are often accepted faster than they were a year ago.
- The average time to contract is eight days, down 27.3% from last year
- While the average time to sell is 48 days, down -11.1%
Housing Supply in Tampa for Single-Family Homes
- New listings in Tampa are up 2.3% year over year, indicating that more sellers are putting properties on the market.
- Year over year, new postings have climbed by 6.5% (from Jan to Dec).
- The inventory (active listings) has decreased by 30.6 percent.
- Months Supply of Inventory has decreased by 36.4% to 0.7 months.
- Six months’ supply has generally been connected with moderate price rises, but a lower number of months’ supply has historically been related to more rapid price increases.
South Tampa is a flurry of real estate activity, with people constantly buying and selling homes.
Well-paying professional and commercial services are generating steady job growth. Tampa’s economy is rising as a result of these business increases. This means that the demand for housing in Tampa and Hillsborough County, where Tampa is located, is fast increasing.
Compared to last year, Hillsborough County experienced a nearly 13.4% increase in single-family home sales, while Pasco saw a 20.9% gain. Closed sales in the Tampa St. Petersburg Clearwater MSA are up 8.3% year to date.
- Since the last real estate market peak in May 2006, when prices soared the most, Tampa home prices have declined by 3.7 percent.
- Since the last real estate market low in March of 2012, property prices in Tampa have increased by 105.7 percent.
- Because housing costs in Tampa are neither excessively high nor excessively low, many people rent there, which helps to explain why so many people reside the area.
Homebuyers and sellers need to know and understand how their market works. Being aware of the real estate market situation in a specific area will help them identify the demands for properties, create opportunities for negotiation, and more. South Tampa is among the most sought-after places by buyers and has a high demand in home sales.
For more information about the real estate market of South Tampa, feel free to give me a call.