Tampa Real Estate Market Update

January 2024: Tampa New Listings and Prices Increase

The Tampa Bay Area followed nationwide trends of fewer closed sales to start 2024. Around 7% fewer single-family homes sold, although condo sales did increase 4.5%. Pricing growth was sustained, with the greater metro reporting a 5.3% increase to a median sale price of $400,000. Overall, the Tampa metro had a 2.6-month supply of inventory. Here’s how that breaks down by county.

Hillsborough County

Single-family home sales were down almost 15% in January. Despite the smaller buyer pool, Tampa’s median sale prices kept growing. The much more moderate 2.8% increase brought sale prices to $411,000, but that was down from the August 2023 peak of $445,000.

Part of the decline in closed sales has been the need for more listings, not demand. Homes were on the market four days less in January 2024–only 34 days. That, along with the 2.4-month inventory supply, shows that the market is nowhere near balance yet. New listings did increase by 8.5%, though. 

On the condo and townhome side of the market, closed sales increased by 2.4%. They rose in tandem with a 2.8% bump in median sale prices, bringing the cost to $287,725. These properties typically went under contract in 42 days, a 40% increase from January 2023. Even better news for home buyers is that the market saw an almost 17% increase in new listings. The Hillsborough condo market’s monthly supply of inventory reached 3.2 months.

Pinellas County

Closed sales of single-family homes near St. Petersburg, Clearwater, and Palm Harbor increased by 4.6%. Even more notable? Median sale prices rose 14% to $455,000. A high percentage of buyers paid in cash for these homes–23%. 

Pinellas had a 2.8-month supply of inventory, and homes were moving. Compared to last year, the median time to contract dropped one day to 35 days. Despite being a seller’s market, the inventory has increased, thanks in part to a 26% increase in new listings for January 2024.

Data shows a different story for condos and townhomes, as closed sales fell 8.1%. These properties experienced price growth, but only 3.6% to $290,000. Their median days to contract increased by 68% to 47 days. 

The market segment was much closer to balance, with a 5-month supply of inventory. New listings in Pinellas condos increased by 32% for the month.  

Sales Ahead

The winter and early spring months typically are busier sales months in Florida, and listings tend to increase in response. Looking at the greater Tampa metro stats over time, there has been an increase in closed sales during these months. Increasing the active inventory in the months ahead will take more owners willing to sell.

October 2023: Sales Activity Picks Up For First Time in a Year 

Could the real estate market be turning around in the Tampa metro? The latest Tampa real estate market update shows closed single-family home sales increased for the first time in a year. But with a 2.3-month supply of inventory, the pressure persists on the median sale price, which grew to $415,000 for September.

The greater Tampa area includes Hillsborough, Pinellas, Pasco, and Hernando Counties. Major cities inside this metro region are Tampa, St. Petersburg, and Clearwater. 

Hillsborough County

Sales on single-family homes in Hillsborough County gained a little bit of traction in September 2023, with 10% more than the prior year. One reason might be what happened in September 2022: Hurricane Ian swept through, putting a pause on all home buying activity when it threatened and impacted the Florida West Coast. 

For the month, homebuyers spent $427,111 for median sale price growth of 3%.

Hillsborough still had a restricted supply, down to a 2.3-month supply of inventory. That’s barely more than the 2.2-months in September 2022. Homes were on the market a median of 23 days before receiving a contract. Note that the supply of inventory does tend to rise in the fall and shrink in the spring in the Hillsborough real estate market.

September was the first month in the whole year that there was a positive change in the sales activity. It’s also the first month with positive year-over-year growth in the number of new listings, which is great news for buyers dealing with low inventory. Overall, the sales activity for the year is down by 13%, while median prices are up 1.7% for $421,950.

For townhomes and condos, the median sale prices reached $295,000, a 4.4% bump over September 2022. This segment remains competitive with a 19-day median time to contract in a 2.5-month supply of inventory. Overall, sales activity has been down while sales prices continue increasing.

Pinellas County

Home to St. Petersburg, Clearwater, and Tarpon Springs, Pinellas County also reported an increase in home sales activity. A 10% increase in single-family home median sales price wasn’t enough to dampen the 6% YOY growth in closed sales. Home buyers paid $462,000 for Pinellas County homes in September 2023, with a median 16 days to contract. 

Meanwhile, sales in condos and townhomes increased even more significantly year over year, by 35%. These home buyers paid $341,000 for these properties, 16% more than the prior year. Even though the market had a 3.3-month supply of inventory, homes were going under contract in the median 24 days.

Like its Hillsborough County neighbor, the market has a very clear cycle with an increase in homes and condos for sale through the fall months. We can expect moving forward that sales activity will increase as spring approaches.