Unlike other parts of the country, and even some areas within Florida, Tampa’s real estate market continues to outperform expectations, showcasing resilience and steady growth.
Our current average sale price in Tampa is $461,000 as of April, up from $454,000 the previous month and $446,000 a year ago. This represents a steady 3% increase from last year, reflecting a pattern of gradual and stable appreciation. This is a stark contrast to the dramatic 27-30% spikes we saw a couple of years ago. While some markets nationwide are experiencing a 3% decline or more in average sale prices, Tampa remains strong.
Tampa boasts a 3.08-month supply of inventory. This means that if no new homes were to come on the market, it would take just over three months to sell the current inventory at the current sales pace. Although this indicates a seller’s market, it is less intense than the peak of a few years ago. A balanced market typically has around six months of inventory, so we are still leaning towards favoring sellers.
Homes in Tampa are selling in an average of 55 days. With just over 10,000 homes available, the inventory has remained stable over the past several months, contrary to what you might hear in broader news reports about rising inventories.
Another important statistic for Tampa’s market is the 98% list to sale price ratio, indicating that homes are selling very close to their listed prices. For luxury homes priced over $1 million, Tampa is having its best year yet, with over 100 luxury homes selling each month. The list to sale price ratio for these high-end properties is slightly lower at 95%, showing a bit more room for negotiation as prices rise.
Tampa’s real estate market is holding strong, with steady appreciation and a robust luxury segment. If you have specific questions about your neighborhood or want detailed values and statistics for your area, feel free to send us an email. We look forward to hearing from you!
