What to Expect in Tampa Bay's Real Estate Market This Year

By Andrew Duncan

Andrew Duncan is the Founder, CEO and Co-Owner of Tampa’s Best Real Estate Agent Team, The Duncan Duo, the Host of The Duncan Duo Real Estate Show Sundays at 10am on 970AM WFLA. As the team’s Founder, CEO & Co-Owner, Andrew’s focus is on the growth of the company, marketing and promotion initiatives as well as motivating and coaching the team’s agents and leadership.

Many people are curious about the outlook for the real estate market in Tampa Bay in 2024. Recognizing the unique dynamics of our local market, I anticipate a positive trajectory with a focus on key factors shaping this year’s predictions.

In 2023, the real estate market experienced modest appreciation due to various factors that are now evolving in 2024. One significant catalyst is the decline in interest rates, which is poised to have a dual impact on the market.

Firstly, lower interest rates are expected to expand the buyer pool by making homeownership more accessible. With increased affordability, more individuals will be drawn to the market, fostering a vibrant environment for real estate transactions.

Secondly, the reduced interest rates are likely to motivate home sellers who were previously hesitant. Homeowners with interest rates in the 3% to 4% range, who were reluctant to sell when rates were higher, are now considering the possibility. As interest rates become more favorable, the prospect of trading up to a desired home becomes increasingly attractive.

“2024 will have a surge in inventory and an increase in total home sales.”

In light of these dynamics, I firmly believe that 2024 will have a surge in inventory and an increase in total home sales in Tampa Bay. The anticipated 7% to 9% appreciation in home values reflects the positive momentum we expect to see throughout the year.

Tampa Bay’s real estate market continues to thrive, fueled by factors such as population growth, successful sports teams, and an enviable climate. These elements contribute to the region being among the fastest-growing populations in the country.

The stage is set for a robust and improved real estate market in Tampa Bay in 2024. If you’re curious about the value of your home or want to stay informed about the real estate activity in your neighborhood, visit DuncanDuo.com. There, you can access a free value report that provides regular updates on homes in your area, including details on sales and much more.

As we navigate the year ahead, the signs point to a flourishing real estate landscape in Tampa Bay. You can also call or email us today for inquiries and to learn more about the current market trends.