Last month, Tampa Bay’s housing market experienced a notable shift as home sellers listed their properties and purchased new homes, driving a wave of demand into the market. Realtor.com’s monthly housing report shows this trend has led to heightened market activity this month.
Rise in Listings and Pending Sales
September saw an increase in new listings, aligning with a surge in pending sales nationwide in October. Tampa Bay alone experienced a remarkable 40% rise in active listings last month, with homes remaining on the market for an average of over 70 days.
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Median Home Prices in Tampa Bay
Median home prices throughout Tampa Bay fell by 7% to $399,999 last month. Despite this decline, the current median price represents a 43% increase from pre-pandemic levels, according to Realtor.com.
Danielle Hale, chief economist for Realtor.com, noted that “existing home sales have been disappointingly low” in 2024 due to high mortgage rates. However, sellers — many of whom are also buyers — responded favourably as mortgage rates settled within the 6% range. Hale added, “The increase in new listings and subsequent rise in pending sales suggest that we will finally see home sales pick up in the late fall, marking the first yearly gain in over three years.”
Comparing Florida’s Real Estate: Tampa Bay and Miami
Miami stands as the only Florida metro area with higher home prices than Tampa Bay, with its median home price reaching $525,000. Realtor.com reports that many of Tampa Bay’s sellers are exchanging primary residences for new properties, contributing to the active market dynamics.
National Trends in New and Pending Listings
Several major U.S. markets, including Seattle, Boston, and San Diego, saw notable gains in pending listings this month. These cities also recorded significant jumps in new listings in September, with increases of 50.5% in Seattle, 25.7% in Boston, and 22.1% in San Diego
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