Want to understand the ins and outs of the current Tampa real estate market? I’ve got you! As I’ve kept an eye on the housing market in 2023, I’ve noticed a few emerging trends that could impact my clients. But let me set your mind at ease—the market is looking good!
Here are a few highlights.
For those looking to buy a home, good news—the Tampa real estate market is one of the most affordable in Florida. For sellers, although closed sales are decreasing and cash sales are dropping, the median and average sale prices are rising! That’s good news for selling your fabulous Tampa home.
One interesting trend is the increasing median time to contract, which measures the amount of time a house spends on the market before closing. Time to contract currently stands at 18 days, and time to sale at 61. Although this may seem like a negative number, this time between listing and sale gives sellers time to negotiate to the best possible price, which I can help you achieve.
In Tampa, new listings have declined by 31.9%, showing a reluctance for homeowners to place their house on the market. This is good news if you’re looking to sell your home, as the demand is increasing!
But what about upcoming predictions? Well, things are looking good for Tampa. The average home value is holding fairly steady, with only a tiny decrease of less than one percent. Homes are also selling fairly quickly, which suggests that homes are in high demand in the Tampa area. A positive outlook on job opportunities, overall lifestyle, and Tampa area appeal could be driving these sales.
For the next year, the market forecast is predicting a 0.8% increase in home values by June of 2024. Which means this is an excellent time to sell your Tampa home. We are also seeing trends that homes are selling close to their listing prices, which is fantastic news for sellers. Over 20% of sales are actually above listing price, which shows a willingness to invest in the Tampa area and eagerness to buy.
Since Tampa is one of the fastest growing metropolitan areas in the US, there is a high chance for a great rate of appreciation for people who invest in Tampa real estate over the next few years. Although prices may rise, the Tampa market is affordable compared to other real estate markets in the US—which is also good news for potential buyers. In short, 2023 Tampa trends are showing a win-win situation for sellers and buyers alike.
Let me help you find your ideal buyer or perfect home in the Tampa area! Contact me to get a head start on joining Tampa’s incredible future.