Are We Experiencing a Shift From a Seller’s to Buyer’s Market Here in Tampa?
According to Florida Realtors, Realtor.com just reported that 46 of the top 50 US metros saw home price reductions go up compared to 2023, with Tampa and Jacksonville experiencing considerable price drops. The report stated that 28.6% of homes in Tampa saw price reductions — an increase of 10.9 percentage points since 2023.
Tampa Home Prices Are Dropping, But That’s Not a Bad Thing
You’re probably thinking, what’s so great about reduced home prices? As I mentioned last month, according to economists, rate cuts may be on the horizon. Guess what? Price reductions are often a sign of rate change!
Sabrina Speianu, Realtor.com economic data manager, says, “With greater inventory and a slower time on the market, it is possible that price growth might continue to decelerate further until the market sees a meaningful decline in mortgage rates.”
For borrowers needing some relief in interest rates, this could be a game-changer in the buying and selling game. And for those needing to offload some property sooner vs. later, this is also great news.
Should We Worry About Tampa Home Depreciation? No. Here’s Why.
Please – let me reassure you! In all my years as a real estate professional and investor, not to mention a Tampa native, property values here have held up and rarely, if ever, not produced a strong return on investment. Time and again, my selling clients make a nice profit, and my buying clients also get into the home of their dreams.
Tampa Bay Times published an article just late last month stating that our area had a 1.7% increase in single-family home sales across Tampa, St. Petersburg, and Clearwater metro areas compared to May of 2023 (Greater Tampa Realtors). Plus, April saw a 5.5% increase in sales, the first uptick after a sluggish six months. Price growth has remained steady this year, and May showed a median home sale price increase of 4.2% year-over-year.
Let Me Guide You in This Rollercoaster Real Estate Market
The fluctuations over the last four years may have you scratching your head. However, experienced real estate sales agents know how to navigate unpredictable climates, so you have a better chance of coming out ahead. Talk is cheap; I’m a resource for you in the Tampa area, which is why I keep my finger on the pulse of everything real estate and bring you valuable, honest insights that will always steer you in the right direction.
Call me today. I’d love to show you what’s on the market right now (and give you an inside scoop on what’s up and coming and not even listed yet). I make it my business to bring my clients the best listings in the best areas with all the best amenities.