Tampa Real Estate Market Update: September 2024
I will always be a cheerleader for Tampa. It is such a great city with so many real estate opportunities and markets. The Tampa real estate market has seen some interesting shifts in September 2024. The median list price is currently $520,845, with the market action index sitting at 39, indicating a slight seller’s advantage. This is a minor dip compared to last month’s index of 40, showing that the market might be cooling just a bit. Inventory has held steady at 1,543 homes, which reflects consistent activity in the market.
Key Market Metrics:
- Median List Price: $520,845
- Median Price of New Listings: $477,450
- Price Per Square Foot: $297
- Average Days on Market: 83
- Median Days on Market: 56
- Price Decreases: 54%
- Price Increases: 2%
- Relisted Properties: 5%
- Inventory: 1,543
- Median Rent: $2,495
- Market Action Index: 39 (Slight Seller’s Advantage)
Market Overview
Tampa remains a relatively balanced market, favoring sellers slightly as we head deeper into 2024. Despite this, the number of homes seeing price decreases remains high, with 54% of listings experiencing some sort of price drop, which suggests that buyers might have a bit more leverage than earlier this year. Homes are also staying on the market longer, with an average of 83 days, compared to the median of 56 days. This gives buyers some breathing room to consider their options before making decisions.
The median price for new listings is $477,450, slightly below the overall median list price. This lower entry point could provide a good opportunity for first-time buyers or those looking for more affordable options in the Tampa area.
Tampa Market Action Index
The Market Action Index of 39 suggests a slight edge for sellers. However, this has decreased slightly from last month’s index of 40, showing signs of a market potentially shifting towards neutrality. The balance in inventory levels, combined with longer market times, could result in buyers gaining a bit more negotiating power as we approach the fall.
Rental Market Trends
The median rent in Tampa is $2,495, representing a solid market for landlords. With inventory holding steady and consistent demand for rental properties, rental prices have remained competitive. Renters are likely to face similar conditions as home buyers, with moderate price increases and steady availability.
Market Segments Breakdown
| Market Segment | Median Price | Per Sq. Ft. | Beds | Baths | Median Days on Market |
|---|---|---|---|---|---|
| Top Segment | $850,000 | $350 | 4 | 3 | 75 |
| Upper Segment | $650,000 | $320 | 4 | 2.5 | 65 |
| Lower Segment | $450,000 | $280 | 3 | 2 | 50 |
| Bottom Segment | $300,000 | $240 | 2 | 1.5 | 40 |
Tampa Housing Market
The Tampa housing market remains active with a slight seller’s advantage, although the cooling trend might continue as more homes stay on the market longer and prices level out. Whether you’re buying, selling, or renting, Tampa offers a variety of opportunities, and the coming months may provide more leverage for buyers. Stay tuned for further shifts as we move into the fall season, where moderated prices and increasing inventory may give buyers more negotiating power.
Bill Brown
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## Market Cooling Indicators:
- **Market Action Index**: Dropped from 40 to 39, indicating a shift towards neutrality, though still slightly favoring sellers.
- **Price Adjustments**: 54% of listings have price decreases, suggesting more buyer leverage.
- **Days on Market**: Average 83 days, median 56, reflecting slower sales and giving buyers more time.
## Pricing Trends:
- **Median List Price**: $520,845
- **New Listings Median**: $477,450, lower price point attracting first-time buyers.
- **Price Per Sq. Ft.**: $297
## Inventory and Supply:
- **Inventory**: 1,543 homes, stable levels providing more options.
- **Relists**: 5% of homes relisted, indicating slower sales.
## Rental Market Insights:
- **Median Rent**: $2,495, rental demand remains strong.
## Market Segments Breakdown:
| Segment | Price | Days on Market |
|------------------|-------------|----------------|
| **Top** | $850,000 | 75 days |
| **Upper** | $650,000 | 65 days |
| **Lower** | $450,000 | 50 days |
| **Bottom** | $300,000 | 40 days |
## Tampa Real Estate Outlook
The Tampa market shows signs of cooling but still favors sellers. Buyers are gaining more negotiating power with price reductions and longer market times. Investors and renters see stable opportunities, with consistent rental prices and demand.