Tampa Bay Housing Market Mid-Year Forecast
US News recently released its comprehensive annual report on the Tampa Bay housing market.
With mortgage rates being what they are and the resulting pullback in demand, Tampa’s home prices have fallen off a little—but just a little. With our strong job market, low inventory of homes for sale and ever-growing population, Tampa Bay is holding fast to the gains made in the last several years.
A strong finish lies ahead but an opportunity has also presented itself.
Demand is still high for move-in ready homes, but buyers have proven reluctant to renovate. Competitively-priced homes in great condition in good neighborhoods may still see multiple offers, but outdated homes or those in less popular neighborhoods can sit on the market for 60-90 days. Great opportunity for first-time buyers!
Tampa currently has 2.4 months of housing inventory. A balanced market, favoring neither buyer nor seller, is six.
Tampa Bay Snapshot
Best Places to Live #24
Best Places to Retire #4
Metro Population 3.2M
Median Age 42 years
Married 48.4% Single 51.6%
Average Annual Salary $52k
Average Temperature 73°F
Average Rainfall 5”
