Tampa has a bustling real estate market, which makes it a great place for people who want to buy or sell their homes. As of December 2021, prices are still relatively low. This means that people who buy now may see their properties appraise higher in the future, making a home purchase now an excellent investment.
However, homes are selling quickly, and that means that buyers must be able to bid and jump on a sale as soon as they can. Available inventory on the Tampa St. Petersburg Clearwater MSA, is less than a month’s worth, which is down by almost 35% from the previous year.
What makes a balanced real estate market?
In a balanced real estate market, there will be around 5.5 months of real estate inventory. When there is less than that amount, the market is called a seller’s market. When there is more, it’s a buyer’s market, as it is in most cases.
While Tampa’s housing market is still one of the most affordable in the state, it’s also hot because of that fact. There is a larger demand for single-family homes, so those who are looking for those may need to consider ways to make bids and negotiate while still protecting themselves and making sure the investment is the right one for them.
Median single-family homes are increasing in value
The value of those much-in-demand single-family homes has risen to around $348,000 as of October 2021, which is 22.1% higher than the same time the previous year. The number of closed sales are down, which indicated that there just aren’t many homes on the market and that single-family homes, in particular, may not be sold as frequently as in the past.
The average sale price of a home in Tampa has now reached $415,711, and the median time to contract is just seven days. If you’re going to be making a home purchase, now is the time to find the right team to work with. You will need to move fast if you want to get a home that you’re interested in at a fair price when it comes to the market.