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1-year trends in the Tampa real estate market

On Behalf of | Jul 28, 2022 | Real Estate Law |

If you’re interested in buying real estate in Tampa, Florida, or any other part of the state, you’ve likely noticed that it can be an incredibly competitive market. Many properties move within just a few days. Some buyers will note that they get outbid by those who are willing to pay more or who are willing to pay cash on the spot.

You can absolutely still navigate this volatile market. Some may say that the constant increases in price over the last few years have simply made it more attractive, as it doesn’t seem to be slowing down. But you need to look at the one-year trends to understand exactly what the market looks like today and what the best decision will be for you.

A 28% increase

The first thing to do is to compare home prices from June 2021 to the same prices from June of this year. As of this writing, those prices have jumped by an incredible 28.1%. Even though general housing prices have been rising since roughly 2012, these recent gains have been so massive that they have really impacted how people navigate this market.

The median price of a home in Tampa is now $422,000. This is a very popular area with a lot of waterfront property, and it’s a major city with massive industries, international airports and much more. It’s very easy to find plenty of properties selling for millions of dollars, though there are smaller investment opportunities, as well.

One thing does show that the market may be slightly slowing down it’s just how fast properties are moving. For instance, the average amount of time that a home sat on the market in 2021 was just seven days. This year, that has increased to eight days. This is still a very fast level of movement compared to the past, when houses may have sat on the market for weeks, months or even years. But it is slightly slower than it was last year.

If you’re considering investing in this exciting market, with so much money on the line, you can see how important it is to know exactly what steps to take.