According to The Tampa Tribune, single-family housing prices in the Tampa Bay area increased by 20% during January. Townhouse and condos were up 24.8% over the prior year, too. Looking at Florida as a whole, prices rose about 13.7% in January, and 8.2% nationwide, meaning Florida home prices are far outpacing the rest of the country. The major jump in pricing within the Tampa Real Estate Market is due to the low supply of inventory available.
The Tampa Bay Metro area currently has a 3.4 month supply of homes on the market. Typically, anything below 5.5 is considered to be a sellers market, according to a recently released report from Florida Realtors.
This monthly report also showed that overall, homes in the Sunshine state sell for almost 94% of their asking price.
During January, single-family homes sold for a median price of $173,950 in Tampa and $194,000 in just Hillsborough County.
Take advantage of this seller’s market and list your home by contacting the real estate agents at Coast 2 Coast Realty!