The Tampa housing market has experienced significant growth and increased competitiveness in recent years. In this comprehensive analysis, we will delve into the key trends and insights of Tampa's real estate market so far in 2023, while also providing context regarding the rising home values in Florida as a whole.
Tampa Housing Market Overview
Tampa's real estate market has become notably competitive, with homes receiving an average of two offers and selling within 30 days. As of March 2023, the median sale price of a home in Tampa has risen by an impressive 9.3% since last year, reaching $410,000. Concurrently, the median sale price per square foot has grown by 6.0%, now at $265.
Recent Market Trends & Context
In March 2023, Tampa's home prices increased by 9.3% compared to the previous year, with homes selling at a median price of $410,000. The time taken to sell a home has increased to 35 days on the market, compared to just 7 days last year. The number of homes sold in March dropped from 813 the previous year to 627 this year.
Tampa's median sale price is now 2% higher than the national average, positioning the city as a fairly competitive market. Generally, homes sell for around 3% below their list price and become pending within 30 days. However, the sale-to-list price ratio has seen a 4.0-point drop year-over-year, currently at 97.4%.
The percentage of homes sold above their list price has decreased by 31.9 points year-over-year, standing at 19.6%. Moreover, homes with price drops have increased by 12.5 points, accounting for 32.3% of the market.
Rising Home Values in Florida
The rising home values in Tampa reflect a broader trend in Florida, where increasing demand, a booming economy, and limited inventory have contributed to higher property prices. The state's attractive tax structure, favorable climate, and flourishing job market have led to a surge of homebuyers from across the country, particularly in popular cities like Tampa.
Migration & Relocation Trends
Between January and March 2023, 29% of Tampa homebuyers searched to move out of the city, while 71% aimed to stay within the metropolitan area. Tampa has drawn attention from across the nation, with 2% of homebuyers seeking to move into the city from other metropolitan areas. New Yorkers have shown the most interest in relocating to Tampa, followed by those from Washington and Chicago.
As for moving out of Tampa, 71% of homebuyers searched for properties within the Tampa metropolitan area. Popular destinations outside Tampa include Sarasota, Ocala, and Asheville.