Welcome to this month’s real estate market report for the Tampa, Florida metropolitan area. There has been a slowdown in buying activity this summer, new pending listings and closed sale activity has fallen from May to June. Rising single-family home prices and higher interest rates are factors that may be preventing buyers from pursuing home ownership. However, homes and condos are being bought and sold, find out more about this Tampa real estate market in this helpful report.
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Tampa Bay Housing Stats
The average sale price for all single-family property types in Tampa at the end of June 2022 was $462,489, which is up 19.8% year to year.
The average sale price for single-family detached housing in Tampa at the end of June was $483,062, which is a year-to-year increase of 19.09%.
The average sale price for two-bedroom single-family detached homes in Tampa at the end of June was $331,593, up 25% from one year ago. Three bedroom detached homes sold for an average of $431,730, up 22.3% year to year, and four bedroom or more detached homes sold for an average of $648,846, up 13.2% year to year.
There were a total of 14,131 detached single-family homes sold in Tampa during June, this is down 6.1% from 15,053 sold the previous June.
The average sale price for single-family attached housing in Tampa at the end of last month was $379,661, which is an increase of 20.79% from the previous June.
Two-bedroom single-family attached homes sold for an average price of $312,315 during June which is up 23% from one year ago. Three-bedroom attached homes sold for an average of $478,849, which a year-to-year increase of 20.7%, and four-bedroom or more single-family attached homes in Tampa sold for an average of $590,340, which is a year-to-year increase of 13.2%.
A total of 3,397 single-family attached properties were sold last month in Tampa, this down 14.3% from 3,967 sold during June 2021.
There were just 16,422 single-family properties of all types closed during June, this is a year-to-year drop in closing activity of 14.26%.
A total of 17,934 single-family homes went under contract during June, pending activity for June dropped 12.3% year to year.
There was a year-to-year increase in new listings in Tampa, new listings climbed 25.8% from 18,555 to 23,351. There is a total of 24,333 single-family listings of all property types, homes are on the market an average of 14 days before being sold, and sellers are getting 100% of their original list price at closing.
What Does This Mean For Buyers?
Buyers are facing a tough market, home prices are climbing, and while there is more inventory available, buyers are being priced out of the market. However, buyers who have financing in place and are ready to act, can find a property that meets their needs. Buyers may have to offer the full asking price to have the winning bid for a home, but overbidding has yet to become a trend.
Three and four-bedroom homes are highly sought after by buyers, and those homes have seen the highest increase in prices. There are fewer condo listings available, which has caused prices for those properties to increase sharply as well.
What Does This Mean For Sellers?
The market for single-family homes and condos in Tampa. Florida favors sellers currently. While prices and interest rates are climbing, there is still continuing demand. Three and four-bedroom homes are highly sought after and there are cash buyers waiting to act.
While there is currently a slowdown in buying activity, this may be needed to prevent the market from completely overheating. The unique market dynamics of Florida make it hard to predict when the correction will happen, sellers of homes can still expect their home or condo to sell and for a higher value than when it was bought.
For all your real estate buying and selling needs in Tampa, Florida, give us a call today, and let us put our experience and knowledge to work for you!
Tampa Bay Homes for Sale
Here are the most recent single-home listings just added to the database in the average sale price range for Tampa Bay. All homes here are priced at $462,489 or less.