Welcome to this month’s Tampa, Florida real estate market report based on the latest data from Stellar MLS at the end of November 2021. How much do homes sell for in one of the most sought-after destinations in the US? Home prices have increased month to month and inventory levels are well below the yearly average. Find out just what the real estate market in Tampa is with this helpful report.
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Tampa Bay Housing Stats
The average sale price for single-family homes in Tampa, Florida at the end of November 2021 was $388,016, which is a year-to-year increase of 17.39%.
For the year so far the median sale price so for single-family homes of all types is $297,000, up 17.9% from $252,000 at this time during 2020.
Two-bedroom or less single-family attached homes in Tampa sold for an average of $263,822 during the month of November, up 19.97% from $219,900 one year ago. Three-bedroom attached homes sold for an average of $376,797, up 11.14% from $339,033, and four-bedroom or more single-family homes sold for an average sale price of $464,852, up 0.84% from $460,966.
Two-bedroom or less single-family detached homes had an average sale price of $277,057, up 21.22% from $228,554 during the previous November. Three-bedroom single family detached homes sold for an average of $369,064, up 21.68% from $303,554 one year ago, and four-bedroom or more detached homes sold for an average of $555,947, up 19.73% from $464,326 one year ago% from $464,326 one year ago.
Homes are on the market for an average of 21 days before being sold, compared to 41 days one year ago.
Sellers are getting 98.8% of their asking for their homes, this is up just 1.92% from one year ago.
New listings in the Tampa area are down 15.6% month to month, falling from 17,877 during October to just 15,088 at the end of November.
The number of closed sales climbed higher month to month, rising from 16,030 in October to 16,329 closed sales at the end of November.
Total sales volume for the month of November came in at approximately $6,335,910,044, up 20% from one year ago.
What Does This Mean For Buyers?
Buyers looking for a home in the Tampa, Florida, area face a very competitive dynamic market. With inventory levels still low, buyers who have not acquired a property can expect to see prices increasing which will weaken purchasing power.
Buyers should have financing in place and be ready to act when a property is found, being too picky or demanding will only cause a buyer to lose out on a property. Overbidding for properties has not yet happened on a large scale, however, the list price to sale price is inching closer to 100%.
If you are a buyer looking for a home to buy in Tampa, Florida, we can help. We know how our market works, what homes are selling for, and how to navigate the process from contract to close. Give us a call today at (813) 489-9798 and we will be happy to answer all your questions.
What Does This Mean For Sellers?
Tampa, Florida, is a seller’s market, the majority of homes sold during November were on the market for 10 days or less. As buyers from out-of-state locations relocate to Tampa, expect these trends to continue. Low-interest rates, a good economy, and agreeable weather will continue to make real estate in Florida a good investment.
If you are thinking of selling we can help. We put our knowledge and expertise to work for you to get your home sold quickly and to net you the most money possible. Give us a call today at (813) 489-9798 to get started!