Welcome to this month’s Tampa, Florida, real estate market report. Tampa is one of the most in-demand real estate markets in the nation, total sales volume is up 8% year to year and average sale prices for single-family homes have climbed 16% from one year ago. If you are interested in buying or selling a home in Tampa get up to date on how the market is performing with this helpful report.
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Are you ready to sell your home or condo in Tampa? If so, the first step is to find out how much your property may be worth by using our free home valuation tool. Begin by entering some basic information about your home and next, we will provide you a complete market summary with a suggested list price for your home.
Tampa Bay Housing Stats
The average sale price for single-family homes in Tampa, Florida, at the end of October 2021 was $381,816, up 16% from $329,078 during the previous October.
There were 16,030 closed sales during October, which is a drop of 6.9% compared to the previous October.
A total of 20,895 properties went under contract last month, a year-to-year increase of 1.5%.
In Tampa, there were 17,877 new listings offered on the market, a drop of 6.4% compared to the previous October.
There are 14,960 active listings in Tampa, which is a sharp drop from 26,954 active listings at this time one year ago.
The average sale price for attached single-family housing at the end of last month was $294,357, up 9.36% from $269,175 one year ago. There was a total of 3,170 attached units sold during October, a year-to-year drop of 4.6% from 3,325.
The average sale price for detached single-family housing in Tampa at the end of October 2021 was $404,187, an increase of 17.59% compared to one year ago. There were 12,796 detached single-family homes sold last month, a decrease of 7.6% from 13,848 sold this month one year ago.
In Tampa, the average sale price for two-bedroom single-family homes in October was $267,519, an increase of 17.47% from $227,728 during the previous October. Two-bedroom condo sale prices are higher this year than last, up 12.09% from $216,972 to $243,213.
The average sale price for three-bedroom single-family homes in Tampa at the end of last month was $361,017, a year-to-year increase of 18.3% from $305,160. A three-bedroom condo had an average sale price of $367,259 during October, which is up 5.93% from one year ago.
Four-bedroom or more single-family homes in Tampa, Florida, sold for an average of $562,317 during October, which is an increase of 21.47% from $462,922 one year ago. Four bedroom or more condos sold for an average of $411,037, which is a year-to-year increase of 4.24% from $394,330.
Homes are on the average of 30 days before being sold, and sellers are getting 98.8% of the asking price for their home at closing.
What Does This Mean For Buyers?
Buyers looking for a home or condo in Tampa, Florida, will need to make sure they have their financing in place and are prepared to act when a property is found. Of the 16,030 homes sold last month, approximately 10,000 of them were on the market for less than ten days. Buyers are facing higher prices and less inventory of homes to choose from. The good news for buyers is that prices are somewhat slowing, however, expect prices to gradually continue to rise.
Inventory levels for single-family homes are down this year compared to the previous year, however, the condo market is seeing a bit more inventory coming to market than the single-family home market.
What Does This Mean For Sellers?
The Tampa real estate market favors sellers at this time. With interest rates staying low, and families relocating to Florida from other states, expect continued strong demand for homes. Sellers on average are seeing their homes sell quickly and being sold for almost full asking price.
While single-family homes are in demand, the condo market is starting to pick up steam as prices are beginning to increase and sales activity is increasing. Nationwide trends will have an effect on Tampa real estate, and as buyers seek Florida as their primary destination expect continued demand and rising property values as we head in to the winter season.
If you are considering selling your home, give us a call today at (813) 489-9798 and we can show you how we put our expertise to work for you to market your home to the most qualified of buyers to sell your home quickly!