Tampa, FL Metro Area Housing Market Analysis - August 2024

The Tampa, FL metro area housing market in August 2024 presents a nuanced picture with several key indicators showing both declines and increases compared to the previous year.

The Median Sales Price for homes in the Tampa metro area stands at $375,000, reflecting a slight decrease of 1.3% year-over-year (YoY). Similarly, the median Price Per Square Foot has dropped by 1.5% YoY to $224.08. On the other hand, the Median List Price has seen a marginal increase of 0.3% YoY, now at $390,000, while the Median List Price per square foot has risen by 0.8% YoY to $238.08.

In terms of sales activity, the number of Homes Sold in August 2024 is 5,042, which is a 1.8% decline from the previous year. Pending Sales have experienced a more significant drop of 10.1% YoY, totaling 5,192. New Listings have also decreased by 2.4% YoY, with 6,089 new properties entering the market.

Inventory levels have surged dramatically, with a 59.5% increase YoY, bringing the total inventory to 17,642 homes. This rise in inventory has contributed to a substantial increase in the Months of Supply, which now stands at 3.5 months, up by 130.0% YoY. The Median Days on Market have also increased by 16.0% YoY, now averaging 39 days.

The average sale to list ratio has slightly decreased by 0.7% YoY, currently at 97.3%. The percentage of Homes Sold above list price has dropped by 5.6% YoY to 12.2%. Additionally, the proportion of Price Drops has risen by 4.2% YoY, now at 41.5%. The percentage of homes going off the market within two weeks has decreased by 13.4% YoY, now at 27.5%.

Overall, the Tampa housing market is experiencing a period of adjustment with increased inventory and longer market times, coupled with slight declines in sales prices and sales activity. These trends suggest a shift towards a more balanced market, offering potential opportunities for buyers.