• Call/Text: (813) 784-7744
    • Send Me an Email

The Tampa Real Estate InsiderThe Tampa Real Estate Insider

South Tampa Realtor

  • Menu
  • Home
  • Meet Rae
  • Search
    • Advanced Search
    • Map Search
    • Listing ID Search
    • Address Search
    • Browse by City
    • My Account
  • Buyers
    • Buying With Me
    • Featured Properties
    • Mortgage Calculator
    • My Listing Manager
  • Sellers
    • Selling With Me
    • Sold Portfolio
    • FREE Home Valuation
  • Communities
    • Channelside District
    • Downtown Tampa
    • South Tampa
    • Seminole Heights | Tampa Heights
    • Gulf Beach Area | St. Petersburg | Clearwater
    • Westshore Marina District
    • Downtown St. Pete
    • Cheval Golf Community
  • TREI Blog
  • Get in Touch
  • Rave Reviews

Tampa Real Estate Suffers From Chronic Low Inventory and Fastest Price Hikes | [STATS]

Single Family Homes – Will Sticker Shock Soon Be Upon Us?

Something is shifting in the Tampa-St. Pete-Clearwater housing market and the changes are seismic! Sales of homes in Hillsborough County priced at more than $1 million are up 52 percent over the previous year, the latest stats show.  That’s dramatic.

The only price range revealing a such a big jump is the $300,000 to $399,000 category, which registered a 27 percent hike.

The Tampa Metro Area: Including, Hillsborough, Pinellas, Pasco and Hernando Counties:

If you’re into numbers, you might be interested to know that more than 2,100 single-family homes changed hands in August in the price range of $150,000 to $300,000, while transactions involving homes priced $300,000 and up numbered more than 1,000. That’s a lot of real estate taking on new ownership in a single month!

Remember the days of the crash when it seemed that nothing on the market could sell? Now I’m noticing sellers pulling their homes off the market because they fear they won’t find a replacement home to buy.

Low Inventory Pushes Prices Up

Despite all of the buying and selling, our market isn’t as healthy as it could be. That’s because our inventory remains too low. Low inventory leads to higher prices.

A GoBanking.com survey of the 100 most populous cities in the United States identifies which ones are experiencing the fastest hikes in home prices. As usual, Florida dominates the list. Showing up in the top 20: Miami at No. 18 and Orlando at No. 7

And who is No. 1 and No. 4? Surprise, surprise! St. Petersburg and Tampa, respectively.  source: https://www.gobankingrates.com/mortgage-rates/cities-home-prices-skyrocketing/

Not surprisingly, the median list price is lower in St. Pete compared with Tampa’s $265,000. Orlando at $229,000 is about on par with St. Pete’s $219,000. Miami at $450,000 is, of course, in a league of its own, outstripping other Florida cities (but a little more than half of the median list price in New York City).

Here’s what the analysis had to say about pricing pressure in each city:

St. Petersburg has a huge demand for cheap housing in its downtown and surrounding areas.

Tampa suffers from chronic low inventory and high demand.

Orlando is rebounding from the housing market crash faster than most other areas, accounting for 60 consecutive months of rising home prices.

Miami is a prime target of buyers from Latin America and Europe, with foreign sales putting upward pressure on prices.

A Place for New Construction

With inventory low and some buyers reluctant to sell, where is new construction needed? Almost everywhere, according to the National Association of Realtors (NAR).

Mid-Century Modern New Construction
Mid-Century Modern New Construction

The Great Recession slowed the pace of new construction, “making it very difficult for prospective buyers to find an affordable home – especially young adults,” says Lawrence Yun, NAR chief economist. “Without the expected pick-up in building as job gains rose in recent years, new and existing inventory has shrunk, prices have shot up and affordability has eroded despite mortgage rates at or near historic lows.”

The greater Miami area, Port St. Lucie, and the Tampa-St. Pete-Clearwater were pinpointed as the three Florida metro areas most in need of construction by the NAR study.

About half of the sales I handle involve new construction, including a home that I recently put under contract in Safety Harbor. Desirable neighborhoods + no new homes being built = builders undertaking tear-downs. This process, once isolated to South Tampa, is spreading throughout the region.  New construction hot spots also include neighborhoods just north of Downtown Tampa: Riverside Heights, Tampa Heights and Seminole Heights…..check them out. 

That being said, I’m also looking for land for the builders I represent, so if you or anyone you know has a tear down or vacant lot they are looking to sell, please share this article with them! Or have them contact me!

In Tampa, homes are typically put under contract in less than 30 days for more than 97 percent of the list price. With real estate moving at such a lightning pace, there may never be a better time to sell.  If you would like help either in listing your home or finding your dream house and you’d like your Realtor to be me, I’m ready … and you know where to find me!

Tampa Condo and Lofts for Sale
Tampa Condo and Lofts for Sale
Mid-Century Modern New Construction
Mid-Century Modern New Construction
Tampa Lofts for Sale
Box Factory Lofts | Historic Ybor City
Tampa Heights Homes for Sale
New Construction Bungalow Tampa

Posted in: Real Estate News & Info, Selling Your Home, Tampa Real Estate Market News & Updates, Tampa Real Estate Statistics Tagged: fastest growing real estate market, Housing Inventory, Median Sales Price Tampa, new construction tampa, real estate statistics, tampa market shift, Tampa Real Estate Market, Top tampa realtors

Post navigation

« Visionaries to Build Neo-Mid-Century Modern Masterpiece in Riverside Heights
Castillo at Westshore Yacht Club | Fairy-Tale Listing Is More Than Just High-End Condo »

Search Our Blog

Search for:

Browse by Category

Browse by Topic

Best Neighborhoods in Tampa Best Places to buy a home buyers market tips Buying a Home buying real estate in tampa Channelside Condos For Sale Choosing the Right Realtor Condo Market News Condo Market Update Tampa current housing market in tampa florida Downtown Tampa Condos and Lofts Downtown Tampa Updates Financing and Mortgage News First Time Home Buyers First Time Home Buyer Tax Credit First Time Home Buying Advice Foreclosure Statistics Tampa FL Historical Neighborhoods-Tampa homestead tax exemption How to sell as short sale investing in condos Investing In Real Estate Luxury Home Communities new construction tampa property tax update Real Estate Investing Tampa real estate market tampa real estate news Relocating to Tampa sales statistics Selling Your Home Short Sale Process Tampa Short Sale Realtors Tampa South Tampa Real Estate Tampa Housing Market Tampa Real Estate Tampa Real Estate Market Tampa Real Estate News Tampa Realtors Tampa Relocation Guide Things to Do in Tampa Tips for Listing your home Tips for Sellers Top tampa realtors When is a good time to buy?

Explore Communities

  • Channelside District
  • Downtown Tampa
  • South Tampa
  • Seminole Heights | Tampa Heights
  • Gulf Beach Area | St. Petersburg | Clearwater
  • Westshore Marina District
  • Downtown St. Pete
  • Cheval Golf Community

Recent Posts

  • Top 3 Results You Should Expect From Your Realtor
    Top 3 Results You Should Expect From Your Realtor
    9 hours ago
  • Tampa’s Highest Priced Neighborhoods-Luxury Real Estate Report
    Tampa’s Highest Priced Neighborhoods-Luxury Real Estate Report
    3 days ago
  • The Secret to Ensuring Your Offer Is Accepted | My No. 1 Top Tip for Buyers
    The Secret to Ensuring Your Offer Is Accepted | My No. 1 Top Tip for Buyers
    3 days ago
  • Latest News from Florida Realtors
    Latest News from Florida Realtors
    4 days ago

Rae Anna Conforti

  • Call or Text Me

    (813) 784-7744

  • Send Me an Email

    Ready to Help

  • 1001 S. MacDill Ave

    Tampa, FL 33629

© 2021 Tampa Real Estate Insider | All Rights Reserved

Agent Reputation – Real Estate Website Design

Privacy Policy | DMCA | Sitemap