What does $475K buy you in the Tampa Bay area? The median home price in the Tampa Bay area for September 2023 was $410,056 up 3.4% for the past year and the median home price per square foot was $263. The areas that are on the rise in the Tampa Bay area are the Palm River/Gibsonton area at an increase of 2.9% and Lutz with an increase of 2.3%.
It is great news for sellers but discouraging for buyers especially with the skyrocketing home insurance premiums and higher mortgage lending rates which combined meant the cost of owning a home is higher than the selling cost indicates.
When sellers list now, they enjoy what currently is a seller's market, getting their asking price when the homes is prices realistically, said Yoly Pierson, co-owner of Pierson Property Group. It's taking 39 days average for a sale of a home which is up from 23 days a year ago. "We're still semi affordable and Tampa continues to shine brightly," Pierson said, referring to its desirability and high profile among homebuyers nationwide.
Pierson said inventory, including homes priced between $450,000 and $475,000, remains on the low side,adding that buyers should expect them to be at 2% more this year over last year in the case of a three-bedroom single family home and about 7% more for four-bedroom homes.
One thing favoring buyers now, though is that they'll not feel as pressured by competition scooping them up or overpaying.
