Tampa Real Estate Market Update – May 2024

Overview of Tampa’s Real Estate Market Trends

Throughout 2023-2024, Tampa experienced a downturn in its real estate market. From May 2024, the average property value showcased a downward shift from $450,000 to $439,286 in June 2023. Concurrently, the average sale price followed a similar trajectory decreasing from $407,519 in May 2024 to $386,502 in June 2023. Furthermore, a slight fluctuation in value per square foot was evident, peaking in April 2024 at $285 and subsequently declining to $275 by June 2023.

• See also Tampa Real Estate Market Soars: Average Property Value Climbs to $440K by April 2024

Comparatively, Tampa holds a higher stance in property and per square foot values against neighboring cities such as Seffner, Brandon, and Gibsonton, while Lutz and Thonotosassa register higher averages, potentially indicating a more upscale market presence in these locales.

In terms of sales volume, Tampa’s real estate market noted the highest number of home sales in October 2023 with 7,477 properties and the lowest in February 2024 with 6,642 properties.

Comparative Analysis with Nearby Cities

Comparing Tampa to its neighboring cities provides interesting insights into the local real estate landscape as of May 2024:

• Seffner: The setting here offers an average property value of $379,900 with an average price per square foot at $238. A total of 267 properties were sold at an average price of $361,750.
• Lutz: This area stands out with an average property value of $550,000 and a per square foot value of $251. The sales volume reached 630 properties at an average price of $507,768.
• Brandon: Characterized by more accessible pricing, the average property value in Brandon is $375,000, with an average per square foot value of $218. About 656 properties changed hands at an average sale price of $365,855.
• Thonotosassa: Exhibiting a significant upward movement, the average property value here is $624,000 with a per square foot value of $268. However, only 75 properties were sold, fetching an average price of $428,431.
• Gibsonton: With the lowest averages, the property value stands at $362,190, and the per square foot value at $203. A total of 139 properties were sold at an average price of $354,971.

Tampa’s Market within the Broader Real Estate Context

The real estate market in Tampa shows a gradual decline in property values and sales prices over the year. While trends point to a slightly bearish market, Tampa maintains a robust positioning compared to several nearby cities. The comparative analysis underscores Tampa’s more favorable valuation in terms of property and per square foot values in contrast to most neighboring areas except for Lutz and Thonotosassa.

Thonotosassa’s notable increase in property value suggests a developing trend or possible attraction that could be influencing higher property valuations and could be worth monitoring over the coming months.

Overall, while Tampa’s property market has faced a downward trend in the observed period, its standing in the surrounding real estate landscape remains strong, particularly when compared to more economically accessible areas like Brandon and Gibsonton. Moving forward, keeping an eye on market fluctuations in Thonotosassa and Lutz could provide potential opportunities or cautionary tales for both investors and homebuyers.