May 2024 Tampa Bay FL Housing Market Update

If you're considering buying or selling property in Tampa Bay, staying informed about the latest market insights will help you plan your home-selling or home-buying experience better. That’s why, today, we’re going to talk about the latest market report detailing housing prices in Tampa Bay for May 2024. 

To start with, I'll provide an overview of the current state of the market, focusing on key metrics like the absorption rate, which compares the number of homes on the market to those that have been sold.

Looking at the past 30 days for single-family homes, I've broken down the data by county to offer insights into how the Tampa Bay market is performing. Overall, we're seeing a 3.8-month supply of homes, with an average turnaround time of 30 days from the time the property was listed on the market to the day the sale was closed.

Starting with Hillsborough County, there's a 3.9-month supply, with 3,365 active single-family homes and 1,322 sold last month. Pending sales stand at 20, which will be worth monitoring in the coming weeks.

"The current market trend now suggests that your home will still sell relatively quickly, but it will take more time compared to the pace that we’ve seen in recent years."

Meanwhile, in Pasco County, there's a 3.55-month supply, with 2,342 active homes and 832 sold last month. Additionally, 1,481 homes are sold or under contract, though it's worth noting that not all new construction homes are reported in the MLS data.

Moving to Pinellas County, there is a reported 3.85-month supply, with 2,543 active listings, and 981 properties sold last month. Currently, 1,260 homes are under contract for closing.

Tampa Bay’s metro also has a 3.8-month supply, which means we are currently at a seller’s market, although the absorption rate is gradually increasing. While we previously witnessed an intense seller's market where homes were being sold within days, the current market trend now suggests that your home will still sell relatively quickly, but it will take more time compared to the pace that we’ve seen in recent years. 

So, if you're considering selling your home, don't hesitate to call or email me today. Having the right support from a real estate professional like myself will make all the difference. Whether you need a market valuation or market insights specific to your neighborhood, I’ll be glad to help you reach your real estate goals.