Apr 26, 2021 - News

Home values are rising fast in Tampa Bay

rising home prices tampa bay
Illustration: Brendan Lynch/Axios

The Tampa Bay housing market continues to heat up with more activity, higher home prices and low supply.

Why it matters: Experts predicted Tampa Bay to be one of the hottest, most sought-after housing metros in 2021. So far, they're right.

  • Zillow economic data analyst Dan Handy told Axios that home values are rising faster in Tampa than the nation overall.
  • "Of the 50 largest metros in the nation, Tampa ranked fifth in home value growth, indicating the relatively strong interest for homes in the region," Handy said.

The state of play: Sarasota and Manatee Counties released their March data, which shows median home prices have surged more than 20% in each county. Between both, inventory is down 75.2% year-over-year.

  • Closed sales increased 47.2% from March 2020, but inventory still can't keep up with demand.

By the numbers, in Sarasota:

  • The median single-family home price was $379,695, up 20.5% from last year.
  • Homes flew off the market in 13 days, 65.8% quicker than last year.
  • Single-family home inventory is down 78.4% with 0.8 month's supply. Condos were at 1.1 month's supply, but still down 76.1% from last year,

By the numbers, in Manatee

  • The median single-family home price was $395,000, up 23.6% from last year.
  • Homes flew off the market in 9 days, 79.5% quicker than last year.
  • Single-family and condo inventory are both down about 80% each.

What's next: Handy predicts inventory will increase later in the year, as more people become vaccinated and "make the moves they may have delayed over the past year."

  • Demand is also expected to remain high, so home prices will likely continue to rise. However, they should rise at a slower rate compared to what we're seeing now.
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