Tampa Bay homes sitting on market for longer
Add Axios as your preferred source to
see more of our stories on Google.
About 70% of Tampa Bay's home listings have been sitting on the market longer than a month, according to a recent Redfin report.
Why it matters: More inventory is growing stale across the nation as high costs stifle house buyers.
The big picture: Homes in Tampa Bay spend an average of 35 days on the market before going under contract, Redfin data shows.
- The share of stale home listings in Tampa Bay ballooned almost 10 percentage points from last year — the second-highest increase in the nation, trailing only the Dallas metro area.
Between the lines: Analysts at Redfin note that Florida and Texas lead the U.S. in unsold homes, in part because these states are building more homes than the rest of the country.
- Pair that with pricier home insurance and steep home association fees.
The big picture: Roughly 65% of U.S. homes for sale in June had been listed for at least 30 days, researchers found.
- 44 of the 50 most populous U.S. metros saw the share of stale listings increase from the previous year.
Reality check: Move-in ready homes in hot neighborhoods are generally still selling quickly and drawing multiple offers, real estate agents say.