Tampa Bay home prices dip as listings linger
Add Axios as your preferred source to
see more of our stories on Google.
Half of Tampa Bay home listings in April had been on the market for 60 days or longer without going under contract, Redfin data shows.
Why it matters: The trend is driving down home prices across the region, per the Tampa Bay Times.
- The median home price is about $365,000 — about 5% lower than the peak of $385,000 in June 2024.
What they're saying: "People were getting used to making huge profits on their houses in a short period of time," Michael Wyckoff managing broker of Engel & Völkers Madeira Beach, told the Times.
- "We're in a more balanced market now," he said.
The big picture: Across the country, there was nearly $700 billion worth of inventory for sale in April — a new high in Redfin data going back to 2012.
By the numbers: Roughly 44% of U.S. home listings (totaling over $330 billion) had been on the market for at least 60 days without going under contract.
- That's the largest share for April since home-buying stalled early in the pandemic.
Zoom in: At 50%, Tampa's rate of stale listings is higher than the national average but not quite as high as other Florida cities that dominated the top of the list, including Orlando, Fort Lauderdale and Miami.
- The trend is more dramatic in the Sunshine State because so many people moved here during the pandemic, per the Times.
Between the lines: Despite a record number of homes to choose from, it's hard for buyers, especially first-timers, to afford one.
The other side: More homeowners sitting on low mortgage rates have finally opted to sell.
What we're watching: As house hunters gain negotiating power, some would-be sellers may hold off.