Tampa Real Estate Update

Whether you are looking to move to Tampa, or already live there and are wanting to sell your home, it is important to know the current health of the market. 

Knowing what the current state and future outlook of the real estate market looks like can help you determine how much to spend on a new home – or how much to sell your home for

Here is the current statistics for the real estate market in Tampa, Florida in 2020.

Market Forecast & Real Estate Stats

Here are the latest real estate statistics in Tampa, FL as of March 2020.

  • The average home value in Tampa is $251,400, an increase of 5.3% over 2019
  • Home values in Tampa are predicted to rise by only 0.4% during 2020
  • The median list price per square foot in Tampa is $199, which is higher than the Tampa metro area average of $148
  • The average home in Tampa spends about 83 days on the market before being sold

After a lot of growth, home values in Tampa are not predicted to increase as quickly as they did in 2019 and the years before. 

However, homes in the area continue to maintain these high values, so the overall market outlook is strong. In addition, the market is very hot, so sellers are able to sell homes relatively quickly because of the amount of buyers compared to homes available. 

For buyers however, this means that buying a home is competitive in Tampa, so waiting when you find a home you like isn’t recommended. 

Most & Least Expensive Areas

The Most Expensive Areas Around Tampa Include:

  • North Hyde Park – Median home value of $355,000
  • South Howard – Median home value of $253,700
  • Downtown Tampa – Median home value of $239,200

The Least Expensive Areas Around Tampa Include:

  • Northeast Macfarlane – Median home value of $159,000
  • Tampa Heights – Median home value of $158,500
  • Ybor City – Median home value of $92,700

Is It Time To Buy Or Sell? 

The market in Tampa is very competitive, so it’s definitely tougher for buyers in Tampa than in other cities and areas of Florida. 

However, with the current pandemic of 2020, this may change, and only time will tell what will happen to the value of homes listed on the market.