Sales of single-family homes and condos in Tampa are currently trending well below historical levels, even pre-pandemic figures. Single-family homes, in particular, are experiencing unprecedented inventory constraints, with availability increasing more slowly in Tampa compared to other areas in the region.
For single-family properties, the median time to contract is now 28 days, the lowest in the region, underscoring strong demand despite inventory limitations. The median sale price for a single-family home in Tampa is now $413,990, just 0.2% lower than last year, but showing a noticeable decrease from the record median price of $422,168 set in the previous quarter.
Townhomes and condos are also experiencing price drops. The current median price for these properties stands at $291,000, marking a 4.6% decrease from both last quarter and the same time last year when it was $305,000. The peak price for multifamily units was reached in Q4 of 2023 at $310,000, illustrating a continued downward trend.
As prices adjust and inventory remains tight, Tampa’s real estate market reflects ongoing shifts in buyer demand and the impact of limited supply on housing options in the region.