Tampa Housing Market Statistics & Trends

The Tampa housing market has boomed in the last decade. This wasn’t surprising, as many people were looking to relocate to a lower-cost-of-living area, particularly one where they could work remotely. The fact that Tampa also has gorgeous weather was a bonus.

The Tampa housing market has cooled a bit - but remains strong. Several factors - inflation, rising interest rates, and hurricanes - impacted sales, particularly in the fall. Overall, housing prices remained stable, and houses sold well in the Tampa region.

At Eaton Realty, we understand that fluctuations in the market are common - and have ridden out many housing booms and busts over the years. Our goal is to help our clients buy or sell a house for a great price, using our understanding of the Tampa market and experience in the Florida real estate industry. If you’d like to learn more, contact us today to talk to a member of our team.

Month By Month: 2024 Tampa Housing Market Stats

For years, Tampa has seen a steady increase in population as more people flocked to Hillsborough County to take advantage of its low cost ofliving, access to beaches and other attractions, and great weather throughout the year. This migration created a demand for housing and a construction boom, particularly during the pandemic.

In 2024, the economy slowed considerably. Many Americans were affected by the rising costs of everyday goods like groceries. Interest rate hikes also made 2024 a less-than-ideal time to buy a new house for anyone who needed to finance the purchase.

Along with the hurricanes that battered West Central Florida in the fall of 2024, these realities impacted the Tampa real estate market. Yet despite these challenges, the housing market remained remarkably consistent. Most months saw only a slight dip in overall sales and an increase in sale prices. These numbers indicate that Tampa’s housing market may have cooled slightly but is still strong.

Data from the MLS and public records provide insight into the Tampa housing market, such as the drop in sales after Hurricane Helene hit the region in September 2024. Despite these storms, Tampa remains resilient and is still a wonderful place to live.

Month	Median Home Price	Number Of Closed Sales
January	$400,000	356
February	$421,000	422
March	$420,000	480
April	$428,000	497
May	$461,000	642
June	$499,900	589
July	$457,750	535
August	$445,000	440
September	$444,000	378
October	$485,000	393
November	$450,000	333
December	$462,000	461

January

In January 2024, Tampa had 356 closed sales, an 8.2% drop from the same month in 2023.

The median sale price for January 2024 was $400,000, up 2.8% from 2023.

During January 2024:

• Sellers received a median of 96.6% of the original list price.
• The median days on market was 38 days.

February

In February 2024, 422 closed sales were recorded in Tampa, a significant dip of 13.2% from February 2023.

During the same month, the median sale price was $421,000, which was an increase of 9.1% from 2023.

During February 2024:

• Sellers received a median of 97% of the original list price.
• The median days on market was 44 days.

March

In March 2024, 480 house sales closed. This was a 15.6% decrease between 2023 and 2024.

In that same time frame, the median sale price for a home was $420,000. The median price increased 3.7% from 2023.

During March 2024:

• Sellers received a median of 97.2% of the original list price.
• The median days on market was 31 days.

April

In April 2024, 497 house sales closed in Tampa. That is a 13.9% drop from April 2023.

The median sale price decreased in April. In April 2024, the median sale price for a home was $428,000, which was a 1.6% decrease from 2023.

During April 2024:

• Sellers received a median of 97.6% of the original list price.
• The median days on market was 32 days.

May

In May 2024, the Tampa region saw an increase in sales of 2.1% from 2023. 642 house sales closed during this month in 2024.

The median sale price also rose 7.2% from May 2023 to May 2024. In 2024, the median sale price was $461,000.

During May 2024:

• Sellers received a median of 97.4% of the original list price.
• The median days on market was 36 days.

June

In June 2024, the total sales dipped by 3.4%. 589 house sales closed in June 2024.

However, the median sale price continued to stay strong. In June 2024, the median sale price for a home in Tampa was $499,900.

During June 2024:

• Sellers received a median of 98% of the original list price.
• The median days on market was 26 days.

July

In July 2024, there was an increase of 4.3% in closings for homes from 2023. For July 2024, there were 535 closed sales.

The median sale price during July 2024 was $457,750. This represents just a slight increase (1.7%) from the same time in 2023.

During July 2024:

• Sellers received a median of 97.4% of the original list price.
• The median days on market was 27 days.

August

August 2024 saw a decrease of 22% in the number of closings. In this month, there were 440 house sales closed.

For the second time in 2024, the median and average sale price decreased (3.3% decrease) in August 2024. The median sale price was $445,000.

During August 2024:

• Sellers received a median of 96.7% of the original list price.
• The median days on market was 35 days.

September

In September 2024, there was a significant decrease - 21.7% - in house sales compared to September 2023. There were 378 closings in September 2024.

Despite the slump, housing prices increased 7.5%. The median sale price was $444,000.

During September 2024:

• Sellers received a median of 96.8% of the original list price.
• The median days on market was 35 days.

October

In October 2024, there was another decrease in home sales - a drop of 9.86% from October 2023. There were 393 closings in October 2024.

The median sale price increased significantly (21.3%) to $485,000 in 2024.

During October 2024:

• Sellers received a median of 96.9% of the original list price.
• The median days on market was 50 days.

November

In November 2024, there were 333 closed house sales. This was a 13.7% decrease from 2023.

The median sale price for homes in Tampa was $450,000 in November 2024. The median price was roughly on par with prices in 2023 (0.2% increase).

During November 2024:

• Sellers received a median of 96.8% of the original list price.
• The median days on market was 44 days.

December

December finished out the year strong. There were 461 closed sales in the month, which was a 13.5% increase from December of 2023.

The median sale price came in at $462,000. This price was a 10.3% increase from December of the previous year.

During December 2024:

• Sellers received a median of 96.4% of the original list price.
• The median days on market was 45 days.

Market Trends Over Time

Year	Median Price	Number Of Closed Sales
2020	$288,767	8,247
2021	$328,526	9,120
2022	$397,817	6,934
2023	$423,366	6,048
2024	$447,804	5,526

When looking at the housing market for the last five years, it’s clear that the Tampa market hit a new peak in 2021. Lower interest rates, the increase of remote work, and Tampa’s relatively affordable housing for a major metropolitan area created the perfect storm for a real estate frenzy. Home sales have slowly decreased in the years following 2021. Total annual sales have decreased 39% between 2021 and 2024.

At the same time, home prices have continued to climb with no end in sight. The median home price has increased each year from 2020 to 2024. Prices have increased 55% since 2020. The price increases may partly be due to inflation but are also likely being fueled by demand. The city has been facing a housing shortage for some time. Tampa’s population has grown 5% since 2020 and builders can’t keep up with growing demand.

House sales may have slowed in the past three years, but the correction is only natural after a large boom. It’s only a matter of time before sales start to pick up again.

Considering Buying or Selling a Home in Tampa? Call Us First

Housing markets - like the economy generally - tend to be cyclical. As sure as there is a boom in real estate, there is almost guaranteed to be a bit of a downcycle. While Tampa’s housing market has slowed down slightly, it remains strong - making Tampa a great place for a real estate investment.

At Eaton Realty, we work with buyers, sellers, and landlords as they navigate real estate transactions in the Tampa region. If you are considering buying or selling property in Hillsborough County, we will provide expert advice and help you get the best possible deal. To learn more about our real estate services, fill out our online contact form or give us a call at 813-672-8022 to talk to a team member.