Tampa, FL Housing Market Report

July 14, 2023

The Tampa housing market is currently in a state of flux. After years of rapid appreciation, prices have begun to cool down slightly. The median sale price for single-family homes in Tampa is now $441,000, up 2.6% from last year. However, the number of homes for sale has increased, and the median time on the market has also increased to 16 days.

This cooling trend is likely due to a number of factors, including rising interest rates, inflation, and a slowdown in population growth. However, the Tampa housing market is still considered to be a seller's market, and homes are still selling for above list price on average.

Hometown Heroes Program in Florida

The Florida Hometown Heroes Housing Program is a down payment assistance program that is available to first-time homebuyers who work in certain essential occupations. The program provides up to $35,000 in down payment and closing cost assistance, which can help homebuyers afford a home in the communities they serve.

To qualify for the Hometown Heroes program, homebuyers must meet the following requirements:

• Be a first-time homebuyer
• Have a minimum credit score of 640
• Earn less than 150% of the area median income
• Open to full-time workforce, employed by a Florida-based employer

The Hometown Heroes program is a great way for eligible homebuyers to achieve their dream of homeownership. The program can help homebuyers save thousands of dollars on their down payment and closing costs, which can make a big difference in their ability to afford a home.

If you are a first-time homebuyer who works in a qualifying occupation, you should consider applying for the Hometown Heroes program. The program can help you make your dream of homeownership a reality.

Luxury Homes in Tampa

The Tampa housing market also includes a significant number of luxury homes. The median sale price for luxury homes in Tampa is currently $1.5 million, up 10% from last year. Luxury homes in Tampa typically feature high-end finishes, such as marble countertops, hardwood floors, and stainless steel appliances. They also often have amenities such as swimming pools, tennis courts, and golf courses.

The demand for luxury homes in Tampa is strong, and there is a limited supply of inventory. This has led to bidding wars and above-list price sales. Buyers who are interested in purchasing a luxury home in Tampa should be prepared to act quickly and be willing to pay a premium.

Conclusion

The Tampa housing market is a complex and ever-changing market. There are a number of factors that can affect the market, and it is important to stay up-to-date on the latest trends. If you are considering buying or selling a home in Tampa, it is important to work with a qualified real estate professional who can help you navigate the market and find the right home for your needs.

Other important data:

• The inventory of homes for sale in Tampa is currently at a 2.5-month supply, which is below the 6-month supply that is considered to be a balanced market.
• The average interest rate for a 30-year fixed-rate mortgage is currently at 5.5%, which is up from 3.5% a year ago.
• The cost of living in Tampa is 1% lower than the national average.

Luxury home data:

• The median sale price for luxury homes in Tampa is currently $1.5 million, up 10% from last year.
• The inventory of luxury homes for sale in Tampa is currently at a 1-month supply, which is very low.
• The average interest rate for a 30-year fixed-rate mortgage on a luxury home in Tampa is currently at 5.75%, which is up from 3.75% a year ago.

Overall, the Tampa housing market is still a strong market, but it is starting to show signs of cooling down. Buyers who are looking for a luxury home in Tampa should be prepared to act quickly and be willing to pay a premium.