November 2024 Tampa Market Stats
January 20, 2025
Tampa Bay Real Estate Market Update – November 2024
The Tampa-St. Petersburg-Clearwater area continues to see significant shifts as we approach 2025. November’s real estate market reflects ongoing trends of increased inventory, moderate price changes, and a measured pace of buyer activity. Here’s a detailed overview of the latest statistics to keep buyers, sellers, and professionals informed.
Median Sale Price Trends
In November 2024, the median sale price for single-family homes was $399,000, a slight 1.8% decrease compared to November 2023. This marks the second consecutive month of year-over-year price declines, highlighting a stabilizing market after years of rapid growth. Average sale prices showed a modest increase of 0.5%, reaching $510,204, driven largely by high-end transactions.
Closed Sales See Further Declines
Closed sales for single-family homes dropped 10.2% year-over-year, with 2,638 transactions completed in November. The market slowdown continues to reflect rising interest rates and broader economic concerns. Cash sales were notably down 29.7%, indicating reduced investor activity as higher borrowing costs weigh on returns.
Rising Inventory Levels
Inventory remains one of the most significant stories of the month. Active listings surged by 35.6%, with 11,538 homes on the market. The months' supply of inventory increased to 3.8 months, up from 2.7 months in November 2023—a 41% increase year-over-year. While this still falls short of a balanced market, buyers now have more options, which could help ease competitive pressures.
Longer Market Times
Homes are taking longer to sell, with the median time to contract reaching 41 days, a 95% increase from November 2023. Similarly, the median time to sale rose by 36.2%, hitting 85 days. Sellers should prepare for a more deliberate market, where pricing and presentation are key to attracting buyers.
New Listings and Pending Sales
New listings in November totaled 3,392, reflecting a 15.8% decrease from the previous year. This drop in fresh inventory could create some supply constraints in 2025, even as active listings remain elevated. Pending sales fell 17.4%, signaling a continued slowdown in buyer activity as the market adjusts.
Opportunities for Buyers and Sellers
For buyers, November 2024 brought expanded inventory and reduced competition. While interest rates remain a challenge, those who are well-prepared financially can benefit from more negotiation power and improved affordability.
For sellers, strategic pricing and property preparation are more critical than ever. Homes that are competitively priced and showcase their best features are still selling, though patience is essential as market times lengthen. Working with experienced professionals to target the right buyers will ensure your property stands out.
Looking Ahead
As we move into 2025, the Tampa Bay real estate market is likely to remain on its path toward normalization. Buyers and sellers should anticipate continued modest price adjustments, longer timelines, and a growing inventory that favors balance over the frenzied conditions of past years. External economic factors, including interest rates and inflation, will play a pivotal role in shaping the market’s trajectory in the coming months.
At ABQ Flooring Solutions, we’re committed to helping you navigate this ever-changing market. Whether you’re looking to buy, sell, or improve your home with sustainable flooring solutions, we’re here to provide expert advice and support.
For more personalized insights or assistance with your real estate journey, feel free to reach out. Together, we can make the most of this dynamic market.