October 2024 Tampa Market Stats

Tampa Bay Real Estate Market Update - October 2024

The Tampa-St. Petersburg-Clearwater area is experiencing an evolving real estate market as we close out 2024. With a mix of increasing inventory, moderating prices, and shifting buyer activity, this market update provides a detailed overview of what buyers, sellers, and real estate professionals can expect.

Median Sale Price Trends

The median sale price for single-family homes in the region was $402,000 in October 2024, a slight decrease of 1.3% compared to October 2023. This leveling off of prices indicates a cooling from the rapid price growth experienced in recent years. However, it’s worth noting that average sale prices still showed a modest increase of 0.9% year-over-year, landing at $511,534. This suggests that while the market may be stabilizing, higher-end properties continue to perform well, driving up the average.

Closed Sales Decline

Closed sales in the single-family home sector fell by 9.4%, with 2,729 transactions completed in October. This decline points to more cautious buyer behavior, influenced by factors like rising interest rates and economic uncertainty. Additionally, cash sales saw a sharp drop of 31.6% compared to last year, with only 616 transactions completed. Reduced investor activity, often driven by cash purchases, is a significant factor behind this decline.

Inventory on the Rise

A standout feature of October 2024 is the significant increase in inventory. Active listings rose by 32.9% compared to the previous year, reaching 11,269 homes. This increase in options for buyers is reflected in the months' supply of inventory, which climbed to 3.5, up 40% year-over-year. While still below the 5.5-month threshold for a balanced market, this growth signals a shift toward more favorable conditions for buyers after years of tight inventory.

Market Time Extends

Homes are spending more time on the market, with the median time to contract rising to 38 days, a 90% increase from October 2023. Similarly, the median time to sale reached 83 days, up 33.9% year-over-year. These longer timelines indicate that buyers are taking more time to make decisions, and sellers may need to adjust their expectations around pricing and market timing.

New Listings and Pending Sales

New listings in October totaled 3,494, reflecting a decrease of 16.6% compared to last year. This reduction in new inventory entering the market may limit buyer options in the months ahead, even as active inventory remains relatively high. Meanwhile, pending sales—a key indicator of future closed transactions—fell by 18.3%, suggesting a slowdown in activity as the market adjusts to current conditions.

Opportunities for Buyers and Sellers

For buyers, the increasing inventory and moderating prices present an excellent opportunity to explore a wider range of options. Negotiation power is improving, especially in segments where inventory is more abundant. However, with interest rates remaining elevated, buyers should be mindful of their financing options to ensure affordability.

For sellers, the changing market calls for strategic pricing and preparation. Homes that are competitively priced and well-maintained continue to sell, but sellers may need to be patient as the time to contract grows. Highlighting unique property features and targeting the right audience will be crucial in attracting motivated buyers.

What to Expect Moving Forward

As we approach the end of the year, the Tampa Bay real estate market is likely to continue its trend toward stabilization. The combination of rising inventory, modest price adjustments, and longer market times indicates a shift from the frenzied conditions of the past few years to a more sustainable and balanced market. However, external factors like economic trends and interest rate policies will play a significant role in shaping the market in 2025.

Whether you’re buying, selling, or simply keeping an eye on the market, staying informed about these trends will help you make the best decisions. At ABQ Flooring Solutions, we’re here to assist with all your real estate needs, from market insights to flooring solutions for your next home project.

For personalized advice or more information about the Tampa Bay real estate market, feel free to reach out. Let’s navigate this dynamic market together!