The Tampa Market is Normalizing
What’s happening in our ever-changing Tampa real estate market? We’re here today with your Tampa summer 2022 market report to help keep you informed.
Prices have continued to climb. The cost of the average Tampa home is up 25% year over year at $469,000. Inventory has increased for the third straight month after years of declining. The number of homes on the market is up by 28% year over year and 18% from last month, so buyers will have more homes to choose from, which is great news.
As you likely know, interest rates have increased a couple of points, which will affect buyers’ affordability. However, to put things in perspective, interest rates have averaged around 7% over the last 50 years. We’re coming out of a market with ultra-low rates and returning to a more normal one.
If you have any questions about real estate, feel free to call or email us. We would love to help you.