Tampa Real Estate Market Soars: Average Property Value Climbs to $440K by April 2024

Tampa’s real estate market demonstrated steady growth from May 2023 to April 2024, with rising property values and robust sales volumes. Comparative data also highlights Tampa’s appeal over neighboring cities.

Written by Manuel Martinez, RealtyTrac contributorPublished May 9, 2024

Last updated Jun 27, 2024

Key Takeaways

Tampa's average property value was $440,000 in April 2024, versus $450,000 in May 2023.
Value per square foot rose from $271 in May 2023 to $285 in April 2024.
Homes for sale rose 30.38% to 1,356, while homes sold fell 11.11% to 6,563.
Sales peaked at 7,845 in September 2023.

Overview of Tampa’s Real Estate Market Growth

The Tampa’s real estate market has grown considerably over the last 12 months with a notable increase in average house values. As of May 2023, the average value of properties in Tampa was $450,000, and this month that number is $10k less: $440,000.

Average per square foot values also demonstrated a growing trend, climbing from $271 in May 2023 to a 285 in April 2024. The growth can be paralleled with the rise in the average sold price per square foot, which moved from $259 in May 2023 to $267 in April 2024.

Housing Market Summary for Tampa, FL

	May 2023	April 2024	Change
Median Listing Price	$449.7K	$401.9K	-10.61%
Median Sold Price	$386.5K	$401.9K	3.99%
Homes For Sale	1,040	1,356	30.38%
Homes Sold	7,383	6,563	-11.11%

However, the volume of properties tells a different narrative—fangs of fluctuation can be seen with the property counts varying over time. The initial count was 1,040 in May 2023, decreasing to 1,138 in January 2024 before ascending again to 1,356 by April 2024. This ebb and flow might be attributed to seasonal shifts or changing market sentiments.

In terms of sales volume, the properties sold peaked in September 2023, with 7,845 sales, before descending to 6,563 properties by April 2024. This suggests a contracting sales market which could be a sign of either diminishing demand, tightening supply, or both.

Comparative Analysis with Nearby Cities

Tampa, FL Real Estate Market Overview

Zip	Median Est. Value	Zip	Median Est. Value
33647	$ 499,000 $ 230/sqft	33607	$ 379,000 $ 300/sqft
33611	$ 499,000 $ 329/sqft	33614	$ 243,507 $ 203/sqft
33604	$ 326,329 $ 259/sqft	33625	$ 450,595 $ 237/sqft
33629	$ 1,161,000 $ 455/sqft	33616	$ 455,892 $ 299/sqft
33610	$ 299,500 $ 215/sqft	33605	$ 292,773 $ 260/sqft
33615	$ 459,267 $ 286/sqft	33606	$ 784,750 $ 523/sqft
33602	$ 675,837 $ 465/sqft	33612	$ 276,750 $ 207/sqft
33619	$ 296,087 $ 218/sqft	33634	$ 410,109 $ 254/sqft
33609	$ 699,000 $ 364/sqft	33613	$ 322,904 $ 223/sqft
33603	$ 419,200 $ 312/sqft	33635	$ 482,529 $ 259/sqft
33626	$ 548,456 $ 275/sqft	33637	$ 379,900 $ 202/sqft

Frequently Asked Questions

What is the average home value in Tampa in April 2024?

$440,000, or $285 per square foot, with homes closing at about $402,000 on average.

How does Tampa compare with nearby cities?

Thonotosassa ($805,456) and Lutz ($532,000) had higher average values, while Seffner, Brandon and Gibsonton were lower as of April 2024.

About the author: Manuel Martinez

RealtyTrac contributor

Manuel Martinez is a contributor to RealtyTrac who writes about local housing markets, home buying and real estate investing. He has written for RealtyTrac since 2013, covering city and state market reports, home buying guides and tips, investment financing and strategies for buying and flipping homes.