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.

authorWritten by Manuel MartinezMay 9, 2024

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

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