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3rd Quarter Market Update for The Heights and Central Tampa

Hey this is Tom Leber your favorite Seminole Heights Realtor. I recently finished compiling the data for the third quarter of real estate sales in the Heights and Central Tampa, and wanted to give you an update.

A lot of people ask me how our market is doing and my take is that the news is pretty good! 

  • The median sales price was trending down during the summer, but rebounded in August and is still in the green for September. The Heights median home values have appreciated 6.6% year to date and 1.6% year over year.
  • A similar pricing dip occurred during the summer throughout Hillsborough County.
  • Median home values for single family homes are up 1.2% year over year.
  • So Central Tampa housing prices are retaining more value than the county as a whole.

So is there a general indication of the market going down?

  • As a matter of fact housing values are trending up a bit. Inventory, or the amount of time that it would take to sell all of the homes currently on the market, has increased to 3 months and overall the number of home sold has dropped since the beginning of the year.
  • Its still a seller’s market, but this is a good sign for people looking to purchase in our area as there will be more selection to choose from.
  • Home values & competition always peak in the mid Spring and then trend lower through the fall and winter holidays. Resold homes usually experience a dip in value during this time that is a direct parallel to families with children in school not being in the market.
  • So while the general market has cooled by a little, the national trends indicate that housing inventory and sales will continue to increase at a nominal level throughout 2024.

Many of my clients have asked how the interest rates are affecting home sales in the community.

  • Interest rates a year ago were around 6%. Now they seem to have leveled off during the past quarter at around 8%.
  • The media intends to imply that this is the “going rate” However, mortgage lenders that I am working with are offering rates around 7.5% for well qualified buyers.
  • The Mortgage Bankers Association is predicting that average rates will continue to decline throughout 2024 and may reach as low as 5.5% by the end of next year.

So when will rates go back to 3%?

  • Dropping interest rates that low is an effect of a disastrous economic situation like the pandemic or the housing crisis of the early 2000’s. So, it’s my hope that they don’t. A healthy interest rate is an indicator of a positive economy overall.

So what does this mean if you are looking to purchase a home soon? There are currently more houses to choose from than in the last couple of years. And while the monthly cost of higher interest rates are a reality today, there are ways to defray these costs until the market can adjust. And all the experts indicate that there’s a bit of light at the end of the tunnel in 2024.

If you are a homeowner, the good news is that the equity that you have realized over the past few years will continue to be stable and continue to grow at a reasonable rate. Homes are currently selling for selling for approximately 95.2% of the price that they are listed on the market.

If you are interested in seeing housing statistics for your specific neighborhood, one of the only places you can find them are in the neighborhood section of my website at SeminoleHeightsLiving.com!

If you are looking to buy or sell a home in the near future, let’s get together and have a conversation about how the market will impact your objectives. Just DM me or comment below and we can set up an opportunity to chat!

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Tom Leber
LPT – Paramount Home Group

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SL3261509
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813-543-8346

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5001 N Nebraska
Tampa, FL 33603

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