Real Estate Things To Know October 2023

The elevated interest rates don’t appear to be lowering home prices in our area.

  • The median price of a single family home in St Petersburg is now $450,000, up from $318,000 this time last year.
  • The number of single family homes sold is also up, 193 in September 2023, up from 112 sold in September 2022.
  • Key is still inventory of homes available to buyers, there has been a 10% decrease in St Petersburg inventory from September to September.  Sellers continue to hold onto their low interest rates and are reluctant to list, while buyers are showing some hesitation but overall still strong.
  • Housing inventory in the Tampa Bay area is still low at just 2 – 3 months, a “healthy” market balancing buyers and seller is 5 – 6 months.
  • The household income required to buy a home in the Tampa Bay area is now $103,000

Tampa Bay is still in demand from out of state buyers.  43% of Q3 searches on Realtor.com for homes in Tampa Bay were from out of state buyers, 25% of searches were from people in New York.  2.5% of searches were from overseas.  

Now, more than ever, it is critical to have experienced advice and representation when selling or buying a home.  Less than perfect pricing and marketing will result in a home sitting on the market, and market research will help a buyer’s offer on a home be successful.