Tampa Bay Real Estate Market Update
In November, mortgage rates trended down with the average 30-year fixed rate hovering around 6.2%. Inflation trends continued to show moderate improvement.
Tampa Bay’s job market maintained its strength in November, adding around 4500 new jobs across diverse sectors including healthcare, technology, and hospitality. The unemployment rate dropped to 2.8%, reflecting a robust local economy that bolsters buyer confidence.
Home sales in November experienced a modest decline, however the median home price continued its upward trajectory to $432,000. This increase is due to ongoing demand and limited availability of homes on the market.
Stable mortgage rates and a strong job market supports buyer demand, as the region continues to be an attractive destination for homebuyers. As inventory remains low, prices are likely to continue rising.
With the complexities of market conditions, it’s smart to lean on the guidance of an experienced real estate professional. Let’s connect and start strategizing on your future pursuits.
