Tampa Bay Real Estate Market Update
In September, the average 30-year fixed mortgage rates were around 6.35%, a decrease from the previous month that was influenced by the Federal Reserves rate cut in mid-September.
Tampa Bay added around 4,500 jobs in September, continuing its robust employment trend. Key sectors included healthcare, technology, and tourism. The unemployment rate stayed low at 3.0%, supporting consumer confidence and the housing market.
Home sales are improving and were up 13.9% in September, compared to last year. The median sale price dropped 8.7% compared to last year and properties are staying on the market much longer due to increasing inventory and overpricing.
Tampa Bay has a resilient housing sector amid rising mortgage rates and tight inventory. Strong employment and stable inflation support demand, suggesting the market will continue to experience price appreciation despite cooling in sales activity.
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.
