Tampa MSA home, condo prices spring decline signal 'a trend has emerged'

Tampa Bay’s housing prices declined again last month with condo prices continuing a free fall that legislative fixes have yet to resolve.

The bleak housing news was reported by Homes.com, the Co-Star owned real estate research firm, which says early July data “underscores a continuation of the cooling trend seen throughout 2025.”

(The data released Wednesday is for the Tampa MSA which includes Hernando, Pasco, Pinellas and Hillsborough counties.)

While the numbers could change slightly, Homes.com reports that they provide early insight into what is happening in the market.

According to the preliminary numbers for July, median home sale prices have fallen year over year for four straight months, declining 0.1% to $379,990 in July when compared to a year ago.

Condo prices, not surprisingly to those following the market’s troubles, “continue record steep declines.” The median sale price was down 15% from a year ago to $210,000, a nearly $40,000 drop.

Just how bad is it in the Tampa market? Condo price are down 25% from $275,000 at the peak in September 2023.

Condo prices have been falling statewide for a couple of years now as association and assessment fees have gone up in the aftermath of new safety regulations that increased reserve requirements. These increases, along with rising insurance costs, have hamstrung the resale market, driving prices down.

The Florida Legislature approved measures to help improve the situation for condo owners during the legislative session earlier this year, but it could be a few months before data is available to show how — or if — those work.

As for the Tampa region’s housing market in general, Michelle Rumore, senior director of analytics at Homes.com., says housing prices declining through the spring, the busiest buying season of the year, show “a clear trend has emerged.”

“More inventory, not as much competition from out-of-state buyers and homes sitting on the market for longer have created an environment where buyers have more leverage to negotiate,” Rumore says in the report.

“And in many cases, they are getting the sale price down.”