Report: Tampa Bay housing, condo prices continue to fall

Home and condo prices in Tampa Bay fell in April, continuing a steady downturn from just a year ago.

According to the real estate research firm Homes.com, the average median home price in the market declined by 2.7% over this time last year to $365,000.

There has been some improvement, however. Tampa’s median home sale price peaked at $385,000 in June 2024 and while prices are down from a year ago, they are up 4% from January’s median home sale price of $350,000.

The median price of condos took an even bigger hit, falling 10.9% from this time last year to $205,000. This was the 12th consecutive month the median price on condos fell.

Michelle Rumore, senior director of market analytics at the CoStar-owned Homes.com, says properties that are sitting on the market longer are leading to seller concessions, especially in new construction, and price cuts on existing homes.

That doesn’t mean buyers are rushing out.

“Despite these pricing improvements, mortgage rate volatility over the past 45 days has kept some buyers on the sidelines, dampening demand,” Rumore says.

In the case of condos, the number of units on the market has been growing in the Tampa market — and across the state — for 18 months as rising insurance and association and assessment fees have gone up in the aftermath of new safety regulations that increased reserve requirements.