Tampa Bay’s real estate market is still going strong despite the many predictions for a crash. Prices have increased year-over-year by 28%. With Clearwater (44%) and Riverview(41%), in the top 10 cities with the fastest growth according to Redfin. Tampa Bay has under 1 month’s supply of homes. This means that at the current rate of sales, it will take less than one month to sell every property that’s listed for sale.
It takes on average 9 days to sell a home compared to last year’s 7 days and 35 days in 2020.
Inventory of Homes for Sale
The main reasons for this meteoric price increase are the shortage of inventory and overall low-interest rates. We will have to watch the listing inventory, mortgage delinquencies, and foreclosure filings for any changes. For now, there is no catalyst for the prices to go down except for further increases in interest rates.
Currently (April 2022) there are 1,968 active listings in Hillsborough County, 2,010 in Pasco, and 1,512 in Pinellas County. The available inventory has decreased by 24%.
Compare to:
September 2021: 2,750 active listings in Hillsborough County, 2,010 in Pasco, and 1,850 in Pinellas County
August 2021: 2,790 active listings in Hillsborough County, 2,046 in Pasco, and 2,022 in Pinellas County.
April 2021: 2,202 active listings in Hillsborough County, 1,936 in Pasco, and 1,652 Pinellas county.
January 2021 the inventory of homes for sale was 2,832 in Hillsborough County, 2,310 in Pasco, and 2,499 in Pinellas.
The supply of properties is at an all-time low. To give you some perspective of what the numbers below mean, in 2005 (the height of the real estate bubble), the supply of homes was at 3 months. See chart below.
Hot Seller’s Market!
This is the current supply of homes in Tampa Bay:
- Hillsborough county: 0.94 months of supply
- Pasco county: 1.71 months
- Pinellas county: 0.82 month
| Counties | Year-Over-Year Median Price | Number of Homes Sold | Days on Market |
| Hillsborough County | +30.7% $366,00 | -3.8% 2,075 | -8% 8 Days |
| Pinellas County | +25.3% $362,000 | -3.7% 1,828 | -15% 9 days |
| Pasco County | +28.6% $329,940 | +3.8% 1,069 | -7% 9 Days |
Hillsborough, Pinellas, and Pasco County Median Prices [2022]
Foreclosure Stats (Lis Pendens)
New foreclosure filings are increasing, in Hillsborough county: 135 foreclosures were filed in March 2022, compared to 48 foreclosures filed in August 2021. It normally takes about a year or two for these foreclosures to be sold.
Evictions on the other hand are down, with 501 evictions filed in Hillsborough county, compared to 750 evictions filed in March 2021.
Tampa Rent Prices
Tampa Bay rent prices have increased by 28% from $1561 (February 2021) to $1999 (February 2022.)
If you are planning to invest in Tampa Bay real estate, we put together a guide to show you the cities and neighborhood characteristics. We like statistics but sometimes they don’t paint the whole picture.
About Investing in Tampa Bay
Greater Tampa Bay consists of three counties: Hillsborough, Pinellas, and Pasco. The three major cities are Tampa, Saint Petersburg, and Clearwater.
The Greater Tampa Bay area has more than 4 million people. Tampa metro area alone has 2.9 million residents and is projected to hit 3.3 million by 2035 [U.N.Projections]. The majorly of the population growth is in Hillsborough and Pasco counties. The reason for the growth is the availability of land.
Who Lives in Tampa Bay?
The three counties have slightly different demographic (U.S. Census), the most diverse is in Hillsborough county with 17% of its population being foreign-born.
What do People do for a Living?
The first industries that allowed Tampa to thrive in the 1900 s were the cigar and phosphate businesses. While the phosphate industry still exists, and it employs 6,000 people according to the Florida Phosphate Council, the cigar industry had a different fate. J.C. Newman Cigar Company is the last surviving cigar factory in Ybor City.
Currently, the five largest employers in the Tampa Bay area are:
- Publix Super Markets – 37,572 employees
- BayCare Health System – 27,600 employees
- Hillsborough County School System – 25,170
- Raymond James Financial – 18,550
- MacDill Air Force Base – 18,000
- HCA West Florida Division – 17,000
Companies that have HQ in Tampa Bay are Jabil, Tech Data, The Penny Hoarder, Home Shopping Network, Bristol-Myers Squibb, Depository Trust and Clearing Corporation, Citigroup, Amazon, SouthEast Personnel Leasing, USAA, and Welbilt.
Where are the highest-rated schools?
Hillsborough County Schools
- South Tampa – zip code 33629
- Lithia – zip code 33547
- New Tampa – zip code 33647
- Westchase – zip code 33626
- Lutz – zip code 33549
- Thonotosassa – zip code 33592
Pasco County Schools
- Wesley Chapel – zip code 33544
- Land O Lakes – zip code 34638
- Trinity – zip code 34655
Pinellas County Schools
- Clearwater – zip code 33765
- Dunedin – zip code 34698
- Palm Harbor and East Lake – zip codes 34685, 34683
- St Petersburg – zip codes 33710, 33709
What is it like to live in Tampa Bay?
Most newcomers are attracted to Tampa Bay by the weather, the beautiful beaches, and the low cost of living.
If you like boating, fishing, and kayaking, you will love living here. Tampa Bay is also great for sports fans: Tampa Bay Lightning, the Bucks, the Rays, and the USF Bulls.
The main negative is the lack of good-paying jobs. The are plenty of jobs, unemployment is at 3.6% and job growth is estimated at 2.3%. However, the median household income is still at $56,137, while the median sold home price is $237,800 (Zillow stats).
Tampa Bay Neighborhoods with Highest Appreciation
South Tampa: 55% to 64% YOY
Davis Island: 218% YOY
Ruskin, Apollo Beach, and Sun City Center: 32% to 35%
Tierra Verde: 61% YOY
Historic Old Northeast: 87% YOY
Holiday: 45% YOY
New Port Richey: 42% YOY
The Ultimate Guide to Florida Property Investment>>>
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