Welcome to your August 2024 Rental & Sales Market Update for the greater Tampa area & nationwide.
In August 2024, the MLS has the median rent at $2,500 with the days on market at 27 days for the Tampa Bay area. Rents have gone down 2.72% from last month and is taking 2 days longer for a house to rent. From last year, rents have stayed the same and is taking 6 days longer for a house to rent.
Zillow has the National Median Rent at $2,350 for August. Rents have gone down 0.63% nationwide as of last month but staying the same from last year.
In August 2024, the number of Evictions Filed in Tampa Bay was 1,778. There was a decrease of 1.3% in eviction filings from a month ago.
The Lease Renewal Rate for House2Home Properties as of last month is 83%. Pretty good.
In August 2024, the MLS has the Median Sales Price at $437,758 in the Tampa Bay area. The Days on Market was 26 days. Compared to the previous month, house prices have decreased 1.63% with homes taking 3 days longer to sell. Compared to last year, house prices have decreased 4.37% with 13 more days on the market.
Realtor.com has the Median Home Sales List Price in August at $429,990, that’s a 1.3% decrease from this same time last year. There were 53 days on market which was 7 days longer for a home to sell compared to the previous year. New sales listings have increased 35.8% from the previous year.
The National 30 Year Fixed Rate Mortgage per the St. Louis Fed in August was 6.46%.
From the month prior, the rate decreased 0.31% from the previous month and decreased 0.72% from the previous year.
I hope you enjoyed your market update for August 2024.
