Here is a rental market update for May 2024.
The median rent in May for Tampa – Clearwater – St Petersburg was $2,595 and the days on market was 27 days.in May. Rents have increased compared to last month by 3.8% and is taking 1 day longer to rent a house. Compared to last year, rents have remained the same but is taking 4 days longer to rent a house. This is per the MLS.
The median rent nationwide was $2,338 in May. That’s up 1.3% from last month and down 1.5% from a year ago. This is per Zillow.
There were 1,629 evictions filed in Tampa – Clearwater – St Petersburg in May. That’s a 3.6% increase from a month ago.
The Lease Renewal Rate for House2home Properties, our property management company, was 82%. This means that we are renewing 82% of our leases which is very good.
As far as the sales market in Tampa – Clearwater – St Petersburg, the median sales price was $450,000 and the Days on Market was 24 days in May. House prices have increased 1.1% and is taking 1 day longer to sell a house compared to last month. Compared to last year, house prices have again increased by 3.4% and is taking 11 days longer to sell a home. There was a 3 months supply of inventory which is considered a buyer’s market in Tampa Bay. This is per the MLS.
For sales nationwide, the median list price in May was $442,500. That’s just a 0.3% increase from the previous year, so relatively stable. The Days on Market was 44 days and that’s just 1 days longer from the previous year. The number of new sales listings increased 6.2% from the previous year. This is per Realtor.com.
And now for mortgage rates in May. The 30-year fixed rate mortgage was 7.03%. The interest rate decreased 0.14% from last month but increased 0.46% from the previous year.
That’s your market update for May 2024. Please let us know if you need property management for your house in the Tampa Bay area.
