Here is the Market Update for September 2024 for the Tampa Bay as well as nationwide.
The Median Rent in Tampa Bay in September was $2,500 with a Days on Market of 30 days. This is from the MLS. Rents have stayed the same from the prior month and is taking 3 days longer for a house to rent. Compared to last year, rents have gone down 1.92% and is taking 2 days longer to rent a single family home.
In September, Zillow has the National Median Rent at $2,300. Compared to the previous month, rents have gone down 2.13% nationwide. Compared to last year, there’s been no change, rents have stayed the same nationwide.
There were 1,564 Eviction Filings in Tampa Bay, this is for Hillsborough & Pinellas Counties. Hillsborough County had 1,118 eviction filings and Pinellas had 446. That’s a 12.04% decrease in eviction filings from a month ago. I expected a decrease in eviction filings because of the Hurricane Helene that we had in September. The counties were closed more than normal, and I expect lower eviction filings again in October because of Hurricane Milton.
Our Lease Renewal percentage as of last month is 83%.
In September 2024, the Median Sales Price in Tampa Bay was $435,000 as per the MLS. The Days on Market was 30 days. House prices have decreased 0.63% from last month and a home is taking 3 days longer to sell. House prices have decreased 0.63% from last year and is taking 14 days longer to sell a home. There was a 5 months of supply of inventory, so this would be considered a Neutral Market. The market is definitely cooling in Tampa Bay.
In September 2024, the Median Home Sales List Price was $425,000 according to Realtor.com., That’s a 1% decrease from the previous year. The Days on Market was 55 days, that’s 7 days longer to sell a home from the previous year. The number of new sales listings increased 11.6% from the prior year.
In September 2024, the St Louis Fed had the Mortgage Interest Rate was 6.09%.
From the month prior, the interest rate decreased 0.26%. And from last year, the interest rate decreased 1.22%.
That’s your market update for September 2024.
