Current home values in Tampa

Since the summer of 2021, median home values in the Tampa metropolitan area have climbed by 31%. In June 2021, for example, the typical Tampa home sold for $129,777, while in the June 2024 market, homes were selling for $170,000, according to Greater Tampa Realtors.

However, Tampa home prices are increasing at a slower rate than the United States as a whole — in fact, reports show that it’s entering a cooling market.

“The Tampa market is definitely cooling down right now,” said listing agent Heather Espinosa in a recent story by ABC Action News Tampa Bay. “Right now, we have 15 properties on the market, and before the phone would ring, ring, and ring. Now, I’m calling the seller letting them know it’s slow.”

Kenneth Jones, Realtor with eXp Realty, added, “The inventory has risen, the days on the market has increased for sure, and the ability to be a little bit more creative with putting deals together is definitely there for the buyer.”

The table below illustrates exactly how much home prices have increased in the Tampa-St. Petersburg-Clearwater metro area over the last four years:

House price increases, however, are not unique to the Big Guava market; they are becoming more and more common on a national scale. According to the data from the S&P CoreLogic Case-Shiller National Home Price Index, home prices across the United States have surged by over 50% since the start of 2020.

With this dramatic increase, homeowners across the country have seen significant gains in their equity, which they can tap into for various financial goals such as home improvements, debt payments, investments, or even retirement savings. As of early 2024, ICE’s Mortgage Monitor reported that the average mortgage-holding homeowner in the U.S. holds $299,000 in equity.

For comparison, the table below shows median home prices in cities near Tampa:

Up next, we’ll explore exactly how to estimate the value of your Tampa home in relation to the local market.