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Tampa Bay’s real estate market is cooling down

A recent report by Redfin says supply is rising on Florida’s Gulf Coast, and demand is falling.

A Mediterranean-style white house near Bayshore Boulevard in Tampa. It has steps up to a founded front door, European windows, a garage, greenery with flowers, plants, and grass out front. There are blue skies overhead and neighboring properties are visible either side of the home.

Maybe one day.

Photo by TBAYtoday

Despite the heat, we’re cooling off. In a recent Redfin report, Tampa ranked No. 2 among the nation’s most cooling housing markets — that means house prices are rising slowly, if at all, and competition is lessening.

Florida’s Gulf Coast features highly, with North Port ranking No. 1, and Cape Coral ranking No. 3. Redfin used data like price drops, inventory, and the number of homes selling within two weeks.

The region’s housing market is “cooling faster than anywhere else in the country as natural disasters intensify, new construction soars, and the pandemic-era homebuying demand boom fades,” according to the report.

Recently, Redfin said the median Tampa home is selling for $425,000, per April 2024 — that’s 2.3% down from last year. For that amount, you could get something like this. If you’re interested in a St. Pete purchase, with a reported $430,000 median selling price, this funky pad is only 10 minutes from the beach.

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