The value of houses near the Tampa Bay is rising rapidly, says Bob Glaser, President and CEO at Smith & Associates Real Estate. According to him, the local real estate possesses some resilience to a significant slump. The market activity has reduced compared to the previous year, but the number of buyers still exceeds the number of houses listed for sale.
In March 2023, the median selling price in the Tampa Bay area was $380,000, which is 1.9% greater than in the same period last year, according to data from multiple listing services. In March, it took an average of 49 days to sell a residence, while last year, the selling time was 17 days. The number of properties listed for sale increased by 136.5% year-on-year but is still quite low: such a small number of properties was last listed in June 2022.
House prices across the USA are currently dropping in the west of the country and rising in its eastern part as buyers move to the east looking for a lower cost of living.
Over the past few years, the real estate market has been extremely active. The balance is now shifting, experts say, and the east and west coasts of the USA are the most volatile.