Tampa Bay Real Estate Market Report For July 2023

Smith Agents Know The Market

Tampa Bay has become one of the most sought-after locations in Florida for real estate investors and homeowners alike. The city's growing economy, vibrant culture, and exceptional quality of life are just a few of the reasons why so many people are flocking to the area. Despite the challenges facing the real estate market around the country, Tampa Bay has continued to thrive. The region's real estate market has consistently outperformed national averages, with Hillsborough sold prices up 5.7% compared to last year. This past month around Tampa Bay, we have seen a dramatic increase in new listings, making now an opportune time for prospective home buyers who have been waiting out the market for more housing options.

Unprecedented Growth in Tampa & St. Petersburg

The traditional entry price point for “luxury real estate” in Tampa, St. Peterburg, St. Pete Beach, & Clearwater, used to be considered $1 million but has steadily trended upward to the $3 million range and up. As a result, residential properties sold at the $3 million-plus price point have increased 44% compared to the prior year.

Smith associates are deeply embedded in the communities of Hillsborough & Pinellas, highly attuned to the needs of luxury buyers and sellers. Our dedicated associates set us apart with their in-depth market knowledge, commitment to integrity, and responsiveness to client needs.

Our associates review local market insights daily and put the data to work for you when crafting a marketing strategy for your home. This comprehensive strategy ensures that your property is exposed to the most interested parties, providing the successful sale of your property.