Not even a global health crisis and a historic economic downturn could slow down Tampa Bay home sale prices, which have increased by 7% from 2019, according to a recent report.
According to online listing service Zillow, Tampa Bay’s median home sale price in May was $241,011, which mirrors the rest of the country averaging at $263,408.
In the Miami and Fort Lauderdale area, the median home sale price for May is $305,501, an 8.4% increase from the year prior.
The report also highlighted that new listings of the most expensive homes are down 1.5%, while new listings of the most affordable homes in Tampa Bay are 16.7% below last year’s levels.
In an email, Zillow Data Public Relations Manager Matt Kreamer wrote “home buyers expecting to score a bargain this summer may be disappointed.”
Surprisingly, the increase in home sale prices accompanied a decline in overall home sales. According to a June report by Florida Realtors, single-family home sales in Tampa Bay dropped in May. Hillsborough County saw a 28% decline as Pinellas County sales dropped by 46% when compared to the year prior.
Since March, the coronavirus has uprooted millions of landlords and tenants, who are battling over payment plans and solutions. In June, Gov. Ron DeSantis signed a bill that will give out $240 million to assist those unable to pay rent or mortgage payments as a result of the coronavirus pandemic.
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This article appears in Jul 9-15, 2020.
