Tampa Bay’s housing market has officially ‘peaked,’ says report

“Let me tell you something, I haven't even begun to peak."

click to enlarge Tampa Bay’s housing market has officially ‘peaked,’ says report
Photo via Adobe Images

The thing about “peaking,” is whatever or whoever it involves, they’ll deny it till the bitter end.

The best example of this theory is arguably demonstrated by Dennis Reynolds on the show It's Always Sunny in Philadelphia: “Let me tell you something, I haven't even begun to peak," says Dennis to his sister Dee. "And when I do peak, you'll know. Because I'm gonna peak so hard that everybody in Philadelphia's gonna feel it.”

He did in fact peak, and now it appears it's Tampa Bay's turn to peak. 

After years of steadily rising home prices, it would appear that the Tampa Bay housing market has also finally reached its value threshold, according to a recent report from real estate site Zillow.

Home prices in Tampa Bay have continued to decline over the past two quarters, adding to the the first downward trend nationally in nearly seven years, says the report. Currently, the median home value in Tampa Bay for April was $213,800, which is a 0.4% difference from March, and a 5.7% decrease from this time last year.

click to enlarge Tampa Bay’s housing market has officially ‘peaked,’ says report
Graphic via Zillow

"Month-over-month numbers are volatile, and this small decline could reverse itself before the year is out and before national home values go negative on a year-over-year basis. That said, the likelihood that home values have peaked in several local markets is real,” said Zillow Director of Economic Research Skylar Olsen in a statement. “The price correction in these areas should continue after years of significant home value growth that substantially outpaced income growth."

In other words, if you’re thinking about buying a home, you may just want to hold out a little longer.

Not only have values decreased, but Tampa Bay’s inventory for homes for sale has also dropped considerably.

click to enlarge Tampa Bay’s housing market has officially ‘peaked,’ says report
Graphic via Zillow

This places Tampa among a hefty list of 16 of the 50 largest metro areas in the country that have also “peaked,” including Los Angeles, Philadelphia, Houston, Miami, Boston, San Francisco, Seattle, San Diego, St. Louis, Baltimore, Pittsburgh, Portland and San Jose.

Considering the average Tampa resident can only afford a 619-square-foot apartment, and the Bay area is currently ranked among the country’s largest metro areas for income inequality (with a wealth gap that jumped a whopping 16.2% over the last ten years), it’s safe to say that we’re in desperate need of any sort of market correction. 

About The Author

Colin Wolf

Colin Wolf has been working with weekly newspapers since 2007 and has been the Digital Editor for Creative Loafing Tampa since 2019. He is also the Director of Digital Content Strategy for CL's parent company, Euclid Media Group.
Scroll to read more Tampa Bay News articles
Join the Creative Loafing Tampa Bay Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state.
Help us keep this coverage going with a one-time donation or an ongoing membership pledge.

Newsletters

Join Creative Loafing Tampa Bay Newsletters

Subscribe now to get the latest news delivered right to your inbox.

We welcome readers to submit letters regarding articles and content in Creative Loafing Tampa Bay. Letters should be a minimum of 150 words, refer to content that has appeared on Creative Loafing Tampa Bay, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at [email protected]