In the ever-evolving landscape of the Hillsborough County housing market, recent data reveals significant shifts in property prices and market competitiveness. This analysis provides a closer look at the current real estate trends in this Florida region, offering valuable insights for potential buyers and investors.
The Hillsborough County, FL housing market has experienced notable growth, with the median sale price for homes reaching $299,000 in October 2024, marking a 22% increase from the previous year. This escalation in property value underscores a robust demand despite a reduction in the number of homes sold. The area saw 88 home sales in October, down from 113 a year before, reflecting a 22.1% decline.
Homes in this market are now staying on the market for an average of 34 days, a significant rise from just 14 days in the previous year. This trend indicates a shift in buyer behaviors and possibly a more cautious approach given the higher pricing. Despite this, Hillsborough County, FL remains highly competitive, with a Redfin Compete Score™ of 71, highlighting its desirability among buyers.
On average, homes are selling for about 2% below the list price, although ‘hot’ homes can sell for nearly 1% above the asking price, often going pending in around 9 days. This competitive nature is further reflected in the area’s risk factors, where Hillsborough County properties face a variety of natural hazards. Notably, the region is at extreme risk for severe wind events and heat, with all properties projected to face these threats over the next 30 years.
The risk of flooding is classified as minor, affecting 12% of properties, whereas 14% are at risk from wildfire. The extreme heat factor is expected to increase dramatically, with a forecasted 271% rise in days with temperatures over 109ºF in the next three decades.
Educational institutions in the Hillsborough County area show a range of ratings, from Riverhills Elementary Magnet School with an 8/10 to schools like Temple Terrace and Pizzo K-8, both rated at 4/10 or below. These ratings are based on data provided by GreatSchools and serve as important considerations for families moving into the area.
Recently sold properties in theHillsborough County, FL demonstrate a diverse range of sales. For example, a property on E Linebaugh Ave sold for 3% over the list price, whereas another on Dewdrop Way sold 12% under list after 354 days on the market. This variance in sales outcomes highlights the dynamic nature of real estate in 33617.
Overall, the Hillsborough County, FL housing market presents a complex yet promising picture for those interested in real estate. Its competitive standing, significant property value increases, and varied risk factors are crucial points of consideration for prospective buyers.
The Hillsborough housing market’s competitive nature, coupled with its rising property values, makes it a noteworthy area for potential investment. However, prospective buyers should be mindful of both the natural hazard risks, such as extreme heat and wind, and the educational landscape when considering relocation. Despite the challenges, the market’s resilience is evident, offering opportunities for those prepared to navigate its complexities.
Source: Redfin
