The housing market in South Tampa, Florida, has demonstrated a notable rise in competitiveness, as highlighted by recent data. While the median sale price of homes in this area was $335,000 last month, this marks a 13.0% increase from the previous year.
The current dynamics of the South Tampa housing market reveal that properties are selling about 1.7% below their list price, averaging 25 days on the market. Despite a marginal 0.24% decrease in price per square foot, currently at $208, the market remains somewhat competitive.
Several factors contribute to the competitive nature of this market. The Redfin Compete Score™, which assesses market competitiveness on a scale of 0 to 100, rates South Tampa at 65. This moderate competitiveness means that while homes typically sell 2% below list prices and go pending within around 25 days, there are instances where hot properties match list prices and go pending within a mere five days.
Recent property sales reflect these trends. Homes like the one sold at 4628 Pond Ridge Dr in Riverview fetched a price of $285,000, remaining on the market for 87 days. Contrastingly, a property on Flotilla Ave, Tampa, sold for $349,900 and was snapped up within a shorter market time of 221 days.
In addition to market conditions, environmental factors also influence the real estate landscape in South Tampa. The region faces significant natural risks, such as the extreme likelihood of severe wind events and heat over the next three decades. Specifically, 100% of the properties are at extreme risk of heat, with the likelihood of high temperatures increasing markedly in the coming years. Similarly, the risk of windstorm events affecting the area is anticipated to amplify, with gusts potentially reaching 195 mph within three decades.
Flooding presents another considerable risk, with 91% of properties identified as being susceptible to severe flooding over the next 30 years. This growing risk surpasses the national average increase, highlighting the need for potential buyers and residents to consider these factors when engaging with the South Tampa real estate market.
Understanding the educational landscape, South Tampa hosts several elementary schools such as Riverview and Bing Elementary, with GreatSchools ratings varying between 4 to 6 out of 10. This highlights both opportunities and challenges for families deciding on relocating to the area.
The South Tampa housing market continues to draw attention due to a combination of competitive pricing trends and environmental considerations. Prospective buyers need to weigh these factors carefully when assessing opportunities in this notable Florida region.
Source: Redfin
