Tampa Bay home prices soared 20 percent in January as supply shortage continues

Tampa Bay homes prices soared 20 percent in January, the third-largest gain in all of Florida.

The dramatic year-over-year increase, exceeded only by those in the Fort Myers and Port St. Lucie areas, was caused in large part by a continuing shortage of homes for sale, which is driving up prices.

There are a lot of buyers out there, but the inventory remains tight. Homes under $500,000 that are priced right and in good shape make up what he calls the “hottest segment of the market” and can easily spark bidding wars.

The median price of single-family homes — which make up by far the biggest share of the residential market — jumped 23.6 percent in Pinellas to $193,500; 21.3 percent in Hillsborough to $194,000; 16.6 percent in Pasco to $142,000; and 23.8 percent in Hernando to $130,000. (The median is the midpoint; half the homes sold for more, half for less.)

All four counties had well under a three-month inventory of available homes.

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About Author

John William is a cum laude graduate of the University of Miami, and has spent his lifetime in sales and marketing. The fourth generation to join his family business, John William manages all luxury residential sales and transactions within the Tampa Bay and South Florida markets. A keen industry insider with a finger on the pulse of the area, He is an expert identifying high-return acquisition and development opportunities for hungry investors both large and small while simultaneously working with homeowners and homebuyers to buy and sell the home of their dreams… often times without the need of the MLS or a For Sale sign. He also oversees all digital and print marketing for the company, and handles all sales training for new and established agents alike. He is a member of the Board of Directors of Brookwood Florida, the oldest charity in Florida, and works to raise millions of dollars annually for local charities and museums.