You frequently hear about house price news on news. But most of these are summing up the numbers from all over the US. As you are aware, different areas have different markets.
After the house price skyrocketed during the COVID era, they reached their peak around spring/summer 2022. As the mortgage rate climbed up, the sales and the price increase slowed down/stopped.
Then we saw some price drop. But the drop is not as much as many buyers hoped for. I compiled the 4-year price data in the graph below.
This shows the median price for Single Family Homes in Tampa Bay’s 3 counties over last 4 years; March 2019 to February 2023.
Blue: Pinellas County
Green: Hillsborough County
Grey: Pasco County
The latest median price for each county (Feb. 2023):
Pinellas: $430,000(Median) $579,334(Average)
Hillsborough: $400,000(Median) $498,209(Average)
Pasco: $375,000(Median) $404,166(Average)
We still have many unsettled situations to predict where the home price will go. I will keep you updated!
By Yukiko Yamasaki Block