South Tampa Real Estate Report
South Tampa Real Estate Market Report | 12/8/24 - 12/14/24
It's that time of year for 2025 predictions. I predict we will see a bifurcated South Tampa housing market during the first 6-9 months of '25 with the two distinct markets being: 1) properties located in areas flooded by Helene and/or Milton and 2) properties located in areas unaffected by water from the storms. I believe flooded areas will see an initial drop in land value as more homeowners settle their insurance claims and bring their properties to market. Preliminary (and very limited) sales data of flooded properties suggests a post-storm decrease of 10%-20% in land values. As the inventory of flooded properties is absorbed throughout the year, prices will stabilize. High and dry properties will remain highly competitive for buyers in 2025, although I do believe we will continue to see a slower rate of appreciation as we did in '24. I have to rely on other experts for interest rate predictions, but the consensus believes rates will remain in the 6% range. Have a great week!
Michael Palermo
