South Tampa Real Estate Report

South Tampa Real Estate Market Report | 08/01/21 - 08/07/21

During this unprecedented market frenzy we've experienced over the past 16 months, I've said that affordability will be the main factor that will cause a shift in market conditions. I believe we are finally at that point where some buyers are reluctant to pay top dollar. As evidence, inventory levels in South Tampa have risen 58% from their record lows earlier this year and nationally, inventory continues to rise (3% in May and 9% in June according to Realtor.com). While multiple bids are still commonplace in our market, they're not as prevalent as they were even two months ago. Make no mistake though, we're still deep in a sellers' market and home prices are predicted to rise...just at a more modest pace of 3.2% vs. the 17% clip we've seen over the past year. Have a great week!

Michael Palermo

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