Tampa, FL

Tampa

Tampa represents one of the more modestly-priced luxury markets in Florida, yet many of the second-tier markets are slowly catching up to the frontier luxury markets. Where Tampa sales prices as recently as 2019 were averaging below $5M, they have nearly doubled at just south of $10M, marking a steady (but substantial) appreciation in just five years. 

Highlights

1. Up from $4.9M sales price in 2019 to $9.8M in 2024

2. Prices are slightly down from a 2021 peak

3. Tampa properties average 238 DOM 

Prices have doubled, but are now on a plateau

Early pandemic years represented a boom for the Tampa region with prices ballooning from below $5M in 2019 to $12.6M. Two years later, that growth trend is now turning into a new steady state. Since 2021, average sale prices have flattened with each year seeing the top properties trade right around the $10M mark. 

Tampa sellers who price their property realistically are typically able to sell within 180 days and capture sales values very close to the listing price. Those that sell more slowly, however, also tend to sell at lower prices. Properties that spend more than 180 Days On the Market (DOM) average a 16% discount to the listing price. As a result, in Tampa, there is a big difference in realized price and initial list price between those selling quickly and those selling more slowly.