I have you’re August 2024 House Rental & Sales Market Update for Tampa Bay & Nationwide.
Hi, I’m Michael Bielon with House2home Properties, with a real estate market update for August 2024.
We manage single family homes in Tampa Bay and we’ll go over the median rents for single family homes, eviction filings, the sales market and interest rates.
We’ll Start with the Rental Numbers from the MLS.
This is for Houses in Tampa Bay, which will be Hillsborough& Pinellas Counties:
In August 2024, the Median Rent was $2,500 and the Days on Market was 27 days.
Compared to the previous month, rents havegone down2.72%and is taking 2 days longer to rent a house in Tampa Bay.
Compared to the same time last year, rents havestayed the same and is taking 6 days longerto rent a house from a year ago in Tampa Bay.
Here are Zillow’s National Rental Numbers for Houses (for the entire United States).
In August 2024, the National Median Rent was $2,350.
Compared to the previous month, rents havegone down 0.63%nationwide.
Compared to the same time last year, rents have stayed the same nationwide.
Here are the Number of Eviction Filings in Tampa Bay, this is for Hillsborough & Pinellas Counties.
In August 2024, the number of Evictions Filed in Tampa Bay was1,778.
Hillsborough County had1,229 eviction filings and Pinellas had549.
There was a1.3%decrease in eviction filings from a month ago in Tampa Bay.
The Lease Renewal Rate for House2Home Properties.
Our Lease Renewal percentage as of last month is 83%.
Let’s move on from the rental market to the sales market.
Now for the Sales Numbers From the MLS.
This is for Houses sold in Tampa Bay, which will be Hillsborough & Pinellas Counties:
In August 2024, the Median Sales Price was $437,758. The Days on Market was 26 days.
Compared to the previous month, house prices have decreased1.63% and is taking 3 days longer to sell a home in Tampa Bay.
Compared to the same time last year, house prices have decreased4.37% and is taking 13 days longer to sell a home from a year ago in Tampa Bay.
Realtor.com’s National Home Sales (this is for the entire United States)
In August 2024, the Median Home Sales List Price was $429,990, that’s a 1.3% decrease from the previous year.
The Days on Market was 53 days, that’s 7 days longerto sell a home from the previous year.
And the number of new sales listings increased 35.8%from the previous year nationwide.
The National 30 Year Fixed Rate Mortgage (per the St. Louis Fed)
In August 2024, the Mortgage Interest Rate was 6.46%.
From the month prior, the interest rate decreased 0.31%. Theprevious month’srate was6.77%
Andfrom last year, the interest rate decreased 0.72%. The previous year’s rate was7.18%.
Okay, that’s your monthly market update, I hope you enjoyed this. If you need property management for your house, please reach out to me. I would love to help you with your property.Thank you so much for watching.