I have you’re October 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 October 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 October 2024, the Median Rent was $2,598 and the Days on Market was 33 days.
Compared to the previous month, rents have gone up 3.9% and is taking 3 days longer to rent a house in Tampa Bay.
Compared to the same time last year, rents have gone up 4.1% and is taking 5 days longer to 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 October 2024, the National Median Rent was $2,295.
Compared to the previous month, rents have just about stayed the same nationwide.
Compared to the same time last year, rents have again just about stayed the same nationwide.
Here are the Number of Eviction Filings in Tampa Bay, this is for Hillsborough & Pinellas Counties.
In October 2024, the number of Evictions Filed in Tampa Bay was 1,444.
Hillsborough County had 1,065 eviction filings and Pinellas had 379.
There was a 7.6% decrease in eviction filings from a month ago in Tampa Bay. Keep in mind the courthouse was closed more than normal in October due to Hurricane Milton.
The Lease Renewal Rate for House2Home Properties.
Our Lease Renewal percentage as of last month remained at 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 October 2024, the Median Sales Price was $435,515. The Days on Market was 35 days.
Compared to the previous month, house prices have remined about the same and is taking 5 days longer to sell a home in Tampa Bay.
Compared to the same time last year, house prices have decreased 1% and is taking 19 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 October 2024, the Median Home Sales List Price was $424,950, house prices have remained the same from the previous year.
The Days on Market was 58 days, that’s 8 days longer to sell a home from the previous year.
And the number of new sales listings increased 29.2% from the previous year nationwide.
The National 30 Year Fixed Rate Mortgage (per the St. Louis Fed)
In October 2024, the Mortgage Interest Rate was 6.54%.
From the month prior, the interest rate increased 0.45%. The previous month’s rate was 6.09%
And from last year, the interest rate decreased 1.09%. The previous year’s rate was 7.63%.
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 for watching.