I have your September 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 September2024.
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 September 2024, the Median Rent was $2,500 and the Days on Market was 30 days.
Compared to the previous month, rents havestayed the sameand is taking 3 days longer to rent a house in Tampa Bay.
Compared to the same time last year, rents have gone down 1.92% and is taking 2 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 September 2024, the National Median Rent was $2,300.
Compared to the previous month, rents have gone down 2.13% nationwide.
Compared to the same time last year, there’s been no change, rents have stayed the same nationwide.
Here are the Number of Eviction Filings in Tampa Bay, this is for Hillsborough & Pinellas Counties.
In September 2024, the number of Evictions Filed in Tampa Bay was 1,564.
Hillsborough County had1,118eviction filings and Pinellas had446.
There was a12.04%decrease in eviction filings from a month ago in Tampa Bay.
I expected a decrease in eviction filings because of the Hurricane Helene that we had in September. The counties were closed more than normal, and I expect lower eviction filings again in October because of Hurricane Milton.
The Lease Renewal Rate for House2Home Properties.
Our Lease Renewal percentage as of last month is 83%. A good lease renewal rate considered to be about 65% and we’re renewing 83% of our leases.
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 September 2024, the Median Sales Price was $435,000. The Days on Market was 30 days.
Compared to the previous month, house prices have decreased0.63% and is taking3 days longer to sell a home in Tampa Bay.
Compared to the same time last year, house prices have decreased0.63% and is taking 14 days longer to sell a home from a year ago in Tampa Bay.
There was a 5 months of supply of inventory, so this would be considered a Neutral Market. The market is definitely cooling in Tampa Bay.
Realtor.com’s National Home Sales (this is for the entire United States)
In September 2024, the Median Home Sales List Price was $425,000, that’s a 1%decrease from the previous year.
The Days on Market was 55 days, that’s 7 days longer to sell a home from the previous year.
And the number of new sales listings increased 11.6% from the previous year nationwide.
The National 30 Year Fixed Rate Mortgage (per the St. Louis Fed)
In September2024, the Mortgage Interest Rate was 6.09%.
From the month prior, the interest rate decreased 0.26%. Theprevious month’srate was6.35%
Andfrom last year, the interest rate decreased 1.22%. The previous year’s rate was7.31%.
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.