I have you’re July 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 July 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 July 2024, the Median Rent was $2,563 and the Days on Market was 25 days.
So, compared to the previous month, there was little change, rents have gone down 1.4% and is taking 3 days longer to rent a house in Tampa Bay.
Compared to the same time last year, rents have gone up 2.5% and is taking 1 day 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 July 2024, the National Median Rent was $2,365.
So, compared to the previous month, there was little change, rents have gone down 0.4% nationwide.
Compared to the same time last year, again little change, rents have gone up 0.6% nationwide.
Here are the Number of Eviction Filings in Tampa Bay, this is for Hillsborough & Pinellas Counties.
In July 2024, the number of Evictions Filed in Tampa Bay was 1,802.
Hillsborough County had 1,316 eviction filings and Pinellas had 486.
There was a big jump in eviction filings in July with a 13.5% increase 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%. 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 July 2024, the Median Sales Price was $445,000. The Days on Market was 23 days and the Month’s Supply of Inventory was 3 Months.
So, compared to the previous month, there was little change, house prices have decreased 1.1% and is taking 2 days longer to sell a home in Tampa Bay.
Compared to the same time last year, again little change, house prices have decreased 1% and is taking 12 days longer to sell a home from a year ago in Tampa Bay.
With 3 months of supply of inventory, this would be considered a Seller’s Market in Tampa Bay.
Realtor.com’s National Home Sales (this is for the entire United States)
In July 2024, the Median Home Sales List Price was $439,950, that’s the same price from the previous year.
The Days on Market was 50 days, that’s 5 days longer to sell a home from the previous year.
And the number of new sales listings increased 36.6% from the previous year nationwide.
The National 30 Year Fixed Rate Mortgage (per the St. Louis Fed)
In July 2024, the Mortgage Interest Rate was 6.77%.
From the month prior, the interest rate decreased 0.09%. The previous month’s rate was 6.86%
And from last year, the interest rate decreased 0.04%. The previous year’s rate was 6.81%.
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.