I have you’re June 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 June 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 June 2024, the Median Rent was $2,600 and the Days on Market was 22 days.
So, compared to the previous month, rents have stayed about the same, up just 0.19% and is taking 5 less days to rent a house in Tampa Bay.
Compared to the same time last year, rents have stayed the same 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 June 2024, the National Median Rent was $2,375.
So, compared to the previous month, rents have gone up very little, 1.58% 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 June 2024, the number of Evictions Filed in Tampa Bay was 1,588.
Hillsborough County had 1,195 eviction filings and Pinellas had 393.
There was a 2.5% 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 June 2024, the Median Sales Price was $450,000. The Days on Market was 21 days and the Month’s Supply of Inventory was 3 Months.
So, compared to the previous month, house prices have stayed the same and is taking 3 less days to sell a home in Tampa Bay.
Compared to the same time last year, house prices have increased by just 1.12% and is taking 9 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 June 2024, the Median Home Sales List Price was $445,000, that’s the same price from the previous year.
The Days on Market was 45 days, that’s only 2 days longer to sell a home from the previous year.
And the number of new sales listings increased 36.7% from the previous year nationwide.
The National 30 Year Fixed Rate Mortgage (per the St. Louis Fed).
In June 2024, the Mortgage Interest Rate was 6.89%.
From the month prior, the interest rate stayed about the same, and decreased just 0.05%. The previous month’s rate was 6.94%
And from last year, the interest rate increased about a quarter of a point, 0.22%. The previous year’s rate was 6.67%.
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.