I have your May 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 May 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 May 2024, the Median Rent was $2,595 and the Days on Market was 27 days.
So, compared to the previous month, rents havegone up 3.8% and is taking 1 days longer to rent a house in Tampa Bay.
Compared to the same time last year, rents havestayed the same and is taking 4 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 May 2024, the National Median Rent was $2,338.
So, compared to the previous month, rents havegone up 1.3%nationwide.
Compared to the same time last year, rents havegone down 1.5%nationwide.
Here are the Number of Eviction Filings in Tampa Bay, this is for Hillsborough & Pinellas Counties.
In May 2024, the number of Evictions Filed in Tampa Bay was 1,629.
Hillsborough County had1,168eviction filings and Pinellas had461.
There was a 3.6%increase in eviction filings from a month ago in Tampa Bay.
The Lease Renewal Rate for House2Home Properties.
As of May 2024House2home Properties is renewing82% of our leases.
Let’s move on from 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:
InMay 2024, the Median Sales Price was $450,000. The Days on Market was 24 days and the Month’s Supply of Inventory was 3Months.
So, compared to the previous month, house prices haveincreased1.1% and is taking 1 day longer to sell a home in Tampa Bay.
Compared to the same time last year, house prices have increased3.4% and is taking 11 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.
(Seller’s Mkt: Less than 5 months, Neutral/Balanced Mkt: 5-7 months, Buyer’s Mkt: More than 7 months)
The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory.
Anything higher is traditionally a buyers' market, and anything lower is a sellers' market.
Realtor.com’s National Home Sales (this is for the entire United States)
InMay 2024, the Median Home Sales List Price was $442,500, that’s justa 0.3% increase from the previous year, so relatively stable.
The Days on Market was 44 days, that’s 1 days longer from the previous year.
And the number of new sales listings increased 6.2% from the previous year nationwide.
The National 30 Year Fixed Rate Mortgage (per the St. Louis Fed)
In May 2024, the Mortgage Interest Rate was 7.03%.
From the month prior, the interest rate decreased 0.14%. Theprevious month’srate was7.17%
And from last year, the interest rate increased 0.46%.The previous year’s rate was6.57%.
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.