According to the latest Redfin report, the national median home price experienced its most significant increase since October 2022, jumping by 6.1% year-over-year to $362,725 in the four weeks ending February 11th. Mortgage rates are also climbing, contributing to rising costs. Daily average rates have exceeded 7%, up from 6.6% at the start of the month.
In Tampa Bay, the median home price sits above the national average at $371,000, marking a 2% year-over-year increase. Data suggests it’s on track to surpass the previous high of $383,000 set in 2022. New listings in the Tampa Bay area have surged by 20% compared to the same period last year. Additionally, 44% of homes sell within two weeks of listing.