If you’ve been following the housing market lately, you’ve probably noticed something confusing. One headline says buyers have the upper hand. Another says prices are still rising. Meanwhile, one home goes under contract in a few days while another one nearby sits for months.
So which is it? Are we in a buyer’s market or a seller’s market?
I think we may be asking the wrong question.
The reality is that there isn’t one housing market right now, especially here in Tampa Bay.
Nationally, buyers have more choices than they’ve had in years. In August, housing inventory reached 4.9 months, the highest level in more than a decade. Yet the national median sales price was still 1.6% higher than a year ago.
Here in Pinellas County, we’re seeing the same kind of contradiction. Recent data shows a median sale price of approximately $411,000, up 5.4% year over year, while homes are taking about 75 days to sell compared with 60 days a year earlier.
Higher prices and longer selling times can exist at the same time.
And even those numbers don’t tell the whole story.
A $400,000 single-family home in Clearwater isn’t competing in the same market as a $400,000 condo near the beach. Move from a condo to a single-family home, change neighborhoods or price points, or add higher insurance and HOA costs, and suddenly you may be looking at a very different market.
The Homes That Sell Quickly Fascinate Me
Every day, I look at homes that have sold or gone pending in my area. The ones that go under contract within just a few days always catch my attention.
I want to know why.
So I often send the listing agent a text and ask what they think made the difference. These are agents who don’t know me, so sometimes I get a response and often I don’t. But I ask anyway because I believe we can all learn from each other.
And when I do get an answer, it’s remarkably consistent:
“Price it right and present it well.”
Simple? Yes. Easy? Not necessarily.
Today’s buyers have choices, and they’re looking closely at the entire picture. Price matters, but so do condition, insurance costs, flood exposure, HOA or condo fees, the age of the roof and major systems, and how the home compares with everything else available.
A well-priced, well-presented home can still get attention quickly, even while another property nearby sits.
What Does That Mean for Buyers and Sellers?
For sellers, pricing high to “see what happens” can be risky. The first days on the market are valuable. That’s when a listing is new and most likely to capture the attention of buyers already watching for the right property.
For buyers, having more choices doesn’t necessarily mean every seller is desperate to negotiate. When a well-priced property hits the market and checks the right boxes, other buyers may notice it too.
That’s why broad labels like “buyer’s market” and “seller’s market” aren’t nearly as useful as they once were.
The better question is:
What is happening in the specific market for this specific property?
Real estate has become incredibly hyperlocal. Neighborhood, property type, price point, condition, insurance costs and competition can all change the equation.
So when someone asks me whether Tampa Bay is a buyer’s market or a seller’s market, my answer is becoming pretty simple:
Tell me the neighborhood, the price point and the property type first. Then we can talk about the market that actually matters.
Thinking about buying or selling in Tampa Bay? Don’t let a national headline make the decision for you. Look at what’s actually happening with homes like yours, in your market, right now.
Angi Trapp, Realtor®
Tampa Bay Area
Trusted Guidance. Exceptional Results.