New data from Redfin indicates a shift in Tampa’s housing market, with home prices declining and properties spending more time on the market. Overall, the city has seen a 6% year-over-year price drop, with some areas—particularly downtown—experiencing even steeper declines.

In downtown Tampa, the median home sale price has fallen by over 25% compared to last year, now averaging $423,000. This shift suggests the market is transitioning from a seller’s advantage to a more buyer-friendly environment, providing homebuyers with greater negotiating power.

Kelly Mothershead, a realtor with Keller Williams Realty, highlighted how these changes are benefiting buyers, especially those with limited upfront cash.

“We’re now able to help buyers who don’t have a lot saved for a down payment or closing costs,” Mothershead told WTSP. “Negotiating these expenses into deals has become more common, making homeownership more accessible—particularly for those in lower price brackets who have struggled in the past.”

While many parts of Tampa are seeing price declines, some areas remain resilient. North Tampa and Pasco County, for example, continue to experience price growth, driven by affordability and lower property taxes in Pasco.

Despite these market adjustments, challenges remain for aspiring homeowners. Stagnant wages, high property insurance costs, and mortgage rates—though slightly lower—still present obstacles for many buyers.

As Tampa’s real estate landscape evolves, buyers are finding new opportunities to secure homes at better prices, while sellers must adapt to the changing market dynamics.

Follow the St. Pete-Clearwater Sun on Facebook, Instagram, Threads, Google, & X

(Image credit: WFLA)

PIE-Sun.com: local St. Pete-Clearwater news