Category Archives: Market Update

Real Estate Market

Keeping an Eye on the 2023 Housing Market Correction

Whether you are a buyer or a seller, you’re probably keeping a close eye on the recent housing marketing correction. We all want to know the answer to this all-important question: What is the Florida real estate market going to do next? We at Turner Title have done a bit of research, and have some good news for both buyers and sellers.  

Good news for buyers:

While real estate prices have been steadily rising over the past two years, prices stabilized between November of 2022 and February of 2023. The good news is that buyers who once felt pressure to snap up a house before home prices skyrocketed further, can finally slow down. 

A year ago, buyers reasoned a home that is affordable today might well be out of reach tomorrow. But as of February of 2023, we can all take a deep breath and continue our home shopping at a more relaxed tempo. With that said, the real estate market (like every other industry) is subject to the law of supply and demand.  Even though home prices are leveling off, Florida is still the fastest-growing state in the country… so if you’ve fallen in love with a specific home, it’s safer not to wait! Other buyers might have their eyes on the same property, and you don’t want to miss out on your opportunity to make an offer!

…Now we know what you’re thinking. Wait a minute. You said you had good news for both buyers and sellers. With data like this, what could possibly be good news for sellers? 

Don’t worry sellers, we’ve got you! 

Good news for sellers: 

We’ve all heard the rumors and anxiety-inducing projections of a real estate market downturn, but the data is showing the opposite. In just one year (between July 2021 and July 2022), Florida’s population increased by more than 400,000 people. The Sunshine State’s population is still growing, leading to an increase in housing demands. And even though the data shows that the growth in property values has slowed, it certainly hasn’t stalled!

Florida still has one of the fastest-moving real estate markets in the nation. The health of the real estate market is directly linked to the health of the local economy, and the numbers don’t lie. In December of 2022, Florida’s unemployment rate of 2.5% was a full percent lower than the national 3.5% unemployment rate. Not only that, but the number of available jobs in the Sunshine State also rose by 3% in 2022. Florida’s tourism industry is second to none – making investment real estate a hot commodity as well. 

The good news for sellers is that, while the market may have slowed down a bit, it’s still marching steadily forward. 

In light of everything above, keep in mind that it’s impossible to predict with certainty what the future holds for the real estate market. All we can do is use our best judgment with the knowledge and resources that we have available. (And speaking of resources, keep following us for more insight into the real estate market, as well as tips and tricks for making your closing process easy and effective!)


Tampa Bay’s Real Estate Market Update


If you’re considering buying or selling a home in the Tampa Bay area shortly, it’s important to understand where the market is currently and where it’s expected to head in the coming months. In this article, we’ll look at recent trends in Tampa Bay’s real estate market and give you an idea of what you can expect in the coming year.

Current Trends

Currently, the average home price in Hillsborough County is $257,000, while the average home price in Pinellas County is $229,000. These prices are up from last year’s averages of $245,000 and $215,000, respectively, and they’re expected to continue to rise in the coming months. In fact, according to Zillow’s latest Home Value Forecast, home prices in Hillsborough County are predicted to increase by 2.5% over the next 12 months, while prices in Pinellas will rise by 3.2%.

In Bradenton, home prices are currently averaging $233,000. This is up from last year’s average of $225,000, and it’s predicted to rise by 2.6% over the next 12 months. The job market in Bradenton is also expected to improve in the coming year, with an estimated 3% increase in employment.

The average home price in Wesley Chapel is currently $261,000. This is up from last year’s average of $248,000, and it’s predicted to rise by 2.4% over the next 12 months. The job market in Wesley Chapel is also expected to improve slightly in the coming year, with an estimated 0.5% increase in employment.

Several factors are driving real estate market recovery in Tampa Bay’s real estate market.

Low-interest rates:

Low-interest rates are one of the main drivers of Tampa Bay’s real estate market recovery. With interest rates remaining low, more and more people can afford to buy a home. In addition, low-interest rates make it easier for people who already own a home to refinance their mortgage and get a lower interest rate. As a result, more people can afford to stay in their homes, driving up the demand for housing.

A limited supply of homes:

Another factor driving the real estate market recovery in Tampa Bay is the limited supply of homes. The number of homes for sale in the Tampa Bay area is down significantly from last year, keeping prices high. In addition, the number of new construction homes being built is also down, further limiting the supply. As a result, buyers compete for a limited number of homes, driving up prices.

Strong job market:

The Tampa Bay area has a strong job market, another factor driving the recovery of the real estate market. The area’s unemployment rate remains low, and many good-paying jobs are available. This is attracting people to the area and driving up demand for housing.

What to Expect in 2022

If you’re considering buying or selling a home in the Tampa Bay area in 2022, you can expect prices to continue rising. In fact, Zillow’s Home Value Forecast predicts that prices will increase by 3.3% in Hillsborough County and by 3.1% in Pinellas County.

The job market is also expected to improve in the Tampa Bay area in 2022. According to the Florida Department of Economic Opportunity, the Tampa-St. Petersburg-Clearwater metropolitan area is projected to add about 43,000 new jobs in 2022. This would represent an annual growth rate of 2.4%.

If you’re considering buying a home in the Tampa Bay area, it’s important to be aware of these trends and start preparing now. Prices are expected to continue to rise, so it’s a good idea to get pre-approved for a mortgage and start looking for a home sooner rather than later.

Sellers should also be aware of the current trends and anticipate that buyers will be willing to pay more for a home in the coming months. If you’re considering selling your home in the Tampa Bay area, you may consider doing so sooner rather than later to maximize your profit.