Home Values in Tampa: How Much Can You Earn?
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Alexandra Lee Junior Associate EditorClose
Alexandra Lee Junior Associate EditorAlexandra is a junior associate editor of HomeLight.com. Previously, she served as a writer and social media manager at Santa Barbara Life & Style Magazine, in addition to interning at the nonprofit honors society Phi Beta Kappa. Alexandra holds a bachelor's degree in communication and global studies from UC Santa Barbara, and she has three years of experience reporting on topics including international travel, luxury properties, celebrity interviews, fine dining, and more.
Wondering how much your home is valued at in Tampa’s ever-shifting real estate market? Whether you’re gearing up to sell, wanting to get rid of PMI, or just keeping an eye on current home values in Tampa, understanding how much your home is worth can effectively guide your next financial decisions.
In this article, we’ll explore current home price trends in the Big Guava, share tips for accurately estimating your property’s value, and suggest easy-to-achieve methods for boosting your home’s value before listing. We’ll also walk you through beneficial tools that can help maximize the value of your Tampa home whenever you’re ready to sell.
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Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Tampa
Since the summer of 2021, median home values in the Tampa metropolitan area have climbed by 31%. In June 2021, for example, the typical Tampa home sold for $129,777, while in the June 2024 market, homes were selling for $170,000, according to Greater Tampa Realtors.
However, Tampa home prices are increasing at a slower rate than the United States as a whole — in fact, reports show that it’s entering a cooling market.
“The Tampa market is definitely cooling down right now,” said listing agent Heather Espinosa in a recent story by ABC Action News Tampa Bay. “Right now, we have 15 properties on the market, and before the phone would ring, ring, and ring. Now, I’m calling the seller letting them know it’s slow.”
Kenneth Jones, Realtor with eXp Realty, added, “The inventory has risen, the days on the market has increased for sure, and the ability to be a little bit more creative with putting deals together is definitely there for the buyer.”
The table below illustrates exactly how much home prices have increased in the Tampa-St. Petersburg-Clearwater metro area over the last four years:
| Year | Median home price | Percent change year-over-year |
| 2024 (June) | $170,000 | +3.0% |
| 2023 | $165,000 | -2.3% |
| 2022 | $169,000 | +30.2% |
| 2021 | $129,777 | +44.2% |
Source: Tampa Realtors
House price increases, however, are not unique to the Big Guava market; they are becoming more and more common on a national scale. According to the data from the S&P CoreLogic Case-Shiller National Home Price Index, home prices across the United States have surged by over 50% since the start of 2020.
With this dramatic increase, homeowners across the country have seen significant gains in their equity, which they can tap into for various financial goals such as home improvements, debt payments, investments, or even retirement savings. As of early 2024, ICE’s Mortgage Monitor reported that the average mortgage-holding homeowner in the U.S. holds $299,000 in equity.
For comparison, the table below shows median home prices in cities near Tampa:
| City | Median home price | Distance from Tampa |
|---|---|---|
| Citrus Park | $419,800 | 18-26 min (15.8 miles) |
| Land O’Lakes | $452,700 | 22-40 min (19.3 miles) |
| Westchase | $521,900 | 22-35 min (16.5 miles) |
| Valrico | $407,100 | 24-40 min (16.4 miles) |
| Wesley Chapel | $423,700 | 22-35 min (23.7 miles) |
| Oldsmar | $382,000 | 24-45 min (16.1 miles) |
| Palm Harbor | $443,800 | 25-70 min (23.3 miles) |
Home value averages of multiple public transaction sites
Typical travel times 8 a.m. midweek
Up next, we’ll explore exactly how to estimate the value of your Tampa home in relation to the local market.
How to get a home value estimate
To get a home value estimate for your Tampa property — whether you want to set an accurate list price or determine your net proceeds — there are several tools available to you based on the level of accuracy and detail you’re looking for.
Use an online home value estimator
To get the quickest and most straightforward estimate of your home’s value, using an online value estimator like HomeLight’s is a great place to start. These tools pull data from multiple public sources, including county auditor records, tax assessor reports, and listings from the MLS to generate a ballpark estimate. HomeLight’s estimator goes above and beyond by asking seven tailored questions in order to produce a more specific valuation. You can receive this preliminary value in under two minutes, making it a simple and convenient starting point for your selling journey.
Request a comparative market analysis
While an online estimate provides a brief snapshot, a comparative market analysis (CMA) offers a more in-depth look at your home’s value. A CMA is prepared by a local Tampa real estate agent and compares your property to similar homes that have recently sold in your area. This analysis takes specific factors, such as square footage, age, condition, upgrades, and location, into consideration to yield a more accurate valuation of where your home stands in the current market.
These reports typically include charts, graphs, and photos to provide you with a detailed understanding of your home’s value and how it compares to others in your neighborhood. While some agents do charge a slight fee, many agents will offer a CMA for free, particularly if you plan to sell your home with them. Since a CMA is widely considered to be a more reliable source than online value estimators, it’s smart to have one done before listing to ensure your home is priced at fair market value.
If you’re seeking expert guidance for your home sale, HomeLight can connect you with top real estate agents in Tampa who specialize in maximizing home value. In fact, HomeLight data shows that the top 5% of agents sell homes for up to 10% more than the average agent. This service is completely free of charge, and takes less than two minutes to match you with qualified, vetted professionals in your local neighborhood. Agents don’t pay to be featured, so you can trust that your matches are unbiased and have your best interest at heart.
Get a pre-listing appraisal
In unique cases, obtaining a pre-listing appraisal may be recommended in place of a comparative market analysis to secure the most detailed and precise home valuation possible. If your property has unique features that are difficult to compare, is in a rural location with few nearby comps, or sits on a lot of acreage, a professional appraisal might be necessary. This process involves hiring a licensed appraiser who will come assess your home in person, evaluating factors such as the foundation, structure, amenities, appliances, storage capacity, and beyond.
However, do be informed that pre-listing appraisals are not free; they typically range from $450 to $550, although the price can rise even higher if your home has more complex features that are tricky to evaluate — think a farm with animals or custom-built luxury amenities. Also, if your buyer is financing the home purchase, remember that their lender will require a separate appraisal anyway to determine how much loan they are willing to provide.
How to increase the value of your Tampa home
If you’re looking to boost your home’s value before putting in on the market, follow these key value-adding improvements to make a significant impact on your sale price.
Curb appeal: Improving curb appeal is the first step to ensuring your home is presented in its best light. In fact, a recent study by the National Association of Realtors found that 92% of realtors recommend enhancing curb appeal before listing a home for sale. DIY projects like power washing the exterior, mowing the lawn, adding fresh mulch, repainting the front door, and hanging outdoor lights can create a lasting first impression and attract more potential buyers.
Strategic updates: To get the highest return on investment, focus on strategic home improvements that will add the most value to heavily trafficked areas, such as kitchens and bathrooms. Minor updates like replacing light fixtures, hardware, faucets, and appliances can yield a high return, as well as repainting the walls a neutral shade and refinishing the floors. According to Zonda’s 2024 Cost vs. Value Report, replacing the garage door is the most value-adding home improvement, recouping 194% of the costs.
Necessary fixes: Before listing, ensure that all major systems — like your roof, HVAC, plumbing, electrical, and safety features — are all in good working condition. Fixing these issues ahead of time can prevent any unwanted surprises during the home inspection process. It’s wise to consult a real estate agent for guidance on which repairs to prioritize, especially if you are considering taking on anything costly or time-consuming.
Decluttering and depersonalizing: Decluttering and depersonalizing your home can help potential buyers better picture themselves living in your space by creating a blank canvas. Additionally, decluttering can be beneficial for your value — HomeLight found that it can increase your sale price by up to $8,000, making it a cost-effective improvement. Be sure to remove personal items (like family photos, religious symbols, collectibles, and memorabilia) as well as excess furniture to make rooms appear larger and more inviting.
Deep cleaning: A thorough deep cleaning can make a huge difference in how your home is perceived. After all, buyers are more willing to overlook minor flaws or imperfections when a home is spotless and dust-free. Focus on scrubbing grout, having your carpets steam-cleaned, and washing windows to brighten up the space. Also, target vents and baseboards that may have collected several years’ worth of dust. One HomeLight survey found that deep cleaning can increase your home’s value by $3,700.
Home staging: Now that you have a clean slate, effective home staging is the best way to bring character back into your home and highlight its best features. According to HomeLight’s latest Top Agent Insights report, professionally staged homes can sell for up to 13% more than unstaged homes — so while it’s not necessary, it’s recommended. 67% of top agents polled agree that home staging is beneficial in the current market, and 31% even consider it to be “essential” for a sale.
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in Tampa
If you’ve been researching current home values in Tampa because you’re considering buying a new home, HomeLight’s Buy Before You Sell (BBYS) program might be just what you need to seal the deal.
This innovative program enables you to unlock a portion of the equity tied up in your current home to make a solid, non-contingent offer on your next property. If your home qualifies, HomeLight can unlock this equity within as little as 24 hours. You’ll be able to buy your new home first and then sell your old one, all while avoiding the stress of juggling multiple moves or living in a staged home. There are no upfront fees to get started.
If you sell with BBYS, HomeLight charges a flat fee of 2.4% of the home’s final sale price. If your old house still hasn’t sold within 90 days after closing on your new home, HomeLight will purchase the property from you and continue working to sell it on the market. Any remaining profits, minus incurred fees, will go directly back to you.
If you’re interested to learn more, check out the video on HomeLight’s Buy Before You Sell program below:
How to find a top agent in Tampa
Maximizing your home’s selling price starts with finding a real estate agent who has a proven track record of success. Using HomeLight’s agent matching service, you can connect with top-performing agents in your Tampa area in just a few minutes. HomeLight’s data-driven approach matches you with agents based on their performance, local expertise, and past sales, and agents never pay to be featured.
One factor to consider when weighing your options is an agent’s sale-to-list ratio. This metric, expressed as a percentage, shows how close a home’s final sale price is to its original listing price, which in turn indicates how skilled an agent is at pricing their listings according to fair market value. Seek out an agent with a high sale-to-list ratio to maximize your home’s selling price.
Before hastily signing any agreements, it’s wise to interview at least three agents about their qualifications. During these interviews, ask questions such as:
- How long have you been in business?
- How well do you know this neighborhood?
- What types of homes and price ranges do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
By leveraging these targeted questions with HomeLight’s agent match tool, you can quickly and confidently connect with a local professional who will help you achieve the best price for your property.
Get a free preliminary home estimate today
Whether you’re planning to sell in the next few months or simply exploring options for a home equity loan, understanding home values in Tampa can guide you through your next financial decisions. You can start by taking advantage of HomeLight’s free home value estimator to grab a quick ballpark figure for your home and kick off your selling journey.
HomeLight can also connect you with top Tampa real estate agents to maximize your sale price, or help you unlock your home’s equity if you’re looking to buy a new house before selling your current one. By staying informed with the latest housing market trends and leveraging the handy tips and tools in this article, you’ll be well prepared to make the most out of your Tampa home’s potential.
Header Image Source: (Goji / Unsplash)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- "Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- "Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- "Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- "February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
