February vs. January 2025 with Key Trends ~ 4 min read
The Tampa Bay housing market (Hillsborough, Pinellas, and Pasco counties) is showing signs of rebalancing as we transition from January to February 2025. Seller-focused metrics like prices, days on market, buyer demand, and inventory reveal a cooler market than last year, but one that still holds opportunities. Below we break down the latest data and what it means for homeowners looking to sell.
Stable Median Prices for Single-Family and Multifamily Homes
Home prices have largely plateaued month-over-month. In Hillsborough County, the median single-family sale price in January was around $415,000, roughly 1% higher than January 2024. Early reports indicate February’s median is holding near $412,000 for single-family homes in the broader Tampa Bay area. Pinellas County’s median single-family price dipped to about $435,000 in January (down a few percent from late 2024 levels), while Pasco County’s single-family median hovered in the upper-$300Ks. Multifamily properties (condos/townhomes) are priced lower: for example, Pinellas condos median around $264,000 in January (a ~9% year-over-year drop). Overall, prices in February 2025 are flat to slightly above January’s, indicating that the market is not free-falling but rather leveling off at high prices that have “remained around this price point for nearly two years.” For sellers, this means you likely won’t see huge price gains in the short term, but properly priced homes are still selling near record highs.
Homes Spending Longer on the Market
One clear trend is that days on market are rising compared to last year. In January, homes in Pinellas sat a median of about 50 days before sale, versus ~43 days a year prior, and a similar ~50-day median is reported in Hillsborough. Pasco saw an average around 52 days vs 43 last year. This translates to roughly 20–30% longer wait times for sellers. Between January and February, there’s been only a slight improvement – the spring market is bringing more buyers, but homes are still taking about 6–8 weeks to sell on average (versus just over a month in early 2024). The increase in market time reflects buyers being more deliberate and having more options. Sellers should be prepared for more showings and a bit more patience. The good news is that many homes are still selling relatively fast by historical standards – roughly 40-50% of January sales across these counties went under contract within 30 days of listing. To be in that faster-selling half, pricing competitively and ensuring your home is show-ready from day one is key.
Buyer Demand- Moderate but Uneven
Buyer demand in early 2025 is moderate – not red-hot like 2021, but steady. Closed sales in January actually rose year-over-year in Pinellas and Pasco (Pinellas saw about +12% more homes sold than Jan 2024, Pasco +7.5% YOY), as some buyers jumped in once 2024’s rate hikes paused. Hillsborough, however, saw a slight decline in sales volume year-over-year (around –10%), indicating demand can vary by area and price point. Month-to-month, February is on track to modestly outpace January in sales as is typical heading toward spring. Higher mortgage rates have kept some buyers on the sidelines, but those actively in the market now have more leverage and time to shop. Importantly, many buyers are no longer rushing or bidding as aggressively as they were during the frenzy. In Hillsborough last month, 59% of homes sold below asking price (only 15% sold over asking) – a big shift from the seller’s market norms of a year or two ago. Buyers today are more price-sensitive, but they are out there, especially for well-maintained homes and those in affordable ranges. As a seller, expect fewer bidding wars; instead, you may encounter offers with inspection contingencies and requests for repairs or closing cost credits.
Inventory Levels Swell, Creating a More Balanced Market
The number of homes for sale has grown significantly, which is the most influential trend for 2025 so far. All three counties are carrying much more inventory than a year ago. In January, active listings in Pinellas were up 27.6% year-over-year (combined single-family and condo) as new listings surged. Hillsborough’s inventory in January climbed to over 8,100 homes for sale (a 6% increase from just one month prior in Dec), and Pasco’s active listings rose about 3–4% from December (and higher year-over-year). Region-wide, Tampa Bay is around a 5.5-month supply of homes as of February, which is night-and-day compared to the extreme shortage during the pandemic boom. For context, a 5-6 month supply is considered a balanced market – and indeed Pasco County is now classified as a “balanced market” by many analysts. This swelling inventory means more competition among sellers. Buyers simply have more choices in 2025, which is why we’re seeing price growth flatten and market times lengthen.
Actionable Insights for Sellers
- Price Realistically from the Start: With flat prices month-to-month and more inventory, overpricing will cause your home to linger. Look at comparable recent sales and price competitively. Homes priced right are still selling close to list price.
- Make Your Home Shine: As buyers gain choices, condition and presentation matter more. Complete minor repairs, declutter, and consider professional staging or photography to highlight your home’s best features.
- Be Patient and Flexible: Expect a slightly longer timeline. If similar homes in your area are now taking 6-8 weeks to sell, plan accordingly. Remain open to negotiations – that could mean offering a credit for closing costs or negotiating repairs after inspection.
- Leverage Your Agent’s Market Knowledge: Micro-markets vary. Work closely with a local real estate agent who can advise you on neighborhood-specific trends.
Bottom Line: The most significant trend is rising inventory, which is tilting the market dynamics slightly in buyers’ favor after a long seller’s market. For sellers, success comes from recognizing the new normal – pricing smartly, being responsive to buyer feedback, and making sure your property offers solid value.
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