Current Hillsborough County Real Estate Trends
Hillsborough County, Florida Real Estate Market Update – January 2025
As we move into 2025, Hillsborough County’s real estate market is seeing some notable shifts. If you’re thinking about buying or selling a home in this area, understanding the latest trends can help you make the best decisions. Let’s dive into the most recent statistics from the past 90 days and explore what they mean for the market.
Total Closed Sales: A Significant Decline
The number of closed sales in Hillsborough County has seen a notable decrease, with an average of 1,111 closed sales per month over the past 90 days. This is a sharp 25% drop compared to previous months. A reduction in closed sales suggests that the market is cooling off, possibly due to higher mortgage rates or a general hesitation from buyers who are more cautious in today’s economic environment.
Pending Sales: Slower Activity
The trend in pending sales mirrors the slowdown in closed sales. The average number of pending sales per month has decreased by 12%, now sitting at 1,525. This drop indicates that fewer buyers are moving forward with offers, which could signal reduced buyer confidence or a delay in decision-making. As fewer homes are under contract, sellers might need to adjust their expectations and strategies to remain competitive.
Active Listings: Decrease in Inventory
The number of active listings in Hillsborough County has also experienced a decline, down 7% over the past 90 days. The average monthly count of active listings is now 5,440. While inventory has shrunk, it’s important to note that there are still plenty of options available for buyers. Sellers may need to work harder to stand out in a market where there is still a fair amount of competition.
Months of Inventory: A Subtle Increase
The monthly average of “months of inventory” has risen to 4, marking a 25% increase. This figure reflects how long it would take to sell all active listings at the current sales pace. A 4-month supply is considered balanced, which is a shift from the seller’s market that Hillsborough County has experienced over the past couple of years. As inventory rises and sales slow down, the market is leaning toward a more neutral condition, where buyers and sellers are more evenly matched.
Days On Market: Homes Taking Longer to Sell
Homes in Hillsborough County are spending more time on the market before selling. The average days on market has increased by 12%, now sitting at 59 days. This trend suggests that buyers may be taking longer to decide or are negotiating more before committing. Sellers might find themselves adjusting their expectations or reconsidering their pricing strategies to attract more interest.
Sale Price to List Price: Holding Steady
Despite the cooling market, sellers are still managing to sell their homes at nearly the price they’re asking for. The average sale price to list price ratio is 95%. While this is slightly lower than the higher ratios seen during the peak of the market, it still shows that homes are selling relatively close to their asking prices. Sellers may need to be realistic in their pricing, but the market hasn’t seen dramatic price drops just yet.
What Does This Mean for Buyers and Sellers?
For buyers, the increased inventory and slightly longer days on market provide more opportunities to find the right home. While competition is less intense, it’s still crucial to move quickly on well-priced homes, as some properties are still selling near their asking price. Buyers may also have more room to negotiate, especially as sellers adjust to the shifting market.
For sellers, it’s important to be aware of the changing dynamics. With fewer pending and closed sales, and longer days on market, it may take more effort to sell a home. Pricing and presentation will play a key role in standing out in this competitive market. Sellers should be prepared to be flexible and potentially adjust their expectations, but there’s still a good chance of selling close to list price if the home is priced and marketed correctly.
Conclusion The real estate market in Hillsborough County is showing signs of slowing down, with declines in closed and pending sales, as well as a slight increase in inventory. While it’s not quite a buyer’s market, conditions are shifting toward a more balanced environment, where both buyers and sellers have room to negotiate. Whether you’re looking to buy or sell, being aware of these trends will help you navigate the current market with confidence.
If you’re interested in exploring homes in Hillsborough County or need guidance on how to navigate these changing trends, reach out to a local real estate professional. They can help you understand how these shifts might impact your real estate goals.
Source of Stats: WPBOR MLS
