I know that's not what you want to hear. You've put money into this house. You know what your neighbor got in 2022. You've seen the Zestimate.
But if your Tampa Bay home has been sitting on the market for 60 days with no offers, the market is giving you a clear answer. And the data backs it up.
67% of Tampa Bay listings have cut their price
That number stopped me the first time I saw it. Two out of every three homes listed in Tampa Bay right now have taken at least one price reduction. A year ago, it was 60%. The trend is accelerating.
The average Tampa Bay home is selling at 95.5% of its asking price. That means on a $450,000 listing, the typical seller is giving back about $20,000 from their original ask. Homes are averaging 63 to 67 days on market - up from 47 days a year ago.
Only 12.6% of homes are selling above asking price, down from 16.8% last year. The average listing receives one offer. One.
The days of five offers in a weekend are over in most Tampa Bay neighborhoods. Sellers who price like it's 2022 are sitting for months.
Why 2022 comps don't work anymore
The Tampa Bay metro has added 14.8% more active listings year-over-year. Supply is at 5.4 months - approaching the balanced market threshold of 6. In some submarkets like Clearwater and Pinellas County, we're already past it.
Buyers have options they haven't had in years. They're touring 8 to 10 homes instead of scrambling to bid on the only one available. They're including inspection contingencies. They're asking for closing cost credits and rate buydowns.
If your home is priced based on what the market looked like in 2022 or even early 2024, you're competing against a reality that no longer exists. And every week your listing sits, it gets harder to sell - not easier.
