TAMPA, Fla. — After years of the home market being tilted in favor of the seller, the Tampa area home market appears to be moving to a buyer's market.
According to Zillow, nearly one-third of listings in the Tampa Bay region have had their prices cut, and just 14.3% of listings sold above the list price in December.
Nationally, homes that sold were under contract in 38 days. In the Tampa Bay area, sold homes were under contract in 43 days. Additionally, Zillow found that the home sales inventory increased by 22.4% in the Tampa region in the last year.
Zillow found price cuts were most common in Phoenix (34%), Tampa (32%), Jacksonville (31%), and Orlando and Dallas (29%).
The area with the lowest number of listings with a price cut was New York at just 12.1%.
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