Q2 2023 delivered the strongest spring selling season since 2021 — not a return to the frenzy, but a healthy market with motivated buyers and realistic sellers. Rates held steady around 6.5-7%, and buyers who had been sitting on the sidelines since late 2022 re-engaged in force. Inventory remained tight enough to support prices.
What Were Median Home Prices in Q2 2023?
Hillsborough County: $382,000, up 2% from Q1. Spring demand pushed prices up modestly. Pinellas County: $365,000, up 3%. Limited inventory in beach communities drove gains. Pasco County: $338,000, up 2.4%. Wesley Chapel continued its run above $415K. Manatee County: $420,000, up 2.4%. Parrish new construction absorbed steadily. Sarasota County: $445,000, up 2.3%. Polk County: $305,000, up 3.4%. Strongest percentage gain in the region.
How Did the Spring Market Perform?
The spring selling season (March-May) saw a 25% increase in closed transactions compared to Q1. Days on market tightened to 25-30 days for well-priced homes. Multiple offers returned in the under-$400K segment, particularly in good school zones. The $400K-$600K segment was balanced, and the $600K+ luxury segment remained slow with 60+ days on market.
What Were Builders Doing?
National builders got aggressive with incentives. Lennar, D.R. Horton, and Taylor Morrison offered rate buydowns (buy-down to 5.5% for the first 2 years), closing cost credits ($10K-$20K), and free upgrade packages. For buyers open to new construction, these incentives effectively reduced the real cost of buying by $20K-$40K compared to sticker price.
Questions about the Tampa Bay market? Barrett Henry, REALTOR® and Broker Associate at REMAX Collective, brings 23+ years of real estate experience to every transaction. Call (813) 750-0926 or email barrett@nowtb.com.