TAMPA, Fla. — The high price of buying a home or renting in our paradise is no surprise to anyone in the Tampa Bay area.
The region has seen rapid growth in recent years.
"Certainly, we have seen some slowing, particularly in the velocity of transactions,” said Hillsborough County Property Appraiser Bob Henriquez. “That has a lot to do with interest rates, and I think probably some economic insecurity (that) folks are feeling, but we're still, in terms of value, values continue to rise here, and overall, it's still a healthy market."
On Wednesday, experts and leaders from the local, regional, and state levels came together for the 3rd annual State of the Market conference in Tampa. It’s a time for people in the industry and elected officials to discuss trends in the Tampa Bay real estate market.
ABC Action News asked Henriquez if it was a buyer’s or seller’s market. He said it's hard to say right now.
“You have sellers that basked in the 21% increase in overall property value a couple of years ago that are still kind of think that they're still a seller's market, but it's somewhere in between, honestly,” said Henriquez.
Some experts think we're starting to see a slightly more balanced market with stability in pricing and more inventory entering it.
"I think buyers are having more options, and they're not being forced to make quick decisions, and sellers are being a little bit more practical and reasonable about the demands from the buyers,” said David Moyer, the executive vice president of Smith & Associates, a residential real estate brokerage in the Tampa Bay area.
Yet, for many, it may feel like buying a home is out of reach.
Tampa Mayor Jane Castor said they have a number of programs available, including mortgage and rent relief.
"We also have our infill programs,” said Castor. “We're going into our third phase of that, where we provide city-owned lots to developers so they can craft affordable homes. We have a great deal of federal funding that comes in that allows us to assist first-time home buyers."
The Mayor said they address the issue from other avenues, too, through things like transportation and workforce development, bringing in high-paying jobs so people can afford rising home prices.
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