TAMPA, Fla. — Real estate agent Bettina Geel is showcasing a Brandon home with four bedrooms and two bathrooms, offering over 2,600 square feet of space.

 “This is it! Welcome to your new home,” she says while greeting guests.

What You Need To Know

  • According to real estate brokerage Redfin, Florida’s housing market has reached a new peak, with over 172,000 homes available

  • Of these listings, over 24,000 are in the Tampa Bay area, and more than 17,500 come from Orlando

  • This marks the highest number since 2012, reflecting a 22.7% increase from last year

It’s on sale for $450,000, and there’s more competition than usual. Geel discusses the current state of the housing market.

“Right now there are a lot of houses on the market,” she said.

According to real estate brokerage Redfin, Florida’s housing market has reached a new peak, with over 172,000 homes available. Of these listings, over 24,000 are in the Tampa Bay area, and more than 17,500 come from Orlando.

Geel says that local sales have been slow.

“You’re not seeing a lot of movement from Florida,” she said. “Insurance and taxes have gone up and the salaries and the money that Floridians are making have not gone up in comparison with what’s been going on in the economy.”

Geel states that homeownership is becoming less attainable.

“Kids out of college or even out of trade school or right out of high school ... you’re seeing them stay home more and stay home longer to be able to save that money, to be able to even put down for first class and security on an apartment,” said Geel.

With more people opting for rentals, Geel says homes will stay on the market longer, and possibly be bought by an investor or an out-of-state buyer.

This, Geel says, ultimately prices out those who have been living Florida.

“One of the great features of homes in Florida, and something that people, especially those from up north, love, is the fact that you have these screened-in areas that, you know, have a roof right here. So you can use this space for sitting and enjoying nature,” she said.

Geel mentions that severe weather is another factor impacting the housing market.

She says that homeowners who endured hurricanes and faced insurance challenges are now selling.

Additionally, condo owners are dealing with heightened costs due to new safety regulations in Florida, following the Surfside condo collapse.

Geel states that we are in an unprecedented time for home sales.

“COVID put this market into a league that it hadn’t been in a while,” said Geel. “We’re not in there anymore. So what (sellers) end up doing is they’re looking at the market value. ‘Yes, this is what my home is worth.’ Yes, but who’s going to pay for it? Who in this market is going to be able to afford that right now? The answer is not a lot of people. “

Geel indicates that realtors are also getting ready for a sluggish housing market, which shows no clear sign of an end in sight.