Welcome to January 5th’s real estate news roundup. In the world of real estate, we have a diverse range of stories to cover. Tampa Bay’s luxury home sales in 2023 surged and if you plan to buy a home this year, check out housing market tips shared by Joan Winchell with Counts Real Estate Group. For those interested in the Texas real estate market, the 2024 Texas Real Estate Forecast reveals predictions about home prices and rising rents. Lastly, we’ll explore the outlook for Wilmington, NC’s housing market in 2024. Let’s dive into these fascinating stories and gain valuable insights into the real estate industry.
Key Highlights in Today’s News
- Luxury Homes in 2023 Surged
- If Buying a Home is a Goal This Year, Check Out These Tips
- In the DFW Home Prices May Remain Flat While Rent Increases
- What to Expect in Wilmington, NC in 2024
Tampa Bay’s Most Expensive Luxury Homes Surged in 2023
For the average Tampa Bay resident, buying a home in 2023 was an uphill battle. Rising interest rates and stubborn home prices shut first-time buyers out and kept others trapped in starter homes. However, in the world of luxury real estate, it was a banner year.
Tampa saw the largest increase in luxury home sales in the country, with sales surging 35.8% year over year in the third quarter, according to data from Redfin. Luxury buyers tend to pay with cash, which means they’re not impacted by higher mortgage rates. Tampa Bay has seen an influx of wealthy buyers from places like California, New York, Palm Beach, and Miami.
Many of those buyers sought out brand-new homes, considering the impact that storms and flooding could have on their properties. This may lead to more tear-downs of older homes on desirable waterfront properties.
Here’s a look back at the most expensive homes sold in the Tampa Bay area this year:
- A 1920s home on one of the largest waterfront properties in Tampa’s Davis Islands neighborhood.
- A home in Tampa’s Beach Park neighborhood with a unique three-level cascading pool and spa overlooking the bay.
- A waterfront home in Beach Park with modern touches like a floating staircase and white quartz countertops.
- A Davis Islands home with glass-enclosed wine room and office with waterfront views.
- A beachfront property on Indian Rocks Beach with its own boat slip and heated pool and spa.
- A home on the Palma Ceia Golf and Country Club course with a home theater, walk-in wine cellar, and separate guest apartment.
- A condo in the Residences at Sand Pearl Resort on Clearwater Beach with private terraces and views of the gulf.
- A home in St. Petersburg’s Venetian Isles neighborhood with a movie theater, gym, and saltwater pool with spa.
- A bayfront home in Beach Park with a gourmet kitchen, prep kitchen, and butler’s pantry.
- A waterfront home on Snell Isle with a gourmet kitchen, loft space for entertaining, and heated spa and pool.
- A Davis Islands home purchased for the land and the waterfront view, to be demolished for a new property.
Home Buying Tips for 2024, January 5th Real Estate News
If your goals for 2024 include buying a home, there are many ways to get started before actually signing your name. Joan Winchell with Counts Real Estate Group shared advice for anyone entering the market! She said it’s never too early to start looking for what works best for you.
A Guide: Boost Your Credit Score Before Buying a Home
We recently published an article to help individuals with no credit increase their credit score. It’s more for potential homebuyers that haven’t established credit or don’t use credit and less for individuals with bad credit. That said, tips in the article will help everyone boost their credit score before they apply for a mortgage.
Home prices May Remain Flat, Rising Rents Expected, TRERC Releases 2024 Texas Real Estate Forecast – NBC 5 Dallas-Fort Worth
This year, home prices may remain flat or even drop slightly, but renters may see rising rates. Those are two predictions from the 2024 Texas Real Estate Forecast released by the Texas Real Estate Research Center at Texas A&M University. The report analyzes various areas of the residential market, including new construction, multi-family, and single-family housing.
NBC 5 Anchor Brittney Johnson discussed the predictions with researcher Daniel Oney, who explained why apartment developers slowed construction and the reason renters may see an uptick in prices later in the year. According to Oney, rising interest rates led to a decrease in new projects, which will eventually lead to a decrease in supply. As the population continues to grow and people move to Texas, this will put more pressure on rents.
The report also highlights new state laws on zoning, property taxes, and the permitting process that will go into effect this year. To learn more about these changes and how they might impact cities across Texas, you can read the full report.
Wilmington, NC, Housing Market and What to expect in 2024
As the Cape Fear region enters the new year, real estate professionals have a generally positive outlook on where the market has been over the past year and where it’s going. While new developments are popping up and interest rates remain high, the overall trend shows an increase in active listings and stable median sales prices.
The market is currently experiencing a slower sales rate with an increase in average days on the market, but new listings and pending sales have increased. Realtors believe that remote working trends and newly constructed residential developments will continue to support the housing market. However, higher interest rates could potentially slow down the market for those looking to relocate as homeowners.
Despite these factors, Wilmington is still attracting a strong number of people moving to the area, and the steady increase in inventory provides much-needed options for buyers.