Despite a struggling economy and an ongoing pandemic, 2020 ended the year on a high note for home sellers nationwide, and in Tampa Bay. Like much of the nation, the housing market in Tampa Bay saw an increase in homes sales year-over-year.
In fact, according to the National Association, of Realtors, home sales nationwide in 2020 hit the highest level in 14 years. When comparing December 2020 to December 2019, sales of single-family homes, condos, townhomes and co-ops were up more than 22-percent.
Locally, sales of single-family homes in Pinellas County were up more than six-percent in December 2020 over December 2019. That number grew to more than 12-percent for Hillsborough County, more than 15-percent for Pasco and 16-percent for Hernando. Inventory is low nationwide, but it’s especially low in Tampa Bay.
With more buyers entering the market this year, it’s a trend that could continue. While mortgage rates will likely increase, they’ll be staying close to record lows.