St. Petersburg, FL
Housing Market
St. Petersburg's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into St. Petersburg's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellSt. Petersburg Housing Market Overview
St. Petersburg has various properties that appeal to different budgets, from waterfront homes along Tampa Bay to historic bungalows in the Old Northeast and modern condos in downtown. The market has remained stable in recent months, with February 2025 seeing a 0.1% YoY increase in the average home price, reaching $418,000. Houses in St. Petersburg, FL, typically stay on the market for 53 days, a 9-day increase from last year.
Despite the minimal price growth, the number of homes for sale in St. Petersburg, Florida, has risen. In February 2025, 394 homes were sold, a 4.5% increase from the 377 homes sold the previous year. This growth reflects the continued demand for the St. Petersburg lifestyle.
Once primarily known as a retirement destination, St. Petersburg has transformed into a dynamic city that attracts a mix of young professionals, families, and retirees. Its warm climate, thriving arts districts, and vast waterfront parks continue to draw local and out-of-state buyers. For sellers, proper pricing remains essential in St. Petersburg's real estate market, while buyers benefit from increased inventory and less competition compared to previous years.
Despite the minimal price growth, the number of homes for sale in St. Petersburg, Florida, has risen. In February 2025, 394 homes were sold, a 4.5% increase from the 377 homes sold the previous year. This growth reflects the continued demand for the St. Petersburg lifestyle.
Once primarily known as a retirement destination, St. Petersburg has transformed into a dynamic city that attracts a mix of young professionals, families, and retirees. Its warm climate, thriving arts districts, and vast waterfront parks continue to draw local and out-of-state buyers. For sellers, proper pricing remains essential in St. Petersburg's real estate market, while buyers benefit from increased inventory and less competition compared to previous years.
Median Sale Price
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St. Petersburg Housing Supply
St. Petersburg presents diverse opportunities for real estate investors due to its strong rental market and growing popularity as both a tourist destination and permanent residence location. The number of homes for sale in St. Petersburg has increased to 2,017 properties---a substantial 27.5% YoY rise. Newly listed homes also increased by 6.2% YoY, with 717 new properties entering the market. The housing supply currently stands at 5.1 months citywide, up 0.9 months from the previous year. This indicates a balanced St. Petersburg real estate market, with supply and demand reaching equilibrium.
The housing supply in the area experiences seasonal shifts, with spring often bringing an increase in listings. The city's appeal lies in its urban amenities and coastal charm, with Tampa Bay on one side and Gulf beaches just minutes away. Ongoing infrastructure projects, like the Pier District redevelopment and investments in the Grand Central district, make the area more appealing to those wanting to move to Florida.
The housing supply in the area experiences seasonal shifts, with spring often bringing an increase in listings. The city's appeal lies in its urban amenities and coastal charm, with Tampa Bay on one side and Gulf beaches just minutes away. Ongoing infrastructure projects, like the Pier District redevelopment and investments in the Grand Central district, make the area more appealing to those wanting to move to Florida.
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St. Petersburg Housing Demand
St. Petersburg's real estate market shows signs of decreasing competition. In February 2025, 9.2% of St. Petersburg, FL, homes sold above their list price, a decrease of 3.1 percentage points from last year. Price reductions increased to 40.6% of all St. Petersburg housing listings, up from 38.9% in February last year. The sale-to-list price ratio decreased to 95.3%, down 1.4 percentage points YoY. This means sellers are now getting about 4.7% below their asking prices on average, a slightly larger discount than last year.
These metrics show a market shifting toward more balanced conditions after the seller-favorable trends of recent years. For home sellers, accurate pricing is becoming more critical as many listings are seeing price reductions. On the other hand, buyers benefit from an expanded inventory and a slowing rate of above-list-price sales. This improves their negotiating power, especially for St. Petersburg homes that have stayed on the market beyond the median 53 days. The decreasing sale-to-list ratio suggests buyers are successfully securing better terms while still paying close to market value for desirable properties.
These metrics show a market shifting toward more balanced conditions after the seller-favorable trends of recent years. For home sellers, accurate pricing is becoming more critical as many listings are seeing price reductions. On the other hand, buyers benefit from an expanded inventory and a slowing rate of above-list-price sales. This improves their negotiating power, especially for St. Petersburg homes that have stayed on the market beyond the median 53 days. The decreasing sale-to-list ratio suggests buyers are successfully securing better terms while still paying close to market value for desirable properties.
Homes Sold Above List Price
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Strong
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Balanced
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Strong
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
St. Petersburg Market: When to Buy or Sell?
The housing market in St. Petersburg, Florida, has historically shown less seasonal variation than many other cities in the Florida real estate market. The current 5.1 months of supply falls within the balanced range of the US real estate market (5 to 6 months), suggesting neither buyers nor sellers have a significant advantage. This equilibrium, combined with the minimal price appreciation, indicates a normalized market after years of rapid growth.
For sellers, the rising sales volume amid stable prices creates favorable conditions for listing accurately-priced St. Petersburg homes for sale. The fact that 9.2% of homes still sell above asking price indicates that certain segments, particularly well-positioned or unique properties, remain competitive.
For buyers, expanded inventory and moderating competition offer more options and less pressure than in previous years. As supply nears a balanced level and house prices in St. Petersburg, Florida, stabilize, buyers have more time to negotiate favorable terms. When timing a purchase or sale, it's important to consider both market trends and personal circumstances, including St. Petersburg's year-round appeal.
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Frequently Asked Questions
How have house prices in St. Petersburg, Florida, changed over the past year?
Over the past year, average home prices in St. Petersburg, FL, have remained remarkably stable. As of February 2025, the median home value reached $418,000, reflecting a 0.1% increase from the previous year. This plateau follows several years of more substantial appreciation. Not sure what your home's worth is in the current market? Consider using our free home value estimator to assess your property's value.
What are the St. Petersburg real estate market predictions for 2025?
The St. Petersburg housing market is expected to remain stable throughout 2025, with the potential for modest price growth as the market normalizes. With 5.1 months of supply approaching the balanced market threshold, dramatic price swings are unlikely. The city's growing appeal to diverse demographics and continued economic development should support consistent demand despite higher interest rates.
What's the average house price in St. Petersburg, Florida?
The average home price in St. Petersburg, FL, varies based on factors like property type, size, and location. While the median home price stands at $418,000, waterfront properties can cost more than a million dollars. Historic homes in neighborhoods like Old Northeast typically cost around $680,000, while condos cost around $447,000. If you're looking for more affordable options, check outhomes for sale in St. Petersburg.
Is this a good time to buy a home in St. Petersburg?
The current St. Petersburg, Florida, real estate market presents a relatively balanced picture for potential buyers. The 5.1 months of supply indicates that neither buyers nor sellers have a strong advantage, while the stable prices provide a less pressured environment for decision-making. The expanding inventory (up 27.5% YoY) offers more choices across various neighborhoods and price points. You can check current housing market trends in St. Petersburg to time your investment.
How is the housing market right now in St. Petersburg?
The housing market in St. Petersburg, Florida, is showing signs of normalization with stable prices (up just 0.1% YoY) and increased sales volumes (up 4.5% YoY). With 5.1 months of supply and expanded homes for sale in Saint Petersburg, Florida (up 27.5% YoY), the market is approaching balance after previous seller-favorable conditions. The higher percentage of price reductions (40.6%) indicates a need for realistic initial pricing.
When will the St. Petersburg housing market shift?
According to housing market forecasts, the St. Petersburg, Florida, real estate market has already begun its shift toward becoming balanced. The current data showing stable prices, increased inventory, and moderating competition suggests the market is normalizing after previous rapid growth phases. This balanced environment may persist through 2025, with the potential for modest shifts based on interest rates and broader economic conditions.
How to buy a home in St. Petersburg?
The process of purchasing a home in St. Petersburg should begin with establishing a clear budget and securing mortgage pre-approval. Buyers should then search for homes for sale in St. Petersburg and understand flood zones and insurance requirements, particularly in waterfront or coastal areas. The current balanced market conditions allow for thoughtful decision-making.
How can I list my home for sale in St. Petersburg, Florida?
You can list your home for sale with a Flat Fee MLS Florida listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in St. Petersburg?
The average mortgage rate for buyers in St. Petersburg currently fluctuates between 5.9% and 6.67%, consistent with national trends. Actual rates depend on market conditions and the borrower's credit score. With the average home price in St. Petersburg, FL, at $418,000, these rates significantly impact monthly payments and affordability. Always check current rates with multiple lenders.
What is the cost of living in St. Petersburg, Florida?
Living costs in St. Petersburg are 13% lower than the cost of living in Florida. Housing is 14% more affordable than the national average. Other expenses like groceries, utilities, and healthcare tend to align closely with national averages, while the absence of state income tax provides a financial advantage for residents.
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