T
he Tampa Bay housing market may experience a further decline over the next few months due to the aftermath of back-to-back hurricanes, according to real estate experts. The region's market was previously strong compared to the rest of the country, but high prices have slowed growth since the peak of the COVID-19 pandemic. Single-family home sales in the Tampa-St. Petersburg-Clearwater metro area fell 17.5% year over year, with a median price drop of 1.4%. However, in the past five years, the median price has increased nearly 65%.

    The hurricanes have exacerbated an existing inventory shortage, with only about four months' worth of homes available in September, compared to a normal six-month supply. Even sellers whose homes weren't severely damaged are hesitant to list due to concerns about finding a new place and getting a good price for their properties.

    Some homeowners are opting to sell "as is" or "for land value," with listings popping up locally. Others may consider off-market short sales, but experts warn of potential scams from bad actors making low-ball offers. A real estate agent specializing in luxury waterfront property believes that people will instead opt for newer, elevated homes and pay top dollar for peace of mind.

    While the next few months may be challenging, home sales typically rebound after a natural disaster, with prices sometimes rising as cities rebuild. Experts advise homeowners to hold off on selling until they receive more information from their insurance companies, and some may even be eligible for mortgage forbearance. In three months, consumers will have a better understanding of whether they can afford to rebuild, according to one expert.