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Median home price: ~$425K in May, virtually unchanged year-over-year ($425K vs. $425K) stpeterising.comredfin.com.
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Days on market: 41 days on average, slightly faster than last year’s 43 days redfin.com.
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Sales volume: 444 homes sold in May (down from 486 YoY) redfin.com.
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Inventory: ~3,028 homes listed in May (+3.1% MoM), giving about 5.1 months of supply—a balanced market redfin.com+3rocket.com+3houzeo.com+3.
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Buyer leverage: 71% of homes sold below asking price rocket.com.
Why This Matters for Buyers & Sellers
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📈 For buyers, increased inventory means more choices and negotiation power—many homes still sell below asking.
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📉 For sellers, realistic pricing is essential; overpricing could trigger price reductions or staleness.
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🧠 With market balance, the extreme seller-driven conditions of the past are easing, creating more room for strategic moves.
Neighborhood Highlights & Pricing
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Downtown St. Pete: ~281 listings, median $845K; high-end condos around $1.55M, ~104 days on market stpeterising.com+4stpetersburgrealestate.com+4stpetepartnership.org+4.
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Old Northeast: 86 listings, median $1.24M; ~81 days on market 83degreesmedia.com+3stpetersburgrealestate.com+3houzeo.com+3.
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Pass-a-Grille & Tierra Verde: Beach-area homes trending at $1–1.2M axios.com+1fox13news.com+1.
Development Boom: What’s Coming & Why It Matters
400 Central & Downtown Mix-Use Surge
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400 Central: 46-story, 515-ft residential tower, topping out Sept 2024, expected complete by end of 2025 — will be Tampa Bay’s tallest residential building 83degreesmedia.com+2en.wikipedia.org+2stpeterising.com+2.
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Art House & 3rd & 3rd: New luxury condo/apartment high-rises (42 & 33 stories) rising downtown stpeterising.com+483degreesmedia.com+4stpeterising.com+4.
Skyway Marina & Pinellas Developments
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Skyway Marina District: Over 2,000 new apartments, 69K ft² grocery/retail, storage, with Sprouts opening by October 2025 axios.com.
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Azalea Gateway & Sky Town: 223 affordable/workforce apartment units funded in south St. Petersburg pinellas.gov+1stpeterising.com+1.
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Alta Roosevelt: 381-unit affordable apartment project in North St. Pete under Live Local Act review walletinvestor.com+15stpeterising.com+15fox13news.com+15.
Infrastructure & Zoning Shifts
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Downtown Development Guide 2025: City working to streamline zoning, support mixed-use growth, and preserve vibrant urban corridors stpetepartnership.org+1stpeterising.com+1.
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Gas Plant/Historic District: Stadium project paused, but broader revitalization strategies continue bleedcubbieblue.com+4apnews.com+4reuters.com+4.
Key Challenges & Opportunities
1. Tropicana Field
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Roof replacement approved for $22.5M; Rays to return in 2026 reuters.com.
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Efforts to build a new ~$1.3B stadium are stalled; impacts on Historic Gas Plant redevelopments remain uncertain bleedcubbieblue.com+2apnews.com+2the-sun.com+2.
2. Statewide Cooling Trend
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Florida housing market showing signs of cooling—buyers are gaining leverage nationally and regionally zillow.com+8homebuyinginstitute.com+8houzeo.com+8.
3. Affordable Housing Push
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Focused developments like Alta Roosevelt and Pinellas-funded projects are injecting supply into underserved segments houzeo.com.
Market Outlook & Insights for Investors
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Short-term forecast: Prices expected to hold steady or dip modestly for remainder of 2025—buyer market conditions .
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Long-term: Population growth, economic diversification, and coastal attractions signal solid potential—especially for mixed-use and rental properties .
Final Thoughts
St. Petersburg’s housing market, as of June 2025, is balanced but leaning toward buyers. Robust development—especially downtown towers, affordable housing, and neighborhood revitalization—continues to shape the city’s growth trajectory. While some uncertainty surrounds the Rays and stadium plans, rising inventory and steady demand offer both stability and opportunity. Whether you’re buying, selling, or investing, insight and local knowledge will be your most valuable asset.
Always happy to help! / Aaron Hoffman Real Estate Advisor/ 813.817.7914
Selling more than houses, selling the Florida lifestyle.
