Tampa’s Population Growth Plummets as Housing Costs Soar

Tampa locals may have finally got what they wished for- for people to stop moving here! The number of people moving to Tampa plunged in 2024, with only 10,000 new residents compared to 35,000 the previous year - recording the biggest decline among major U.S. cities.

Sky-high housing costs and insurance rates, plus increasing storm risks, have turned away would-be residents. A lot of people saw the devastation from Ian, Helene, and Milton and have started to rethink their moving plans. Property insurance rates jumped dramatically while condo owners faced huge HOA hikes due to new regulations.

"People used to move to Florida partly because they could get a deal. Now, people can't afford to move here," said Bryan Carnaggio, a Redfin agent in Florida.

The housing market is clearly slowing down. New data shows almost half of sellers dropped their prices - up 8% from last year. The number of homes sitting on the market for weeks increased 12% compared to 2023.

"The Tampa market is definitely cooling down right now... Before the phone would ring... Now I'm calling sellers letting them know it's slow," said Heather Espinosa to Fox 13 News.

This slowdown isn't just happening in Florida. Major Sun Belt cities now have housing costs matching expensive coastal areas, pushing cost-conscious buyers to look at cheaper Midwestern and Northeastern cities.

High mortgage rates combined with expensive homes and economic uncertainty have stalled the housing market. Buyers can't afford homes while sellers stay put, stuck without good options for their next purchase.

New construction has increased inventory while fewer buyers are looking. Realtors say the market has shifted dramatically from last year's bidding wars to one where buyers can take their time and negotiate.

To see the full Redfin report, click here.