February 2026 Tampa Bay Real Estate Market Update | St Petersburg FL real estate market update 2026
Pinellas vs Hillsborough County Housing Trends
Written by Liane Jamason, Broker/Owner of Corcoran Dwellings in St. Petersburg, Florida
The February housing numbers for Tampa Bay look a little confusing at first glance.
Prices are up in some areas, down in others, condo sales appear to be surging, and yet many buyers are still hesitant.
So what is actually happening?
The short answer is this. The market has not dramatically changed, but the data is being influenced by a few very specific factors, especially in Pinellas County.
Once you separate those out, the real story becomes much clearer.
February 2026 Tampa Bay Real Estate Market Update
Pinellas vs Hillsborough County Housing Trends
The February housing data is in for the Tampa Bay area, and while the headline numbers tell part of the story, the real insight comes from looking at Pinellas County and Hillsborough County side by side.
Overall, the market remains stable, but there are very different dynamics happening in single family homes versus the condo market, especially in Pinellas County.
Here is a breakdown of what is happening right now.
Pinellas County Single Family Homes
Prices holding steady as inventory tightens
The median price for single family homes in Pinellas County reached $450,000 in February, a modest 1.1 percent increase year over year.
At the same time, inventory fell to 3.8 months of supply, which signals that the single family market is starting to tighten again.
Closed sales were down slightly compared to last year, but this appears to be largely driven by mortgage rates that kept some buyers on the sidelines earlier in the winter.
Now that rates have begun drifting downward, we are already seeing more buyers reenter the market, particularly for well priced homes.
If interest rates continue to decline through the spring, the Pinellas single family market could see increased competition and fewer available listings.
Key Pinellas Single Family Stats
• Median price: $450,000 (+1.1% YoY)
• Closed sales: 699 (-13.3% YoY)
• Inventory: 3.8 months supply
• Dollar volume: $420M (-13.6% YoY)
Pinellas County Condos and Townhomes
Luxury downtown closings skew the numbers
At first glance, the condo market in Pinellas appears to be surging.
The median condo price jumped 26.5 percent year over year, and total dollar volume more than doubled.
However, this dramatic increase is largely due to luxury condo closings in downtown St. Petersburg, particularly at the new towers Art House and 400 Central.
These buildings feature many million dollar plus units, and when dozens of those closings occur in the same month they can dramatically influence the countywide statistics.
While the luxury downtown segment is performing well, the broader condo market in Pinellas remains more challenging, particularly in older buildings along the beaches.
Several factors continue to affect those properties:
• Higher insurance costs
• Structural reserve requirements
• Rising HOA fees
As a result, inventory for condos in Pinellas sits at 8.3 months, which is firmly a buyer’s market.
Key Pinellas Condo Stats
• Median price: $360,000 (+26.5% YoY)
• Closed sales: 579 (+19.9% YoY)
• Inventory: 8.3 months supply
• Dollar volume: $433M (+113.1% YoY)
Hillsborough County Single Family Homes
A steady and balanced Tampa market
Across the bay in Hillsborough County, the single family market remains steady and balanced.
The median price sits at $426,000, representing a 1.4 percent year over year increase.
Inventory is slightly tighter than in Pinellas at 3.6 months of supply, which suggests the Tampa single family market continues to have healthy demand.
Sales volume is down modestly compared to last year, but overall activity remains consistent.
Key Hillsborough Single Family Stats
• Median price: $426,000 (+1.4% YoY)
• Closed sales: 996 (-5.1% YoY)
• Inventory: 3.6 months supply
• Dollar volume: $547M (-5.3% YoY)
Hillsborough County Condos and Townhomes
A more balanced condo market
Unlike Pinellas County, the Hillsborough condo and townhouse market is not being heavily influenced by luxury tower closings.
The median price in Hillsborough condos is $283,000, which is essentially flat year over year.
Inventory currently sits at 5.6 months of supply, which places the market close to a balanced level between buyers and sellers.
Key Hillsborough Condo Stats
• Median price: $283,000 (+0.2% YoY)
• Closed sales: 271 (-14.0% YoY)
• Inventory: 5.6 months supply
• Dollar volume: $135M (+9.8% YoY)
Key Takeaways for Tampa Bay Real Estate
Looking at both counties together reveals several important trends.
Single family homes remain the most competitive segment of the market in both Pinellas and Hillsborough.
Luxury downtown St. Petersburg condo closings are significantly influencing Pinellas condo statistics.
Older coastal condo buildings are still adjusting to rising insurance costs and reserve requirements.
As mortgage rates slowly decline, buyer activity is beginning to increase again, which could tighten inventory as we move into the spring market.
Real estate in Tampa Bay remains highly localized, and sometimes a handful of luxury tower closings can make an entire county’s statistics look dramatically different.
If you want to see what homes are currently available in the area, explore the latest St. Petersburg homes for sale or Tampa homes for sale here.
Tampa Bay Real Estate Market FAQ
Is the Tampa Bay housing market going up or down?
Home prices across Tampa Bay remain relatively stable in early 2026. Single family home prices in both Pinellas and Hillsborough counties have increased slightly year over year, although sales activity slowed compared to the peak pandemic years.
Why did Pinellas County condo prices jump so much?
Much of the recent increase in Pinellas condo prices is due to luxury condo closings in downtown St. Petersburg, including new towers like 400 Central and Art House. These million dollar units can significantly impact countywide statistics.
Is the condo market slowing in Tampa Bay?
Some segments of the condo market are slower, particularly older coastal buildings. Rising insurance costs, structural reserve requirements, and higher HOA fees have caused some buyers to take a more cautious approach.
Is inventory rising in Tampa Bay?
Inventory levels vary by property type. Single family homes remain relatively tight with around 3 to 4 months of supply, while condos in Pinellas County currently have over 8 months of supply.
Are mortgage rates affecting the Tampa Bay housing market?
Yes. Mortgage rates had slowed buyer activity earlier in the year, but as rates have gradually declined, more buyers are beginning to reenter the market.
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