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Report shows sharp decline in people moving to Tampa: ‘It’s like a fire sale’

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Published  April 16, 2025 11:37pm EDT
Tampa
FOX 13 News

Redfin study: Fewer people moving to Florida

FOX 13's Jennifer Kveglis reports.

The Brief

    • Reports show fewer people are moving to Florida, particularly to the Tampa Bay Area.
    • Experts say the Covid-19 pandemic created low inventory and bidding wars in the region.
    • They also say that last year's hurricanes have spooked prospective home buyers in the state.

TAMPA, Fla. - A new report shows fewer people are moving to Tampa. 

Redfin stated Tampa ranks as the top city in the Sunbelt that saw a drop in U.S. resident migration between 2023 and 2024. 

Local real estate agents and moving companies experienced it firsthand, noting more people left the state.

Redfin Report:

According to the report, nearly 35,000 people moved to Tampa in 2023, compared to just 10,000 people in 2024.

Jaime McKnight with Coldwell Banker said it's not surprising. 

READ: Former New College of Florida employee accused of exposing himself to women in Sarasota mall dressing rooms

"The Tampa, St. Pete area was glamorous after Covid-19. Now it's like a fire sale," McKnight said.

McKnight said the real estate market has drastically changed since the pandemic, explaining it "created low inventory and bidding wars."

Local perspective:

Cars in driveways are now replaced with for-sale signs.

"We have so much inventory, and the prices have just skyrocketed. I mean, if you're a first-time homebuyer, how are you affording a half-million-dollar, barely 1,000 sq. ft home?" McKnight said.

Additionally, interest and insurance rates have skyrocketed, especially after Hurricanes Helene and Milton. 

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"We have an influx of flood-damaged properties all over in Hillsborough," added McKnight. "You have the flood flips that have been lovingly restored."

Redfin Chief Economist Daryl Fairweather said costs for Tampa condo owners are no better. 

"Since the Surfside condo collapse, there have been new laws that require HOAs to charge more of condo owners, and those added costs mean more condos are listed," Fairweather said.

Fairweather said HOA dues have gone up 15% because of this, and more people are leaving the state. 

"Tennessee, the Carolinas and Georgia. It is cheaper to live in those three areas. However, those prices are going up, too," said McKnight. "Even for me, I'm stuck in my home. 11 years ago, I purchased it for $225,000. Now my house could probably go close to $1 million in this area, but where am I going to go?"

Dig deeper:

Owner & CEO of 2 College Brothers Moving, Wade Swikle, noticed the change, too. He said around the pandemic, "we couldn't get enough trucks and enough people hired fast enough during the peak of that rush here in Tampa Bay."

Halfway through 2023, however, "There was a period where every week I saw moving companies either downsizing or closing their doors for good." added Swikle.

READ: St. Pete Fire Rescue will get 3 new high-water rescue vehicles ahead of peak hurricane season

Swikle even wrote a book, "Hometown Titan," about getting through the tough times in business. 

He said he's optimistic that things will bounce back. 

"The interest rates aren't going to be where they're at forever, the hurricanes hopefully aren't going to hit us again," added Swikle. "We ultimately believe we're going to come out stronger."

The Source: FOX 13’s Jennifer Kveglis collected the information in this story.

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