St. Petersburg, FL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

St. Petersburg, FL Housing Market Trends

With a population of 258,308, 111,957 total housing units (homes and apartments), and a median house value of $348,922, St. Petersburg real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in St. Petersburg, accounting for 56.36% of the city's housing units. Other types of housing that are prevalent in St. Petersburg include large apartment complexes or high rise apartments ( 30.24%), duplexes, homes converted to apartments or other small apartment buildings ( 7.64%), and a few mobile homes or trailers ( 2.86%).

People in St. Petersburg primarily live in small (one, two or no bedroom) single-family detached homes. St. Petersburg has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. St. Petersburg's housing was primarily built during this period, from the '40s through the '60s. A full 43.70% of the city's housing hails from this era. Other housing ages represented in St. Petersburg include homes built between 1970-1999 ( 37.23%) and housing constructed before 1939 ( 9.77%). There's also some housing in St. Petersburg built between 2000 and later ( 9.30%).

Vacant housing appears to be an issue in St. Petersburg. Fully 19.00% of the housing stock is classified as vacant. Left unchecked, vacant St. Petersburg homes and apartments can be a drag on the real estate market, holding St. Petersburg real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

St. Petersburg Home Appreciation Rates

In the last 10 years, St. Petersburg has experienced some of the highest home appreciation rates of any community in the nation. St. Petersburg real estate appreciated 197.75% over the last ten years, which is an average annual home appreciation rate of 11.53%, putting St. Petersburg in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, St. Petersburg definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in St. Petersburg that despite a nationwide downturn in the housing market, St. Petersburg real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, St. Petersburg appreciation rates continue to be some of the highest in America, at 25.68%, which is higher than appreciation rates in 95.20% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in St. Petersburg. St. Petersburg appreciation rates in the latest quarter were at 4.98%, which equates to an annual appreciation rate of 21.47%.

Importantly, NeighborhoodScout’s exclusive research found that St. Petersburg's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Florida, our data show that St. Petersburg's latest annual appreciation rate is higher than 70% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within St. Petersburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in St. Petersburg - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best St. Petersburg real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$348,922

St. Petersburg, FL HOME PRICES

> $1,566,000
$1,174,001 - $1,566,000
$783,001 - $1,174,000
$627,001 - $783,000
$470,001 - $627,000
$313,001 - $470,000
$157,001 - $313,000
$79,001 - $157,000
$0 - $79,000
2.4%
2.4%
2.2%
2.2%
6.6%
6.6%
6.0%
6.0%
12.9%
12.9%
23.7%
23.7%
29.2%
29.2%
11.4%
11.4%
5.6%
5.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for FL

Value Relative To Nation

Number Of Homes And Apartments:
111,957

St. Petersburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
262.79% 5.96%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,988 / per month

Homeownership Rate

Owners
Renters
Vacant
60.9%
60.9%
39.1%
39.1%
19.0%
19.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.3%
9.3%
37.2%
37.2%
43.7%
43.7%
9.8%
9.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
56.4%
56.4%
2.8%
2.8%
7.6%
7.6%
30.2%
30.2%
2.9%
2.9%
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.6%
4.6%
17.0%
17.0%
39.1%
39.1%
30.5%
30.5%
7.3%
7.3%
1.5%
1.5%
0.0% 100.0%
% OF HOMES