ST PETERSBURG, Florida Real Estate Market

Reading Time: 2 minutesSt. Petersburg is a city in Pinellas County, Florida, United States. As of the 2015 census estimate, the population was 257,083, making it the fifth-most populous city in Florida and the la rgest in the state that is not a county seat (the city of Clearwater is the seat of Pinellas County). St. Petersburg is the fifth largest city in Florida and the second-largest

city in the Tampa Bay Area, after Tampa. Together with Clearwater, these cities comprise the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area, the second-largest in Florida with a population of around 2.8 million. St. Petersburg is located on the Pinellas peninsula between Tampa Bay and the Gulf of Mexico, and is connected to mainland Florida to the north.   The city is often referred to by locals as St. Pete. Neighboring St. Pete Beach formally shortened its name in 1994 after a vote by its residents. St. Petersburg is governed by a mayor and city council.  With an average of some 361 days of sunshine each year, and a Guinness World Record for logging the most consecutive days of sunshine (768 days between 1967 and 1969), it is nicknamed “The Sunshine City”. Due to its good weather and low cost of living, the city has long been a popular retirement destination, although in recent years the population has moved in a much more youthful direction. American Style magazine ranked St. Petersburg its top mid-size city in 2011, citing its “vibrant” arts scene. (Wikipedia)

St. Petersburg Real Estate Market Statistics

  • Metropolitan statistical area: Tampa-St. Petersburg-Clearwater, FL
  • Population: 263,255 – 79ᵗʰ largest U.S. city (Wikipedia – 2017 estimate)
  • 5-year projected population growth: 1.1% (PwC, 2018 – U.S. average is 0.7%)
  • Median age: 42.7 years old (City Data, 2016 – U.S. median is 38)
  • Median household income: $51,474 (City Data, 2016 – U.S. median was $57,617)
  • 5-year projected employment growth: 1.1% (PwC, 2018 – U.S. average is 0.6%)
  • Cost of living index: 95.9 (City Data, 2016 – U.S. average is 100)
  • Rent-to-household-income ratio: 25.1% (PwC, 2018 – less than 30% is ideal)
  • Median 1-bedroom rent: $948 (Rentonomics, 2018 – U.S. median is $743)
  • Year-over-year rent growth: 1.7% (Rentonomics, 2018 – U.S. average is 1.5%)
  • Median single-family home sale price: $236,000 (NAR, Q3 2018 – U.S. median is $266,900)
  • Year-over-year home sale price growth: 4.9% (NAR, Q3 2018 – U.S. median is 4.8%)
  • Multifamily property buy/hold/sell recommendations: 53% of investors say buy, 27% say hold, 20% say sell (PwC/ULI)

News on the St. Petersburg Real Estate Market

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