Hurricane Milton’s Impact on Tampa’s Housing Market: A Shift in Activity Amidst Evacuations

Tampa Braces for Hurricane Milton: Housing Market Takes a Hit as Residents Evacuate

TAMPA, FL — The sun shone brightly over Tampa on Tuesday morning, with temperatures hovering in the low 80s and only a few clouds dotting the sky. However, the calm before the storm is about to give way to a fierce reality as Hurricane Milton, currently a Category 4 storm, is set to make landfall in the Tampa area late Wednesday or early Thursday.

In anticipation of the hurricane’s arrival, local officials have issued evacuation orders, prompting a significant shift in the city’s housing market. Data from Altos Research reveals a dramatic decline in both new listings and pending home sales since the storm’s formation. New listings plummeted from 775 on September 27 to just 555, while pending sales dropped from 741 to 561.

The sudden downturn in real estate activity is understandable; residents focused on securing their safety are not prioritizing home sales. As Tampa-area agent Jeff Borham of eXp Realty explains, the urgency of the situation has led buyers and home insurers to pause their activities. "You can’t bind insurance once a storm is named," Borham noted, adding that only those who had secured insurance prior to the storm’s designation can proceed with closing deals.

This decline in market activity is particularly striking given that the Tampa housing market had recently shown signs of recovery after a sluggish year. "Two weekends ago, even right after Hurricane Helena, my team had our busiest showing weekend of the year," Borham recalled. "Now, we have zero scheduled showings because everyone is stressed out over the storm. People are evacuating, putting up plywood, and preparing their homes."

In times of crisis, Borham and his team shift their focus from real estate transactions to community support. "You step up and be a leader," he said. "As high-producing Realtors, we have many connections in the trades community, and our leadership can really help after a natural disaster."

As Tampa prepares for Hurricane Milton, the community is coming together to face the challenges ahead. With the housing market in a temporary freeze, the priority for many is safety and preparedness. Residents are urged to heed evacuation orders and take necessary precautions as they brace for the storm’s impact.