Luxury home prices nationwide increased 4.7% year over year in May, compared with a 1.5% increase for non-luxury homes. Florida dominated the rankings, with Tampa Bay posting the fastest luxury home price growth in the country. Affluent buyers have remained active despite elevated mortgage rates because they are generally less sensitive to borrowing costs and are more likely to pay cash or make substantial down payments. Luxury home prices in Tampa, FL rose 15.6% year over year, the biggest increase of the 50 most populous U.S. metros, followed closely by Miami (14.2%). By contrast, non luxury prices fell 0.5% in Tampa, and they fell 0.7% in Miami.
Source: Redfin
My Take: While Tampa Bay leads in price growth it’s still “reasonable” compared to other luxury markets in the US.
The average luxury home price in Tampa Bay is currently $1,650,875
San Francisco CA: $6,648,922
Anaheim CA: $5,276,971
Miami FL: $4,855,331
Los Angeles CA: $4,512,482
New York NY: $4,380,249
Beautiful Beaches, Friendly People, Professional Sports, Pro Business Environment and an Outstanding Airport. No wonder we are growing fast.
Mortgage Rates
Average 6.55%
The 30-year fixed-rate mortgage averaged 6.55% this week. Purchase application demand has weakened recently, but housing affordability is more favorable and housing inventory continues to rise, thus the backdrop for prospective homebuyers is modestly improving.
The 30-year fixed-rate mortgage averaged 6.55% as of July 16, 2026, up from last week when it averaged 6.49%. A year ago at this time, the 30-year FRM averaged 6.75%.
The 15-year fixed-rate mortgage averaged 5.93%, up from last week when it averaged 5.82%. A year ago at this time, the 15-year FRM averaged 5.92%.
