Real Estate Market Trends in St. Petersburg, Florida

St. Petersburg area home prices fell in 2025: the federal house price index for Pinellas County dropped 2.04 percent, from an index of 422.54 to 413.90 on a 2000 base.

The Federal Housing Finance Agency's annual all-transactions index for Pinellas County, last updated March 31, 2026, shows gains of 17.42 percent in 2021, 24.81 percent in 2022, 8.88 percent in 2023 and 3.84 percent in 2024 before the 2025 decline (FHFA House Price Index, counties). The same county series shows declines of 13.78 percent in 2008 and 15.70 percent in 2009 (FHFA). The index uses appraisal values and sales prices for mortgages bought or guaranteed by Fannie Mae and Freddie Mac, and FHFA labels its county figures experimental and developmental (FHFA). With a base of 100 in 2000, the Pinellas index stood at 413.90 in 2025, down from 422.54 a year earlier (FHFA).

The Pinellas figures are annual, and FHFA notes that revisions may reflect new data or technical adjustments (FHFA).

Last verified: October 18, 2026, by downloading the FHFA county and ZIP index files, the property appraiser's October 2 tax roll summary, the August 2026 Census permits file and the ACS 2020-2024 DP04 table for St. Petersburg.

All seven St. Petersburg ZIP Codes in the table below lost value in the 2025 FHFA index, and the sharpest drops among them came in 33711 and 33702, down 7.84 and 4.94 percent.

FHFA publishes the same index for five-digit ZIP Codes (FHFA House Price Index, ZIP Codes). The table ties each ZIP Code to a city address so readers can place it: the St. Pete Pier is at 800 2nd Avenue NE, 33701 (St. Pete Pier FAQ), and the recreation centers listed are city facilities (St. Petersburg Parks and Recreation).

The two ZIP Codes in the table that rose fastest in 2024, 33701 and 33711, fell 4.65 and 7.84 percent in 2025, while 33713 and 33710 fell 0.92 and 1.09 percent (FHFA). Over the long run 33701 has risen furthest of the group: its index with a 2000 base was 614.89 in 2025, against 415.54 in 33702 (FHFA). FHFA warns that its ZIP indexes are developmental and can be revised as new data arrive (FHFA).

The Pinellas County Property Appraiser's 2026 roll puts the market value of St. Petersburg real property at $59,546,698,941, down 1.25 percent from $60,301,885,904 in 2025.

Those just values come from the appraiser's 2026 Tax Roll Summary, labeled 2026 Final (Pre-VAB) and dated October 2, 2026 (Pinellas County Property Appraiser, 2026 Tax Roll Summary). Countywide, just value of real property fell 2.69 percent, a larger drop than St. Petersburg's 1.25 percent (Pinellas County Property Appraiser).

Taxable value moved the other way. St. Petersburg real property taxable value rose 6.50 percent, from $35,373,960,397 to $37,672,190,200, and the roll counts $1,550,582,237 of net taxable value from new construction (Pinellas County Property Appraiser). The city's tax increment districts rose faster: municipal taxable value in the St Petersburg Intown TIF A district rose 15.10 percent to $4,345,557,401, the Intown West TIF D district 11.69 percent, and the South St Petersburg TIF E district 7.13 percent (Pinellas County Property Appraiser).

The appraiser's South County office is at 2500 34th Street North, 2nd Floor, St. Petersburg, FL 33713, and its main line is (727) 464-3207 (Pinellas County Property Appraiser).

Florida's assessment caps let assessed value keep climbing after market value falls, which the Pinellas County Property Appraiser calls the recapture rule.

Under Florida law, the assessed value of a homestead can rise each year by no more than 3 percent or the change in CPI, whichever is less, under the homestead cap the appraiser abbreviates SOH, and non-homestead property is capped at 10 percent (Pinellas County Property Appraiser, Recapture Rule). The appraiser says that over time the caps can reduce the property taxes paid, because taxes are calculated on assessed value. When market value then falls, the appraiser explains, assessed value can still rise by the cap each year until it reaches market value, and it can never exceed market value (Pinellas County Property Appraiser). The rule rests on Florida Statutes 193.155 and 193.1554 (Pinellas County Property Appraiser).

The 2026 St. Petersburg roll shows both a 1.25 percent drop in just value and a 6.50 percent rise in real property taxable value, and it also counts $1,550,582,237 of net taxable value from new construction (Pinellas County Property Appraiser). A St. Petersburg owner who wants to check a parcel can compare the just value and assessed value on the appraiser's record and call (727) 464-3207 with questions (Pinellas County Property Appraiser).

Residential property on the St. Petersburg roll, before exemptions are subtracted, went from $16.29 billion in tax year 2015 to $48.72 billion in tax year 2024, by the city's financial report.

The city's 2025 Annual Comprehensive Financial Report reprints the Pinellas County Property Appraiser's figures, in thousands of dollars: residential property of $16,288,810 for 2015 and $48,716,023 for 2024 (City of St. Petersburg, 2025 ACFR). Between tax years 2021 and 2022 it went from $29,940,848 to $38,188,149 (2025 ACFR). Total taxable assessed value, after exemptions, rose from $13,612,277 to $33,837,684 over the same decade, while the city's millage rate eased from 6.7700 to 6.4525 (2025 ACFR).

For comparison, the FHFA Pinellas index rose 24.81 percent in 2022 and fell 2.04 percent in 2025 (FHFA).

In the ACS 2020-2024, 22.6 percent of St. Petersburg's owner-occupied homes were valued at $500,000 to $999,999 and 7.9 percent at $1,000,000 or more, and 56.5 percent of owner-occupied units had a mortgage.

The same five-year table puts the median value of owner-occupied units at $371,100 (ACS 2020-2024, DP04, St. Petersburg). The values are owners' own estimates collected across 2020 to 2024, so they are not a 2026 price (ACS 2020-2024, DP04).

Of the city's 74,915 owner-occupied units, 42,319 had a mortgage (ACS 2020-2024, DP04). Median selected monthly owner costs were $1,987 for homes with a mortgage and $695 for homes without one (ACS 2020-2024, DP04). In the same survey, 23.0 percent of occupied St. Petersburg units had a householder who moved in between 2020 and 2022, and 5.5 percent moved in during 2023 or later (ACS 2020-2024, DP04).

St. Petersburg permitted 1,373 new housing units in the first eight months of 2026, 872 of them in eight buildings of five or more units, by the Census Bureau's year-to-date count.

The Building Permits Survey place file for August 2026, which shows eight months reported for St. Petersburg, lists 463 single-family units valued at $254,743,267, 38 units in 19 two-unit buildings valued at $8,895,108, no three- or four-unit buildings, and 872 units in five-or-more-unit buildings valued at $112,122,879 (Census Bureau Building Permits Survey, August 2026). The 1,373 total is the sum of those columns. Permits are authorizations, not finished homes, and in 2026 just eight buildings account for the 872 apartment-style units (Census Bureau).

The Digital Towns St. Petersburg real estate hub links the guides on neighborhoods, new construction, downtown condos and waterfront property.