Published October 27, 2026 in Market Update

More St. Pete homes sold even with rates above 7%

By Heather Brookey

Real estate, St. Petersburg

Mortgage rates crossed 7% in September 2026, according to Realtor.com. That is the first time they have been that high since January 2025. And yet, the Real Estate Data Aggregator counted 1,436 homes sold across St. Pete in the three months ending August 31, 2026. That is 4.4% more than the same period a year before. Buyers did not disappear. They adjusted.

That said, the market is not one thing. Some ZIP codes are moving fast. Others are sitting. Rates above 7% do filter out some buyers, and Realtor.com reported that price cuts nationally hit 20.8% in September 2026, the highest share since October 2022. St. Pete is not immune to that pressure. But the ZIP-by-ZIP data tells a more interesting story than the headline rate does.

Where inventory tightened and prices rose

The clearest story of demand holding firm is in 33704, which covers the Snell Isle and Old Northeast area. The Real Estate Data Aggregator counted 111 homes sold there, up 30.6% from a year ago. Inventory fell 34.3% to just 119 homes for sale. Supply dropped to 3.3 months. Median sale price rose 20% to $840,000. Homes that went under contract within two weeks jumped 17.6 points to 32.3%. That is a market where serious buyers are competing, not waiting.

33710, which covers the Jungle Terrace and Disston Heights area, told a similar story. The Real Estate Data Aggregator counted 176 homes sold, up 19.7%. Inventory fell 10.1%. Median sale price rose 5.7% to $417,500. Nearly 1 in 5 homes sold above list price, up 11.1 points from a year ago. And 38.7% of homes went under contract within two weeks, a jump of 17 points. That kind of buyer speed does not happen in a market where people are sitting on their hands.

33713, which covers the Central Oak Park and Kenwood area, added another layer. The Real Estate Data Aggregator showed 38% of homes going under contract within two weeks, up 13.6 points from last year. Pending sales rose 15%. The median sale price climbed 5.5% to $422,000. More than 1 in 7 homes sold above list price. Supply stayed at 3.7 months. This is one of the more active parts of St. Pete right now, especially at a price point that still works for a wider range of buyers.

Where the market is slower and sellers need to be realistic

Not every ZIP code is moving like that. 33712 had only 63 homes sold, down 19.2% from a year ago, and supply climbed to 7 months. 33711 saw sales fall 9.7%, with supply rising to 6.8 months. 33716 had just 17 homes sold, down 43.3%, and supply reached 8.8 months. In these areas, buyers have more choices and more time. That does not mean prices are collapsing, but it does mean overpriced listings are sitting. The median days on market in 33705 stretched to 74 days, 12 days longer than last year.

33701, the downtown core, also deserves a candid look. The Real Estate Data Aggregator showed 103 homes sold, down 8%. Median sale price fell 34.8% to $732,000. That is a striking number, but context matters here. Downtown St. Pete has a heavy condo mix, and condo sales can swing the median sharply when the mix of what sold changes. Days on market stretched to 62, up 18 days from last year. Buyers in this ZIP have more inventory to consider, now up 15.6% year over year, and they are taking their time.

What rates above 7% actually mean for this market

Realtor.com reported that the weekly average mortgage rate hit 7.4% for the four weeks ending October 18, 2026. That is real money on a monthly payment. It is also why some buyers are being more selective, and why some sellers are cutting prices. Realtor.com noted that 20.8% of listings nationally had price reductions in September 2026, the highest share in four years. But the Federal Housing Finance Agency reported that U.S. home prices still rose 2.6% from July 2025 to July 2026. Prices are not in free fall. They are just more sensitive to how a home is priced from day one.

The Tampa-St. Petersburg-Clearwater metro median home price was $385,398 in September 2026, according to Realtor.com. That is the broader regional figure, which includes Clearwater and other Pinellas communities. Individual St. Pete ZIP codes ranged from $297,250 in 33711 to $840,000 in 33704, according to the Real Estate Data Aggregator. The metro average smooths over a lot of real variation.

The citywide picture in plain numbers

Across all 13 ZIP codes the Real Estate Data Aggregator tracks for St. Pete, inventory actually slipped 2.2% to 2,216 homes for sale. New listings fell 2.3% to 1,715. Pending sales held nearly flat, down just 0.2% to 1,523. None of that is a market falling apart. It is a market that has absorbed higher rates and kept moving, unevenly.