Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Carrollwood | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $433,609 | $293,727 | $242,182 |
| Price Trend (Annual %) | 36.6% | 12.0% | 8.2% |
| Median Gross Rent | $1,534 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carrollwood is about 48% higher than in Florida. Rent is about 2% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Carrollwood, up about 36.6% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Carrollwood rose about 52.1% between 2015 and 2023, from $1,009 to $1,534. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Carrollwood.
Buying the median-priced home in Carrollwood costs roughly 23.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Carrollwood. The price-to-rent ratio in Florida is about 15.7.
| Metric | Carrollwood | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $433,609 | $293,727 | $242,182 |
| Median Household Income | $79,533 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.5 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Carrollwood rose about 391.7%, while median household income rose about 40.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Carrollwood | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.4% | 57.1% | 58.2% |
| Rental Rate | 29.9% | 27.7% | 31.3% |
| Vacancy Rate | 4.7% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Carrollwood has a homeownership rate of 65.4%, higher than the Florida average of 57.1%. Its housing vacancy rate is 4.7%, compared with 15.2% in Florida.
Housing Stock
| Metric | Carrollwood | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1983 | 1987 | 1978 |
| Median Number of Rooms | 5.7 | 5.2 | 5.5 |
The typical housing unit in Carrollwood was built around 1983. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carrollwood, Florida.
What is the median home price in Carrollwood, Florida?
The median home price in Carrollwood, Florida is $433,609, higher than the Florida average of $293,727.
What is the average home price in Carrollwood, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Carrollwood, Florida?
The median gross rent in Carrollwood, Florida is $1,534 per month, lower than the Florida average of $1,564.
What was the median gross rent in Carrollwood in 2020?
In 2020, the median gross rent in Carrollwood, Florida was $1,221 per month.
What is the price-to-rent ratio in Carrollwood, Florida?
The price-to-rent ratio in Carrollwood, Florida is about 23.6, meaning it would take roughly 23.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Carrollwood.
Are home prices or rent rising faster in Carrollwood, Florida?
Both home prices and rent are rising in Carrollwood, up about 36.6% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Carrollwood, Florida?
65.4% of households in Carrollwood, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Carrollwood, Florida?
The housing vacancy rate in Carrollwood, Florida is 4.7%, lower than the Florida average of 15.2%.