A major homebuilder is building its first communities in Florida's Tampa Bay region that has seen falling home prices in recent months.
Stanley Martin Homes announced the launch of three single-family home and townhouse neighborhoods that are expected to eventually bring nearly 500 homes to Hillsborough and Pasco counties. The Reston, Virginia-based homebuilder has released details of the upcoming subdivisions.
Westchase Station Townhomes, Tampa — The community is planned to contain 38 three-story townhouses with three- and four-bedroom floorplans, starting in the low $300,000s. Walking distance from the West Park Village Town Center, Westchase Station will include pools, walking trails and tennis courts. Sales are expected to open in fall 2025.
Avalon Park West, Wesley Chapel — This mixed neighborhood's plans feature 168 single-family homes and 197 townhouses around a town center. The community is expected to open in winter 2025.
Compass Pointe, Apollo Beach — On the coast of Tampa Bay, 84 planned single-family homes would offer access to a private lagoon and network of canals for kayaking and paddleboarding, as well as other amenities, including a clubhouse, gym, and pools. With homes starting in the upper $300,000s, the opening is planned for early 2026.
Tampa has seen slowing demand in 2025, according to Homes.com. The median home price in July was $379,990, down 0.1% from the previous year. The drop marked the 12th straight month of price declines for the market.
Moreover, the market's inventory of homes for sale rose to 22,000, an 18% increase year over year.
Still, the market continues to draw homebuilders as new construction remains popular, according to Michelle Rumore, director of analytics for the region for Homes.com and CoStar.
“Hillsborough and Pasco Counties continue to attract home builders as they look to tap into some of the state's fastest-growing regions,” Rumore said. “Buyers have been drawn to new homes in the areas, as many times they offer more attractive in-home and community amenities at a price point similar to older resale homes."