Rainbow Terrace
Homes for Sale in Odessa, FL
All 224 homes for sale in Odessa, FL · median $699,995 · 188 homes for sale in 33556 · Hillsborough County homes for sale
True comps, carrying-cost math, and listings before the portals.
Photo via Stellar MLS
As of November 2026, Rainbow Terrace in Odessa, FL has 1 home for sale. As of November 2026, the MLS records 13 closed sales in Rainbow Terrace in Odessa, FL since 2010, the most recent in April 2025. Across Odessa as a whole, 534 homes closed in the last 12 months at a median of $700,000, 42 median days on market, with 188 homes for sale today. At that median and Hillsborough County's FY2025-26 rate of 15.73 mills, annual property tax runs about $11,010 ($10,390 with the full homestead exemption).
Last 30 days in Rainbow Terrace: 1 new listing (median asking $799,000). As of November 12, 2026, Listings courtesy of Stellar MLS as distributed by MLS GRID.
Price in Rainbow Terrace is driven by condition and structure, not a tidy comp set. With a build range spanning 1943 to 2024 and a median year built of 1983, you are looking at a community where a renovated original and a recent rebuild can sit on the same street at very different values. The median living area sits near 3,089 square feet, so the housing stock skews large — square footage is doing real work in what a home commands.
The current data window shows no closings, so there is no fresh transactional read to anchor a number to. That puts more weight on individual property condition and less on a clean market trend. For sellers, that means pricing off the merits of the specific home rather than a running comp cadence; for buyers, it means underwriting each house on its own bones — age, systems, and finish level vary widely here.
Figures in this note are as of July 14, 2026. The live market numbers elsewhere on this page update nightly and are newer.
The 60-Second Overview
Rainbow Terrace is a 225-home community in Odessa where an eight-decade build span produces genuine variety — larger-than-average homes across the board, but no single vintage that defines the street.
Stellar MLS sales records identify 19 homes in Rainbow Terrace that have changed hands since 2011, built between 1959 and 2009 (median 1972), with a median living area of about 2,100 sq ft and a typical 4-bedroom, 2-bath layout; 100% are single-family homes. Source: Stellar MLS closed-sale history compiled by Momentum Research; counts reflect homes with a recorded MLS sale, not every home in the community.
County records show 12 qualified sales in Rainbow Terrace across 2024–2025 (10 in 2024, 2 in 2025), median $970,000 — the last recorded sale per parcel on the Florida DOR 2025 assessment roll, independent of the MLS.
Pre-construction details are compiled from public records, builder announcements and builder listings, and are subject to change without notice; figures are deemed reliable but not guaranteed. Momentum Research figures are our own analysis. This page describes homes, pricing and community attributes, not residents.
Who Rainbow Terrace is best for.
Best for
- Buyers wanting more square footage and willing to underwrite a specific home's condition
- Long-term owners seeking a community with high owner-occupancy
- Renovation-minded buyers open to older structures with upside
Probably not for
- Buyers who need a tight, recent comp set to feel confident on price
- Anyone wanting uniform, same-vintage housing stock
- Buyers looking for compact, low-maintenance starter homes
The market around Rainbow Terrace
Rainbow Terrace is too small for its own price trend, so here is the market around it.
In ZIP 33556, 239 homes are on the market and 26% are under contract — a steady corner of Odessa.
Across Hillsborough County, 6,324 homes are active and 1,810 pending (22% under contract).
In ZIP 33556 (Odessa), 202 homes closed in the last 12 months at a median of $602K ($245/sq ft), up 6.0% year over year, with a median 40 days on market. Right now 59 active and 10 pending listings put supply at about 3.5 months — a balanced market. See the live ZIP 33556 housing market and the Hillsborough County market.
ZIP and county figures describe the wider market, not Rainbow Terrace specifically. Momentum Research analysis of MLS records.
Homes For Sale Right Now in Rainbow Terrace
Live MLS inventory for Rainbow Terrace. Every active listing, what is under contract right now, and the last 12 months of closed sales, refreshed twice a day. Closed comps beat an algorithm's guess every time.
Active and pending Rainbow Terrace listings as of 2026-11-12, priced high to low. Based on Stellar MLS data distributed by MLS GRID for the period 2010 through 2025. Tap any home to ask about it.
Schools
- Hillsborough County Public Schools
- Verify the zoned schools by address
- Magnet and choice options may be available
- Hammond Elementary School · Elementary
- Sergeant Smith Middle-HB · Middle
- Steinbrenner High School · High
Zoned schools reflect the assignments reported on recent Rainbow Terrace listings and can change; always confirm with Hillsborough County Public Schools for a specific address.
Buying with schools in mind? We can confirm the exact zoned schools for any Rainbow Terrace address.
Shop the zone: Homes zoned for Steinbrenner High School
The Rainbow Terrace buying strategy.
If we were buying in Rainbow Terrace today, this is the order of operations we would run for our clients.
Underwrite the condition first. Price the roof, HVAC, and systems honestly before judging any list price; condition swings value here more than square footage alone.
Match the home to real comps. Recent sales of similar condition and lot, not the asking price, tell you what a home is worth.
Move deliberately, not desperately. Neither side has a decisive edge, so a well-prepared, fairly-priced offer wins without overpaying.
Line up financing and inspection early. A pre-approval and an inspection plan let you act fast and negotiate from evidence.
Keep an agent in your corner. The listing agent works for the seller; we represent you and prepare a hand-built valuation before any offer in Rainbow Terrace.
A wide-vintage pocket of Odessa
The signature feature here is spread. Homes date from 1943 all the way to 2024, with the median at 1983, so the character shifts house to house rather than following one architectural era. That variety is the opportunity and the homework: you can find a mid-century structure, an eighties build, or something new, and each carries a different maintenance and renovation calculus.
Owner-occupancy runs high — homestead exemptions cover about 71% of the homes — which tends to correlate with owners who hold and maintain rather than a rotating rental stock. Combine that with a median footprint just over 3,000 square feet, and this reads as a community built around larger, owner-held homes rather than starter product.
The location and the amenities are priced into every listing in Rainbow Terrace. The deal is won or lost on condition, the comps, and the renovation math.
Why work with Momentum here
With no recent closings to lean on and an eight-decade age range, this is a market where a generic valuation misleads. We price and negotiate off the individual home — its vintage, systems, and finish level — and we tell you plainly when a listing's asking number is running ahead of its actual condition.
Rainbow Terrace in 15 seconds.
Tools for a Rainbow Terrace buy.
Free calculators to pressure-test the real cost before you tour.
Selling here is won on condition and pricing to real comps, not an automated estimate. The right number comes from closed Rainbow Terrace sales matched to your home.
Price it to the comps and condition, not an automated estimate.
If you are thinking about selling in Rainbow Terrace, the right list price comes from recent comparable sales matched to your home's condition and location, not an automated estimate.
What is your Rainbow Terrace home worth?
Get a no-obligation home value based on real comparable sales in Rainbow Terrace, not an automated guess. Tell us about your home and we will personally prepare your numbers and a pricing strategy. No obligation, no spam.
See all homes for sale in Odessa →
| Location | Odessa, Hillsborough County, FL · ZIP 33556 |
|---|---|
| Homes in the community | 193 (FL DOR 2025 assessment roll) |
| Years built | 1943–2024 (median 1984) |
| Typical living area | 3,121 sq ft (median) |
| For sale right now | 1 active, 0 pending · median asking $825,000 |
| Owner-occupied (homestead) share | 71% |
Data as of September 20, 2026. Based on Stellar MLS data distributed by MLS GRID for the period 2010 through 2025; housing-stock figures from Florida Department of Revenue public records. Market figures describe homes, not residents. Cite as: Momentum Realty, “Rainbow Terrace key facts,” movewithmomentum.com/neighborhoods/rainbow-terrace, data as of September 20, 2026.
Housing distress & ownership in Rainbow Terrace, Odessa
Who owns here, how much is not owner-occupied, and how much for-sale inventory is under distress.
Source: Momentum Realty Research. Ownership & parcels from the FL DOR 2025 tax roll; distress from MLS active-listing status/remarks; price from MLS closed sales. Based on Stellar MLS data distributed by MLS GRID for the period November 2026 through November 2026. Deemed reliable but not guaranteed.
Just listed in Rainbow Terrace
The newest homes for sale in Rainbow Terrace right now, newest first. Each link opens the full listing with every photo, the price history and a tour request.
- 17127 Rainbow Terrace $799,000 · 4 bd · 3 ba · 2,163 sq ft · listed Oct 23, 2026 Courtesy of FLORIDA EXECUTIVE REALTY
- 17109 Rainbow Terrace $765,000 · 3 bd · 2 ba · 1,756 sq ft · listed Jun 2, 2026 Courtesy of BUY AMERICAN REAL ESTATE CORPORATION
Checked against the MLS nightly. All new listings in this market.
Every Home for Sale in Rainbow Terrace Right Now (2)
All 2 active and pending Rainbow Terrace listings with a detail page, newest first, refreshed twice a day from the MLS.
- 17127 Rainbow Terrace · $799,000 · 4 bd / 3 ba · listed Oct 23, 2026 · listed by Florida Executive Realty
- 17109 Rainbow Terrace · $765,000 · 3 bd / 2 ba · listed Aug 14, 2026 · listed by Buy American Real Estate Corporation
More Odessa home searches
- All homes for sale in Odessa, FL
- Homes for sale in Hillsborough County, FL
- Gated communities in Odessa
- Odessa home values: what is my house worth?
Odessa guides & data
- Market data
- Property taxes (Pasco County)
- Homestead exemption (Pasco County)
- Home insurance cost
- New construction
- New construction (Pasco County)
- Home builders (Pasco County)
Florida buyer guides
- Florida home insurance rates by county
- Florida property tax by county
- Florida property tax calculator
- What flood zone X means
- The 4-point inspection, explained
- Florida flood insurance calculator
- Florida housing market map
- Interactive housing market map (county, ZIP and community)
- Save Our Homes tax estimator
- How to stop a foreclosure in Florida
- Florida documentary stamp tax, explained
- Cheapest places to live in Florida
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Streets in this community
Street-level pages: every home on record, what sold and what is for sale on each street.
- Crawley Road (3 homes on record)
Email me new listings in Rainbow Terrace
One e-mail a day, only when a home lists here, with price, beds, baths and a link to every listing. Straight from the MLS feed; no account needed.
Ask an agent about Rainbow Terrace
Have a question about the homes, fees, rules or commute here? A Momentum agent who works Rainbow Terrace will answer, and the answer is published on this page for the next buyer.
Recent Developments in Rainbow Terrace
Development, infrastructure, retail, and school activity affecting Rainbow Terrace, tracked by our team and summarized from public reporting and official sources, with links to the original coverage. Last updated November 2026.
- October 2026Parks & Amenities
Tampa Bay Downs opens renovated golf practice facility with Toptracer range
The renovated facility on Stable Gate Lane in Westchase was unveiled Oct. 17 with a covered 10-bay Toptracer range, 12 extra covered turf mats, a putting green, chipping areas and a new bar. Buckets start at $10 and reservations are required for the Toptracer bays after Oct. 29.
What it may mean for the marketThe upgraded range adds a recreation and entertainment option for the Westchase and Oldsmar area. The project is about 5 miles northwest of Rainbow Terrace, elsewhere in Hillsborough County.
Source: Tampa Bay Beacons - October 2026Retail & Dining
Hobby Lobby coming to Carrollwood Commons on North Dale Mabry
County records show a 49,106 square foot Hobby Lobby planned at Carrollwood Commons on North Dale Mabry Highway, with coming soon signs posted. No opening date has been announced and the company had not commented.
What it may mean for the marketA large craft retailer would add a destination store to the Dale Mabry shopping corridor in northwest Tampa. The site is about 2 miles northeast of Rainbow Terrace.
Source: Tampa Bay Beacons - August 2026Development
AECOM Hunt selected as construction manager for proposed $2.3 billion Rays ballpark in Tampa
AECOM Hunt joined the design team led by Populous for the proposed ballpark on a site that includes Hillsborough College property. The stadium would have at least 28,000 fixed seats, with a construction start targeted for September 2026 and completion by late 2028. Tampa's public contribution is up to $80 million and financing is not finalized.
What it may mean for the marketA large ballpark and surrounding mixed-use district would add construction jobs, event traffic and retail demand on the Dale Mabry corridor. The site is about 4 miles southeast of Rainbow Terrace.
Source: Tampa Bay Business and Wealth - August 2026Infrastructure
Four firms vie to build Tampa International Airport's $150 million control tower
TPA narrowed the field to four builders for a new blast-resistant air traffic control tower on about 2 acres northwest of the main terminal. The budget is about $150 million, with board selection expected Oct. 1 and substantial completion targeted for March 2029.
What it may mean for the marketAirport capital spending supports construction employment and long-term air service capacity for the region. The site is about 5 miles south of Rainbow Terrace.
Source: Tampa Bay Business and Wealth - August 2026Development
ONE Tampa condo tower tops out at 42 stories with nearly 70% of units sold
Kolter Urban's 42-story tower at North Ashley Drive and East Twiggs Street has 225 residences and is capped at 649 feet by aviation limits. Closings are expected to begin in the third quarter of 2027. About 5,000 square feet of ground-floor restaurant space is planned.
What it may mean for the marketNew downtown condo inventory and ground-floor dining add housing choices and walkable amenities near Curtis Hixon Waterfront Park. The project is about 8 miles southeast of Rainbow Terrace, elsewhere in Hillsborough County.
Source: Tampa Bay Business and Wealth - July 2026Development
Mercy Oaks II affordable apartments open on North Florida Avenue
Catholic Charities, with the City of Tampa and Hillsborough County, completed Mercy Oaks II, a 17-unit affordable apartment building on North Florida Avenue in East Tampa built on the site of a former strip mall. The project includes 15 one-bedroom and two two-bedroom units, with seven units serving households up to 80 percent of area median income and ten up to 50 percent. It was supported by 1.25 million dollars in state SHIP funds from the city and sits next to the 20-unit Mercy Oaks I completed in 2022.
What it may mean for the marketAdds 17 income restricted apartments on a former strip mall site, expanding the affordable rental supply and converting vacant commercial land to housing. The project is about 6 miles east of Rainbow Terrace, elsewhere in Hillsborough County.
Source: City of Tampa
Summaries reflect public reporting and official sources linked above as of the dates shown. Project details, timelines, and approvals can change. Commentary on potential market effects is general observation, not investment advice or a prediction for any specific property. For the freshest items across the whole region, see This Week in Northeast Florida.
22% of homes for sale in ZIP 33556 are already under contract (under contract ÷ under contract + active listings) — a read on how much of the available inventory buyers have already claimed. Source: MLS data (2026-11-13).
Frequently Asked Questions
How many homes are in Rainbow Terrace?
What share of Rainbow Terrace is owner-occupied?
When were the homes in Rainbow Terrace built?
Who is the best real estate agent for Rainbow Terrace?
How do I find a top Odessa real estate agent who knows Rainbow Terrace?
Can Momentum Realty connect me with an agent for Rainbow Terrace?
Where is Rainbow Terrace, and what county is it in?
Should you buy in Rainbow Terrace?
An honest fit check. We will tell you when it is not your community.
Data sources & freshness
| Live listings | Stellar MLS, refreshed twice daily (last: November 12, 2026) |
| Housing stock & ownership | Florida DOR assessment roll (street-list match (4 streets, ZIP 33556)) |
| Under-contract shares | Stellar MLS records, as of 2026-09-20 |
| Historical depth | Closed-sale records back to 2010 (13 transactions analyzed) |
Verify the primary sources yourself: Florida DOR · U.S. Census · FEMA flood maps · Citizens Property Insurance.
Momentum Research figures are our own analysis of Stellar MLS records; MLS data is deemed reliable but not guaranteed. Methodology: how Momentum market scores are computed. Market metrics describe homes for sale and recent sales, not residents.
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