Home value growth. Scarcity. Availability. The number of potential buyers. When potential buyers scout out the best places to find real estate, these are some items that top their lists—a set of factors that strike at the heart of what people are looking for when investing in a place to call home.
The secret has long been out: Tampa has it all—and more. Along with being ranked the US' hottest housing market in 2022*, the area is steeped in attributes, including beautiful homes and schools, a thriving job market, and a place that continues to be resistant to market fluctuations—housing, economic or otherwise.
That's not all. With home values growing faster than nearly anywhere else in the state—as well as the top national rankings—Tampa is becoming a real estate mecca. Over the past 12 months, home sales in the Tampa area have grown 29%*.
As the area's housing market steadily grows, overall prices are still reasonable, which means properties have a good chance for a strong appreciation in the coming years—all the things that make buying a home now the perfect option.
With a housing market that has experienced continual development over the last two years, the Tampa area is promising in new-home starts, with those numbers expected to increase some 20% this year. For prospective buyers, the Tampa real estate market continues to exceed the supply quota, making it an increasingly competitive landscape.
All 10 of its top 22 markets for 2022 are in the Sun Belt, with Tampa leading the way. Over the last year, the Tampa-St. Petersburg-Clearwater metro area as a whole has grown to 2,945,000, an increase of 1.17%*.
In that same time, the City of Tampa has grown to 397,085, up 1.7%. Overall, the population of the Tampa-St. Petersburg-Clearwater metro area is expected to surge 15% by the end of the decade, and then another 9% from 2030 to 2040*.
On the heels of this continued growth, these numbers show that Tampa will remain a strong seller's market, which is excellent news for buyers, too. In addition, low mortgage interest rates are helping first-time buyers, as the combination of low inventory and low-interest rates helps sellers move their properties quickly.
So, as the number of mid-sized homes adds to the area's overall listings, prospective homeowners looking for anything from starter homes to upgrades abound in the Tampa Bay area.
*according to market data a of 6/2022
Posted by Smith & Associates Real Estate on