Just how attractive is Tampa's growing real estate market? Ask Netflix, which decided to spin off one of its popular shows, "Selling Sunset," into a series about Tampa's beautiful communities, sunny shores, and Floridian charm. The widely successful series "Selling Tampa" is one of the many attributes funneling attention to what is quickly becoming Florida's favorite real estate destination.
Where to start?
Tampa has 2022's hottest housing market. Not only is Tampa beating out other Florida cities like Jacksonville, Miami, and Orlando, but also major metro areas like Phoenix, AZ, and Austin, Texas*.
Suppose you're looking for the distinctive attributes that lifted Tampa over the rest. In that case, today's home buyers are driven to the area for its forecasted solid home-value growth, high job growth, and resistance to economic impacts from outside financial market fluctuations. Tampa also has a high number of potential buyers, scarcity of homes, and home sales.
As the market continues to heat up, Tampa's home values are expected to grow at their fastest pace this year. Home sales around the Tampa Bay area have soared 29% in the past 12 months, with investors purchasing about a quarter of the homes available*.
Of the 93 neighborhoods in Tampa, Davis Islands is the most expensive, with a median listing price of $2.6 million. At the same time, Sulphur Springs is the most affordable neighborhood, with a median listing price of $190,000*.
In a national study conducted closer to home, researchers at Florida Atlantic University (FAU) and Florida International University (FIU) listed Tampa as No. 14 among the 33 most inflated US markets at the end of December 2021. Seven other Florida markets are among the areas listed more than 40% above historic pricing*.
The standing is part of a monthly report from FAU's Ken H. Johnson, Ph.D., and FIU's Eli Beracha, Ph.D.. They rank the most overvalued housing markets of America's 100 largest metros by incorporating the average or expected price changes and estimating how much a market's housing stock is over-or undervalued relative to its historic pricing.
Here's a snapshot of some of the other trends driving the Tampa market*:
Typical home value: $346,710
Home value increase: 27.6% in 2021
Median home listing price: $403.500
Median Days on Market: 40 Days
Sale-to-List Price Ratio: 101.54%
Square foot listing price: $227
Median home sold price: $340,000
Days on market: 47 (median)
Sale-to-list price ratio: 100% (most homes sell for approximately the asking price)
Tampa home values: Expected to rise almost 24.6 % in 2022, compared to 14% nationwide
For-sale market: 2.7%
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