Many experts are highlighting Tampa Bay as the top housing marketin the U.S for 2022. The region currently boasts a thriving job market, strong demand for housing inventory, a growing population of home buyers, and promising home value growth.
Interested in capitalizing on these trends? Whether you're a home buyer, seller, or investor, Tampa is bursting with opportunity right now. Here's what you should know about Tampa's housing market:
As of March 2022, the median sales price of a single-family home in Tampa was $390,000. This represents a 30% increase over last year. Condos within the region are following the same trend, too. In the same time frame, the median sales price for a condo rose by 25.6% to $270,000.
Of course, specific pricing varies by neighborhood. Suburbs like Davis Islands, Grand Hampton, Old Seminole Heights, Oldsmar, Spring Hill, Sun Bay South, Tampa Heights, and Tampa Palms are all popular spots with great investment opportunities.
As in other hot metro areas, tight supply is playing a major role in the Tampa market. In March, the whole Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area (MSA) had less than one month of available inventory. Housing stock availability decreased by nearly 14.3%;over the previous 12 months.
Six months of supply often causes modest price rises. With a supply that amounts to only a few weeks, it's no wonder Tampa is seeing major price pressure.
This low supply of inventory makes Tampa a strong seller's market. Buyer demand currently far outpaces supply, and experts don't expect this to change anytime soon.
Tampa has a reputation as one of the top long-term real estate investments in the United States. In the previous decade alone, property values in the Tampa-St. Petersburg-Clearwater Metro area rose by almost 194%.
Within Tampa, though, some neighborhoods are better than others. The best areas for investing offer a combination of rising rents and increasing property values.
As of March 2022, Sarasota had the fastest-climbing rent, with an increase of 37.9% over last year. Largo came in second, with a rent rise of 33.7%. Tampa’s rent rise was the third highest in the region, with an increase of 32.8%.
On a month-to-month level, Lakeland, Bradenton, and Clearwater are the fastest-growing rental markets in the Tampa area. They experienced rent rises between 3.4% and 5.2% over 30 days.
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If you’re looking to capitalize on Tampa's current real estate market, now is the time. Ensure you're on top of the trends and equipped with the right tools to help you get ahead. Try a 7-day free trial of PropStream today.