The Tampa Real Estate Market: A Complete Overview
Did you know that 78% of people live in the same Tampa home they lived in one year ago? Tampa is a beloved area with affordable rates that attract people from all over. Because people love to stay in the area, the market continues to buzz when buying opportunities pop up.
Read on to learn about a complete overview of the Tampa real estate market.
Tampa Real Estate
Tampa real estate is becoming a booming industry as the area gains popularity. The housing and commercial markets are a hot spot because of this fast growth.
There are different types of Tampa real estate which is why the market is so strong. In fact, real estate in Tampa is more popular than in other locations in Florida. This is due to the developmental and economical prospects aligning with the market.
The best Tampa real estate is the ones where prices are relatively low but have a great chance of growing in the future. As the housing and commercial markets grow, prices rise. However, Tampa Florida real estate is pretty balanced making it fair for both the buyers and sellers.
Tampa Market Report
Real estate in Tampa, FL booms because of the growing population. Currently, there are over four million people living in the area. This number includes the Sarasota and Tampa metro areas.
The types of Tampa real estate make it a great choice for visitors and those wanting to permanently move. As a frequently visited tourist destination, buyers need to get a good return on investment for the future.
After a few years, the appreciation rate usually rises for homes in this area. This means a buyer can enjoy an offset of upfront costs once they are ready to sell. In contrast, a low appreciation rate won’t make up the money.
A low appreciation rate is a small risk in this area as Tampa real estate tends to be one of the best long-term investments. The downside to this is that there is an imbalance between supply and demand. The housing shortage has led to an increase in prices in the area.
Tampa Market Statistics and Trends
Even during COVID-19 times, the real estate in Tampa continues to be top-tier. Tampa is known to be more affordable than other areas within the state. This is due to the hot market for rental homes.
This year, there has been an increasing demand for single-family homes in Tampa. The demand stays high because Tampa is in the top 10% nationally for real estate appreciation.
The current pandemic hasn’t had a significant impact on the housing market in Tampa because of the low mortgage interest rates. Since Tampa homes have low-interest rates and low inventory, sellers can close their properties in no time.
In the future, it is forecasted that the home price in Tampa will decrease by more than 1% or stay the same. This is good news for anyone looking to find a property in Tampa within the next 12 months.
Expand Your Business in Tampa
Now is the time to expand your business in the Tampa Bay Area. Consider partnering up with an experienced commercial and residential real estate expert such as HSW Associates. Managing over 160 properties, HSW Associates knows the Tampa commercial and residential markets like the back of their hand. Turn to the experts when making the big decision to move homes or offices.
For assistance with finding a home or workplace in the Tampa market, contact us today.< Back to Blog