The Tampa Bay real estate market is ablaze. Named by Zillow as the top housing market in the country for 2022, home values are expected to rise nearly 25% this year.
“What makes Tampa so hot is the quality of life vs. other places,” said John Tomlin, CEO of Tomlin St Cyr. “In addition to the traditional sources of migration from the Northeast and Midwest, Tampa is now seeing migration from out West and from South Florida.”
Tampa Bay’s Transformation
The dynamic improvements continuing in Tampa and St. Petersburg, two major cities within 25 miles of each other, make Tampa Bay one of the most desirable regions in the country. The beautiful weather and beaches, no shortage of year-round activities, and active job market are among the many reasons we’re seeing a growing population and high demand for housing inventory. Zillow forecasts that the national housing market will cool a bit this year, but nabbing a home in Tampa Bay may be tough.
“Challenges with building homes, like labor and material shortages, have slowed new home construction,” Tomlin said. “But that will pick up and hopefully start creating a healthier balance of supply vs. demand.” For buyers, it’s more important than ever to have a very knowledgeable Realtor who’s plugged in to upcoming listings and top-of-the-line resources like lenders, inspectors, and appraisers.
Comparing the Numbers
Tampa Bay boasts an attractive tax environment. While inflation may be higher in the area at this time, home prices have been below the national average, which hit $362,800 in June, according to the National Association of Realtors. Here’s how the home price averages stack up:
· Tampa – $355,000
· Charlotte – $375,000
· Atlanta – $399,000
· Nashville – $405,000
· Miami – $453,000
· Portland – $558,000
· Austin – $613,000
· San Diego – $879,000
Homes in some northern cities are less expensive, however, they are less desirable and experiencing a migration out of the area. For example, Philadelphia’s home price average is $260,000 with a 3.7% decrease in population vs. Tampa’s 15-20% increase.
Top 10 Real Estate Markets for 2022
The coolest markets in the U.S., according to Zillow, are New York, Milwaukee, San Francisco, Chicago, and San Jose. Here are the cities they say are the hottest this year:
4. San Antonio
If you’re exploring your options in the Tampa Bay real estate market, Tomlin St Cyr can help you make the best decision for you with data-driven information. Contact us today to learn more about our full-service real estate firm.