Tampa Real Estate Market Forecast
Tampa Real Estate is one of the most affordable in the state. Tampa Florida was the ranked as the 5th hottest real estate market for anyone renting a home in 2017. There’s a tremendous amount of pent-up demand for entry level single family homes in the real estate in Tampa FL. The median home value in Tampa is currently $221,500 on Zillow. Tampa home values have gone up approx. 9.8% over the past year and Zillow’s Tampa real estate market prediction is that home values will rise 5.3% within the next year (2020).
The median list price per square foot in Tampa is currently $192, which is higher than the Tampa-St. Petersburg-Clearwater Metro average per square foot price of $143. The median price of homes currently listed today in Tampa is $300,000 while the median price of homes that has currently sold is $228,000. The median rental price in Tampa is $1,495, which is lower than the rental rates in the Tampa-St. Petersburg-Clearwater Metro area of $1,500.00.
The graph below shows the median home value for homes in Tampa, FL to increase by 5.3% to $233,000 in Jan 2020. Currently the The “Zillow Home Value Index” for Tampa is $221,500. The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. The Zestimate home value is Zillow’s estimated market value for an individual home and is calculated for about 100 million homes nationwide. It is a starting point in determining a home’s value and is not an official appraisal.
LittleBigHomes.com publishes forecasts for home pricing trends in 380 Metropolitan Statistical Areas. The Tampa housing market forecast for the 12 months ending with the 3rd Quarter of 2019 is positive. The Accuracy of the Trend Projection for Tampa is 85%. Accordingly, they estimates that the probability for rising house prices in
Tampa is 85% during this period. If this Housing Market Forecast is correct, home prices will be higher in the 3rd Quarter of 2019 than they were in the 3rd Quarter of 2018.
Tampa Housing Market Forecast 2019 – 2021
The Tampa housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The Accuracy of the Trend Prediction for Tampa is 84%. Accordingly, LittleBigHomes.com estimates that the probability for rising house prices in Tampa is 84% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Tampa Real Estate Market Forecast.
Tampa Real Estate Market Trends
According to Trulia, Tampa real estate market trends indicate an increase of $15,000 (7%) in median home sales and a 0% rise in median rent per month over the past year. The average price per square foot for this same period rose to $160, up from $147. Trulia has 3,598 resale and new homes for sale in Tampa, FL lined up for you, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Tampa for Nov 7 to Feb 6 was $225,000 based on 2,011 home sales. Average price per square foot for Tampa was $160, an increase of 9% compared to the same period last year. The median rent per month for apartments in Tampa for Jan 12 to Feb 12 was $1,550.
Tampa’s home resale inventories is 2,316, which increased 1 percent since April 2018. The median list price per square foot in Tampa is $170. April 2018 was $171. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in May (Source: Movoto.com)
As per the real estate company named Redfin, the Tampa housing market is very competitive. Homes for sale in Tampa receive 1 offers on average and sell in around 35 days. The average sale price of a home in Tampa was $215K last month, up 13.2% since last year. The average sale price per square foot in Tampa is $143, up 8.3% since last year. Homes typically receive 1 offer. Homes sell for about 3% below list price and go pending in around 35 days. Hot Homes in Tampa, FL can sell for around list price and go pending in around 11 days.
There are 5,105 homes for sale, ranging from $8.5K to $11M on Realtor.com. 372 of which were newly listed within the last week. Additionally, there are 1,131 Tampa rental homes, with a range of $101 to $35K per month.
In December 2018 the housing market in Tampa, FL was a seller’s market, which means there were roughly more buyers than there were active homes for sale. Seller’s markets are generally more advantageous for sellers rather than buyers.
In December 2018, the median list price of homes in Tampa, FL was $249K, trending up 1.8% year-over-year. The median listing price per square foot was $153. The median sale price was $235K. On average, homes in Tampa, FL sell after 65 days on the market. The trend for median days on market in Tampa, FL is flat since last month, and flat since last year.
There are 373 schools in Tampa, FL. There are 130 elementary schools, 75 middle schools, 48 high schools and 120 private & charter schools.
The median list price in Tampa is $313,140 on Movoto.com. The median list price in Tampa was less than 1% change from February to March.
Top 30 Facts About Tampa Florida |Housing Market Statistics
Tampa has an unemployment rate of only 4.5%.
Tampa is Fastest growing city in the state of Florida.
Moderate price increases expected in 2017.
Growing population fuels housing needs.
Cost of living 23% below U.S. average.
Median Sales Price: $225,000 (On Trulia)
Price Per Square Ft: $160
Homes For Sale: 3,598 (Trulia)
Median Rent Per Month: $1,550
Median Household Income: $43,450
Home Owners: 61%
Single Residents: 39%
Median Age: 37
College Educated: 33%
Tampa is an extremely ethnically-diverse city with a variety of racial and ethnic groups.
New supply of Tampa Florida real estate for rent in 2018 could be as much as 50 percent higher than either 2017 or 2016.
The people of Tampa are tilting from multi-family to single family homes.
There are accelerations expected in new single-family household formation in the Tampa FL Real Estate sector.
Tampa’s employment is expected to be up 2 percent, which is more than 26,600 jobs.
There’s a two-month supply of resale inventory, which is virtually none.
Tampa is ranked No. 2 in the United States for people moving into the area, based on U-Haul truck rental pricing.
The John Burns survey also shows that important home features are design, price and function.
The vast majority (84 percent) of buyers desire a detached, single-family home, and 62 percent expect to pay $250,000 to $450,000 for it.
Transportation: 94% people commute by car, public transport available
Listed inventory for sale, as measured as a percentage of total stock of real estate in Tampa FL, is at its lowest recorded level in more than 30 years.
The single-family homes in Tampa real estate market are expected to having a double-digit growth in 2018.
Growth in single-family housing, both owner-occupied and rental in 2018.
Older Millennials are beginning to make the move from apartments into single-family dwellings.
2016 household income got up to about a little over $59,000 which is driving some better demand, but it’s also driving higher and higher household prices.
The employment in Tampa is expected to be up by 2 percent, adding 26,600 jobs. The per capita income to increase by 5 percent in 2018.
The construction activity, mostly single family homes, in Tampa real estate market to rise by nearly 12 percent, up to 20,000 permits.
The median price of new homes to increase by 4.3 percent.
Investors are shifting their focus more significantly in favor of single-family rental homes.
Median housing resale price in Tampa market is expected to be up 7.6 percent in 2018.
Single-family permits in Tampa market are expected to be up 11 percent in 2018.
Tampa Home Prices And Appreciation Rates
Tampa real estate appreciated 32.42% over the last ten years, which is an average annual home appreciation rate of 2.85%, putting Tampa in the top 20% nationally for real estate appreciation, according to NeighborhoodScout’s data. Appreciation rates are so strong in Tampa that despite a nationwide downturn in the housing market, Tampa real estate has continued to appreciate in value faster than most communities.
Looking at just the latest twelve months, Tampa appreciation rates continue to be some of the highest in America, at 11.74%, which is higher than appreciation rates in 97.12% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Tampa. Tampa appreciation rates in the latest quarter were at 3.39%, which equates to an annual appreciation rate of 14.25%.
Importantly, this makes Tampa one of the highest appreciating communities in the nation for the latest quarter, and may signal the city’s near-future real estate investment strength. Relative to Florida, their data shows that Tampa’s latest annual appreciation rate is higher than 80% of the other cities and towns in Florida.
Tampa, FL Single Family Homes
Zillow has 1668 single family homes for sale and 234 homes for rent in the Tampa FL real estate market. Under potential listings, there are about 0 Foreclosed and 371 Pre-Foreclosures homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS). As per the data from the real estate company called Neigborhoodscout.com, the median house price in Tampa, FL is $202,718. Single family detached homes are the single most common housing type in Tampa, accounting for 53.76% of the city’s housing units.
Other types of housing that are prevalent in Tampa include large apartment complexes or high rise apartments ( 31.06%), duplexes, homes converted to apartments or other small apartment buildings ( 7.61%), and a few row houses and other attached homes ( 6.13%). People in Tampa primarily live in small (one, two or no bedroom) single family detached homes. Tampa has a mixture of owner-occupied and renter-occupied housing.
Tampa FL Foreclosures And Bank Owned Homes
- Foreclosures in Tampa = 249
- Homes for Sale = 1,865 (RealtyTrac)
- Recently Sold = 1,411
- Median List Price = $240,000 (0% ⇑ vs Dec 2017)
As per Zillow’s data, the percent of delinquent mortgages in Tampa is 1.3%, which is higher than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Tampa homeowners underwater on their mortgage is 7.5%, which is higher than Tampa-St. Petersburg-Clearwater Metro at 5.9%.
On RealtyTrac, there are currently 1,753 properties in Tampa, FL that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 1,865. In January, the number of properties that received a foreclosure filing in Tampa, FL was 23% lower than the previous month and 22% lower than the same time last year.
Home sales for December 2018 were up 0% compared with the previous month, and down 100% compared with a year ago. The median sales price of a non-distressed home in Tampa, FL was $0. The median sales price of a foreclosure home in Tampa, FL was $0, or 0% higher than non-distressed home sales.
10 Best Neighborhoods In Tampa For Real Estate Investment
There are 170 neighborhoods in Tampa. Davis Islands has a median listing price of $925K, making it the most expensive neighborhood. East Tampa is the most affordable neighborhood in Tampa, FL, with a median listing price of $145K. These are the best neighborhoods in Tampa to invest in real estate because they have the highest appreciation rates (List by Neigborhoodscout.com).
Is Tampa Real Estate Good For Investment
Investing in real estate is touted as a great way to become wealthy. Is Tampa rental property good for investment? If you are looking to buy Tampa investment properties, then you must read this. These things make Tampa real estate market stand out when it comes to choosing a place to invest in 2019 and beyond. We have already discussed the Tampa housing market forecast for answers on why to put resources into this healthy market in 2019.
The home prices in the Tampa real estate market will be on an upswing all through 2019. The home prices have been trending up 1.8% year-over-year. So you should consider investing in Tampa rental homes sooner, to avoid higher home prices down the road. The Tampa housing market provides an excellent opportunity for investors and home buyers at the moment.
Here are a few evidence-based reasons why to invest in the Tampa rental properties for cash flow.
1. Tampa Is Fast Growing Metro Area
Tampa, Florida is one of the fastest growing metropolitan areas of the country with a busy downtown area, range of eateries and tourist attractions. Investors who choose this market will experience a high growth in their investments as it is currently one of the hottest grounds for residential and commercial properties. It also offers a great overall quality of life making it a popular residential for many family units.
2. Increasing House Prices
The prices of residential properties in Tampa are growing at a fast pace, though they are still affordable compared to other real estate markets in the country. This is the time for investors to get hold of properties and keep them for some time before selling them at a higher price since Tampa real estate market is predicted to flourish during 2018.
3. Increasing Rents
Investors can buy properties at lower rates right now and rent them out to new residents of the city to improve their cash flows. Later on, when the selling price of housing property increases then they can sell out to better prospects. This basically means that the Tampa real estate market is promising for short term leases at this point, including rental homes and tourist accommodations.
4. Job Growth
Job growth in an area is a sure way of boosting its real estate market for both residential and commercial properties. Tampa real estate market has also experienced a similar growth in requirement of single and family homes since more people are moving to this flourishing metropolitan area for jobs. The influx of people into Tampa is especially occasioned by the fact that it one of the fastest growing job hubs in the country.
5. Improved Quality of Life
Tampa is one of the fastest growing metropolitans in the US, which suggests that the general quality of life is higher than other comparable cities and towns. It is not only a growing real estate market, it is also one of the most popular recreational hubs of the city. People choose to reside here because of the great prospects of life that it offers, and this directly impacts the Tampa real estate market.
6. Booming Economy
Tampa has the headquarters of four Fortune 500 companies which makes it a moderately attractive city for work and economic growth. In addition to this, many entrepreneurs and small businesses are also making way to Tampa for search of better prospects and lesser expenses for running their start-ups.
Acquiring residential spaces is one of earliest priorities for such professionals when they move here. Tampa has a very diverse economy with financial services, STEM, health care, research, education, tourism, beaches, and military bases all making significant contributions to jobs and growth.
7. Tampa Bay’s Tourist Attraction
There are a number of nature parks, landmarks, museums, and eateries for tourists to visit in Tampa. Tourist influx also means increase in short term residential contracts, which is a selling point of Tampa real estate market in 2018. Main tourist attractions include Big Cat Rescue, Busch Gardens Florida, Eureka Springs Park, and Tampa-Bay History Center among many others. Growing tourism has a tremendous positive effect on the real estate in Tampa FL.
8. Cost of Living
Since there is prospective growth in the Tampa real estate market, people from all over the country are considering a move here. One of the most important reasons is the affordable cost of living in Tampa compared to other cities. This has made it a top choice for retirees and small families that are looking for residence and to generally improve the quality of their life.
9. Comfortable Weather
The vibrant living environment of the city owes a great deal to its comfortable temperature. The average temperature is 99 F which is extremely moderate and allows better productivity for human lives. The weather conditions are also an important factor when it comes to motivating people to move here.
10. Government Facilities
The healthcare, education and transportation facilities in Tampa are also impeccable which is why families with young children and many retirees prefer Tampa and are choosing to reside in Tampa since it offers them with an upgraded quality of life. Not only that, Tampa also hosts a number of entertainment activities for people of all age groups depending upon their tastes.
Tampa Real Estate Investment Market
Maybe you have done a bit of real estate investing in Tampa, Fl but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. If you invest wisely, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments, you should focus on markets with relatively high population and employment growth. Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Tampa, FL. Compared to markets in Atlanta, Nashville and Cleveland, Tampa has higher prospects when it comes to residential and commercial property investments. The Tampa real estate market has been estimated to grow rapidly during 2019. Investors are recommended to buy properties now and hold on to them until good price appreciation for maximum return on investment. The Tampa housing market has been seeing constant development for the last two years, a trend that does not seem to be stopping any time soon.
Last year, Realtor.com, rated the top 100 markets according to factors including employment growth, household growth and unemployment. In all categories, real estate in Tampa FLfares considerably better than the national average. The one category in which Tampa FL real estate market especially shines is new-home starts, predicted to soar by more than 20 percent next year. That would ease one of the biggest constraints on the local real estate market – a shortage of homes for sale. The biggest demand will continue to be for “moderately priced homes” — those under $300,000 in most places but in the $500,000 to $800,000 range in expensive South Tampa.
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