The Tampa Real Estate Market
Tampa Real Estate is one of the most affordable real estate markets in the state. Tampa Florida was ranked the 5th hottest real estate market for rental homes in 2017 and 2018. There’s a tremendous amount of pent-up demand for initial entry level single family homes purchases in Tampa FL. The median single family home value in Tampa is $221,500 on Zillow. Tampa Florida home values have gone up 9.8% over the past year and their Tampa real estate market prediction is that they will rise 5.3% within the next year.
The median list price per square foot in Tampa is $192, which is higher than the Tampa-St. Petersburg – Clearwater Metro average of $143. The median price of homes currently listed in Tampa is $300,000 while the median price of homes that sold is $228,000. The median rental rate in Tampa is $1,495, which is lower than the Tampa-St. Petersburg-Clearwater Metro area which has a median rental rate of $1,500.
The graph above shows the median home value for homes in Tampa, FL to increase by 5.3% to $233,000 in Jan 2020.
Currently the “Zillow Home Value Index” for Tampa Florida 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 just a starting point in determining a home’s value and is not an official actual appraisal.
Tampa Housing Market Forecast 2019 – 2021
The Tampa Florida housing market forecast for three years ending with the 3rd Quarter of 2021 is also looking positive. The Accuracy of the Trend Prediction for those results are 84%.
According to LittleBigHomes.com estimates that the probability for rising house prices in Tampa is 84% during this period. If this Market Forecast is correct then home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Tampa Real Estate Market Trends
According to Trulia.com, Tampa real estate market trends indicate an increase of $15,000 (7%) in the median home sales and a zero percent rise in median rent per month over the past year. The average sale 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 in the bank-owned stages of the foreclosure process.
The median home sales price for homes in Tampa Florida for Nov 7 to Feb 6 was $225,000 based on 2,011 home sales. The 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 the Tampa market for Jan 12 to Feb 12 was $1,550.
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.
Graph Credits: Realtor.com
In December of 2018, the median list price of homes in Tampa, Florida was $249K, trending upward 1.8% year-over-year. The median listing price per square foot was $153.00/sf. The median sale price was $235,000. On the average, homes in Tampa, Florida sell after 65 days on the market. The trend for median days on market in Tampa, FL is unchanged since last month, and flat since last year.
Tampa Florida Interesting Facts
- 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
- The single-family homes in Tampa real estate market are expected to having a double-digit growth in 2018.
- The median price of new homes to increase by 4.3 percent.
- 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.
- Median housing resale price in Tampa market is expected to be up 7.6 percent in 2018.
- Tampa Home Owners: 61%
- Tampa Single Residents: 39%
- Tampa Median Age: 37
- Tampa College Educated: 33%
- Transportation: 94% people commute by car, public transport available
- 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.
- 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.
Tampa, Florida Single Family Homes
Zillow.com 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-Foreclosure 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 home loan 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.
The other types of housing that are most 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 Florida = 249
- Homes for Sale in Tampa = 1,865 (RealtyTrac)
- Recently Sold = 1,411
- Median List Price in Tampa = $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 average of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Tampa homeowners that are underwater on their mortgage is 7.5%, which is higher than the 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 approximately 170 neighborhoods in Tampa. Davis Island one of Tampas premier neighborhoods has a median listing price of $925K, making it the most expensive neighborhood. East Tampa is the most affordable neighborhood in the Tampa area market, with a median listing price of $145K. The below list are the best neighborhoods in Tampa to invest in real estate because they have the highest appreciation rates in the coming years. (List by Neigborhoodscout.com).
Here are a few evidence-based reasons why to invest in the Tampa rental properties for cash flow.
1. Tampa Is A 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 both residential and commercial properties. It also offers a great overall quality of life making it a popular residential area for many family units.
2. Increasing Home Prices
The prices of residential properties in Tampa Florida are growing at a fast clip, though they are still quite 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 2021.
3. Increasing Housing Rents
Investors can buy properties at lower mortgage 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. Vacation rentals are booming.
4. Tampa Job Growth
Job growth in any area is an important 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 the Tampa market is especially occasioned by the fact that it one of the fastest growing job hubs in the country.
5. Improved Quality of Life For Tampa Area Residence
Tampa Florida 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 in Tampa, because of the great prospects of life that it offers, and this directly impacts the Tampa real estate market.
6. Tampa’s Booming Economy
Tampa florida 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 their way to the Tampa market for search of better prospects and lesser expenses for running their start-up companies.
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 the job market and growth.
7. Tampa Bay’s Tourist Attraction
There are numerous nature parks, landmarks, museums, and eateries for tourists to visit in Tampa. Tourist influx lead to an increase in short term residential contracts, which has been a big a selling point in the Tampa real estate market in 2018. Some of the main tourist attractions in the area include Big Cat Rescue, Busch Gardens Florida, Eureka Springs Park, and Tampa-Bay History Center among many others. Growing tourism for both VRBO and second homes and well as for the vacationing public has a tremendous positive effect on the real estate market in Tampa FL.
8. Great Weather
The vibrant living environment of the city owes a great deal to its comfortable temperature. The average temperature is 89 F which is extremely moderate and allows better productivity for human lives. The areas weather conditions are an important factor when it comes to motivating people from around the country to move to the area.
9. Government Facilities
The healthcare, education and transportation facilities in the Tampa area are also impeccable which is why families with young children and many retirees are choosing to reside in Tampa. Tampa Florida offers them with an upgraded quality of life. Not only that, Tampa also hosts a number of great entertainment and waterfront activities for people of all age groups whatever their tastes.
10. Tampa Metro Cost of Living
Since there is growth and an influx of business, Tampa still remains one of the best qualities of life for a city of its size while maintaining an affordable cost of living for a city of its size.
With mortgage rates still at an all time low and mortgage products back to satisfy almost any need, the time is right to purchase your new home in Tampa Florida. Whether you are a Vet looking for a VA Home Loan with a low credit score and Zero Percent down or you are looking to secure a Jumbo loan using bank statements only, CambridgeHomeLoan.com can help.
Refinance & Expert Mortgage Home Loan Advice
Most borrowers, whether they are purchasing property or refinancing their home, focus on their mortgage rate and loan terms rather than the type of lender