Did you know that Tampa’s been named the hottest housing market for 2022? Situated in western Florida near the Gulf of Mexico, Tampa is an excellent place to live, work, and do business and the city is consistently generating new jobs and population growth, so it’s no wonder that it’s one of the hottest real estate markets in the country.
That being said, here are the top three trends dominating the hot Tampa real estate market in 2022:
High Property Demand
There’s steady job growth due to the higher-paying professional and business services here which are spurring economic growth in Tampa. In turn, there’s a rapidly increasing demand for property in Tampa with investors buying properties in Tampa at a record rate – in fact, every one in four homes here is bought by an investor. Unsurprisingly, Tampa has been ranked the 7th hottest metro area for investors in the country!
Limited Home Supply
The housing inventory is limited as builders try to catch up on years of underbuilding, and sellers are listing very few homes. This restrictive supply and the sky-high demand have led to low inventory. Even a decent inventory can sell out very quickly when demand is high, and the current low inventory in Tampa has contributed to an overall low level of homes in the market.
Home values continue to grow consistently – the average price has risen by 34.8%, increasing to $354,100. This growth has been fueled by pandemic-influenced decisions where the demand for housing coupled with low mortgage rates and a limited housing supply have created a classic recipe for rising home values.
Stay on Top of Trends Dominating the Hot Tampa Real Estate Market in 2022!
Driven by historically low interest rates, a robust economy, and a relatively growing population, the Tampa real estate market is as hot as ever. For more information about trends dominating the hot Tampa real estate market in 2022, feel free to get in touch with our team of experts!