Tampa, FL

Tampa housing market deemed “hottest in nation” with home prices at record highs

Beth Torres

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According to real estate platform Zillow, Tampa is the hottest home market in the nation for 2022. Home prices in the region will likely be on the upswing for at least the rest of the year.

If you’re a Tampa resident looking to get into the housing market, this news will probably not surprise you. Home prices in the area have soared 32.6% compared to this time last year. This outpaces Miami (another hot housing market), where prices are up 29.7% over the year. Home price gains in both cities far outpace the nation as a whole, which saw an annual increase of 19.8%.

This data is from the S&P CoreLogic Case-Shiller Index which measures annual home price gains in a report of 20 major U.S. cities. Tampa’s annual home price gains put it at number two on the list, barely behind Phoenix, which saw an annual price increase of 32.9%.

So, how much will you need to spend to buy a home in Tampa?

The median listing home price was $388,800 as of March 2022. The median sold price came in at around $380,000. As of the writing of this article, there were 2,692 homes for sale in the city, ranging from a low of $10,000 to a high of $19.5 million.

What’s driving Tampa’s hot housing market?

The reason for Tampa’s popularity relates to the high demand from buyers and the scarcity of homes for sale in the area. Contributing to this high demand is Tampa’s thriving job market and a generation of millennials who are looking to buy their first home or upgrade to better accommodations.

Tampa is also a big draw for people who are looking to enjoy its year-round outdoor activities. Migration from more expensive cities is also impacting Tampa and all of Florida, especially from remote workers who can live anywhere.

According to Zillow economist Alexandra Lee, sellers in hot markets remain in the driver’s seat. This means more competition among buyers, bidding wars that increase the actual sales price, and homes flying off the market after being listed.

Historically low interest rates on mortgages have also spurred many homebuyers to jump into the housing market. However, now that interest rates are increasing, some economists are predicting the housing market throughout the U.S. will cool down.

Some real estate experts believe Tampa’s housing market is overvalued and could face a significant downturn or at the very least a slowdown. If this happens, sellers might find it takes longer to close sales while buyers might find themselves with more negotiating power.

What have your experiences been like in the Tampa housing market?

Have you found some areas more affordable than others? Have you been priced out entirely? Tell us your thoughts in the comments section below. Also, please share, like, and follow. Your support helps our content reach more people. Thanks so much!

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