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The entire state saw foreclosures increase, and the Tampa housing market was no exception. As government moratoriums expire and the economy starts to cool off, Tampa foreclosures continue to rise. According to RealtyTrac, Tampa is home to 707 foreclosures, the majority of which are pre-foreclosures . Another 92 foreclosed homes are either up for auction or will be at some point in the near future.
Since the lifting of travel restrictions across the US, Tampa expects to see an influx of visitors to the city. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. News and World Report gave the city an index score of 5.5 out of ten.
Tampa Housing Market Trends Are Generally Good
We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Tampa turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability. The biggest demand will continue to be for “moderately priced homes” — those under $300,000 in most places but the $500,000 to $800,000 range inexpensive South Tampa. Good cash flow from Tampa investment properties means the investment is, needless to say, profitable.
The Tampa real estate market remains strong to favor sellers, due to a persistent imbalance in supply and demand. The real estate appreciation rate in Tampa in the latest quarter was around 9.43%, which equates to an annual appreciation rate of 43.41%. Relative to Florida, NeighborhoodScout’s data shows that Tampa’s latest annual appreciation rate is higher than 93.49% of the other cities and towns in Florida. However, even small changes in the appreciation rate can change the long-term value of buying considerably.
The Traditional Rental Market Will Continue to Thrive
The influx of people into Tampa is especially occasioned by the fact that it is one of the fastest-growing job hubs in the country. Tampa has the headquarters of four Fortune 500 companies which makes it a moderately attractive city for work and economic growth. Tampa, Florida is one of the fastest-growing metropolitan areas of the country with a busy downtown area, a range of eateries, and tourist attractions. Investors who choose this market will experience 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.
His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate. He’s also the host of the top-rated podcast – Passive Real Estate Investing. The three most important factors when buying real estate anywhere are location, location, and location.
Compare Median Rent in Markets
The neighborhoods should be close to basic amenities, public services, schools, and shopping malls. If this forecast is correct, Tampa home prices will be higher in the 3rd Quarter of 2023 than they were in the 3rd Quarter of 2022. Houses in Tampa, FL rent between $550 - $38,000 with a median rent of $2,300. We created a seamless online experience for you - from shopping on the largest rental network, to applying, to paying rent.
This is due to the average resident earning around $23,000 a year, several thousand less than the U.S. average. The median household income in Lakeland, Florida is around $40,000, more than ten thousand dollars below the national average. This creates a strong demand for Lakeland rental homes, especially those that low-income residents can afford. The two exceptions were Hernando and Polk counties, which fall within the top 60 most vulnerable. Pinellas County was the most resilient to coronavirus effects in Tampa Bay, and Pasco and Hillsborough counties are the next resilient. In May 2022, home sales in the Tampa Bay area saw a negative growth of 7.5 percent , and the median price rose by 28.4 percent.
Tampa Real Estate Market Forecast 2022-2023
When choosing the best Tampa neighborhoods for Airbnb rentals, you should consider how strong the tourism industry is in the area. It’s best to find a location that is close to a variety of tourist attractions. Also, the neighborhood’s walkability, as well as the available access to public transportation, can greatly affect your profitability as a vacation rental investor. According to Payscale.com, Tampa’s general cost of living is 5% lower than the national average. Also, compared to the US average, housing expenses and utility prices in Tampa are 11% and 2% lower, respectively. Moreover, transportation costs like fuel and bus fares are cheaper by 2%, and healthcare expenses are 4% lower than the national average.
Average House Price – This month’s average house price on Realtor, including single family houses, townhomes, and condos. The average house price is most representative of housing located in the most desirable areas of the city. This creates a lot of demand for rental properties—and plenty of opportunities for investors.
Even though Tampa is one of the many housing markets that have seen double-digit price jumps year over year, there are still opportunities to find good deals if you know where to look. Login to our Realty Portal where you can learn more about investing in single family properties as well as 2-4 unit multi-family properties. You can also watch webinar replays, view sample proformas and connect with property teams.
Median House Price Per Square Foot – This month’s median house price per square foot on Realtor, including single family houses, townhomes, and condos. The most representative measure of house price per square foot in the entire metro area. According to Mashvisor, there are around 1,826 available listings for sale in the Tampa real estate market as of September 2022. With the current population of 394,809, which is continuously growing at a steady pace of 1.26% annually, the number of available houses for sale may not be sufficient. In general, the inventory in the Tampa real estate market is declining.
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