Tampa FL Housing Market
The Tampa FL housing market is a popular destination for homebuyers. Indeed, many are moving to the area to be a part of its sunny beaches, warm weather, and thriving economy. Despite its popularity, the market can be somewhat competitive. Furthermore with the rising home prices and a shifting trend in migration and relocation, the market is sometimes tough. This is why you need the Top Realtor Tampa Team to navigate the competitive market. Let’s take a closer look at the current housing market trends in Tampa.
Rising Home Prices: Tampa FL Housing Market
The median home price in Tampa reached $376K in December 2022, a 10.9% increase from the previous year. The increase in home prices is positive news. Conversely, the number of homes sales Tampa FL in December 2022 was lower in comparison to the previous year. In fact, the difference is with only 540 homes sales in contrast to 880 homes sales in December 2021.
Somewhat Competitive Market: Tampa FL Housing Market
Tampa’s housing market is currently somewhat competitive, with a Redfin Compete Score of 1.5 out of 5. Some homes receive multiple offers, and the average home sells for about 3% below the list price. On average, homes in Tampa take 29 days to sell. Alternatively, this is longer compared to last year when homes were selling in just 14 days.
Relocation Trends: Tampa FL Housing Market
In the period from October to December 2022, 28% of Tampa homebuyers searched to move out of the city, while 72% looked to stay within the metropolitan area and pursued working with a Top Realtor Tampa Avalon Group. Among those searching to move into Tampa FL Housing Market, the majority were coming from outside metros, with New York being the most popular source of migration, followed by Chicago and Washington. Conversely, the most popular destinations for Tampa homebuyers were within the metropolitan area, with Asheville, Ocala, and Sarasota being the top three choices.
Conclusion: Tampa FL Housing Market
In conclusion, the Tampa housing market is a competitive one, with rising home prices and a growing number of homebuyers looking to stay within the metropolitan area. Its beautiful beaches, warm weather, and thriving economy make it a popular destination for homebuyers, whether they are first-time buyers, investors, or relocators. If you’re considering the Tampa housing market, it’s worth being aware of the current trends and data to determine if it’s the right fit for you.