Tampa Bay Single Family Homes Increase From 2015 to 2017

Concluding updated on March three, 2022

Investors are ownership homes in Tampa at a record charge per unit. Between July and September 2021, one in four homes that sold had an investor as the buyer. Co-ordinate to a written report from the Tampa Bay Times, Tampa Bay ranks every bit the 7th hottest metro area for investors nationwide.

The rising toll of homes in Tampa and across the state are pushing potential buyers into the rental market place. Florida has seen average rents skyrocket past 30%, which is the largest spike in the country.

There'south steady job growth being created by college-paying professional person and business services. In plow, these business expansions are spurring economic growth in Tampa. The outcome is that there's a rapidly rising demand for housing in Tampa and Hillsborough County, where Tampa is located.

Plus, Tampa is just a groovy place to live and practice business organization. Located in western Florida along Tampa Bay and about the Gulf of Mexico, the Tampa Bay Expanse is generating jobs and population growth that leaves most other cities in the state green with green-eyed.

The economy is founded on a various economic base of operations including finance, engineering science, tourism, and construction, and the Port of Tampa is the largest in Florida. The rental market is stiff, and numerous publications rank Tampa equally one of the best places to be in the U.S.

Keep reading to larn why you should consider the Tampa real estate market in 2022.

>>Explore Roofstock'due south Tampa Investment Backdrop here.

Population growth

The population of Tampa (including Hillsborough Canton) has seen a net population gain of over 230,000 new residents over the last ten years, based on statistics from the U.Southward. Demography Bureau. The near recent population growth study shows that more than people are coming to the Tampa Bay metro surface area than Miami, Fort Lauderdale, or Palm Beach.

Key population stats:

• Tampa is the tertiary nigh populous city in Florida, after Miami and Jacksonville, and the 48th nigh populous urban center in the U.S.
• Tampa MSA consists of Tampa, St. Petersburg, and Clearwater.
• Nearly 385,000 people alive in the Urban center of Tampa and there are nearly 3.ane one thousand thousand residents in the Tampa Bay/Hillsborough County metropolitan expanse.
• Population growth in Tampa was 1.7% last year and is projected to grow 3.3% annually over the next few years.
• More than than 126,000 new residents are forecast to move to the metropolitan area by 2024.
• Population growth in the Tampa MSA is expected to be 25% over the next 20 years, with more 3.8 million people living in the metropolitan area by 2040.

Job market

The Tampa area gained the most private sector jobs of all metro areas in the state (equally of September 2021), calculation 84,600 new jobs since the starting time of 2021. Every bit the economy continues to recover, central employment sectors such as leisure and hospitality, construction, professional and business concern services, and financial services are all showing positive job growth.

Key employment stats:

• GDP of the Tampa MSA is more than than $169 billion, according to the Federal Reserve Banking company of St. Louis, and has grown by nearly 46% over the last 10 years.
• Employment growth in Tampa was three.3% over the past 12 months, while the unemployment rate is downwards to 3.8%.
• Expansions and recovery in the business services, tourism, and healthcare industries are projected to bulldoze the growth of the job market in Tampa.
• High-growth industries in the Tampa metro area include financial and professional services, it, life sciences and healthcare, manufacturing, and distribution and logistics.
• Twenty companies with a combined annual acquirement of more than $1 billion have their corporate headquarters in Tampa Bay, including eight Fortune 1000 companies.
• Largest employers in Tampa Bay include Publix Super Markets Inc., BayCare Health Care Systems, Walmart, Verizon Communications, TECO Energy Inc., MacDill Air Force Base, Times Publishing Co., and OSI Eating house Partners LLC (coincidental dining company operator of Outback Steakhouse, Carrabba's Italian Grill, and Flemings Steakhouse).
• University of S Florida, University of Tampa, Hillsborough Community Higher, and Stetson College of Law are some of the biggest institutions of higher educational activity in Tampa.
• 89.8% of the people in Tampa are high school graduates or higher, while 31.6% hold a bachelor's degree or advanced caste.
• Interstate highways I-4, I-75, and I-275 laissez passer through Tampa and provide access to 34 million consumers inside an 8-hour drive.
• Port of Tampa Bay is the largest seaport in Florida, providing service to both cargo shippers and cruise lines.
• Tampa International Airport, Leningrad-Clearwater International Airport, and Sarasota-Bradenton International Drome are all located within the Tampa metropolitan area and provide non-terminate service to more than ninety domestic and international destinations.

Real estate market

The housing market place in Tampa-St. petersburg-Clearwater is forecast to be ane of the top housing markets for 2022. According to Realtor.com, dwelling sales are expected to surge by 9.6% while prices are projected to rising by six.8% yr-over-yr.

Central market stats:

• Typical value of a domicile in Tampa is $346,710, according to the Zillow Home Value Alphabetize (as of Oct 2021).
• Home values in Tampa increased past 27.6% terminal year.
• Median list price of a firm in Tampa is $350,000 based on the almost recent report from Realtor.com (October 2021).
• Square foot listing price of a dwelling house in Tampa is $227.
• Median sold price of a home in Tampa is $340,000.
• Days on market (median) is 47.
• Sale-to-list cost ratio is 100%, meaning most of the homes sell for approximately the asking cost.
• Of the 93 neighborhoods in Tampa, Davis Islands is the most expensive with the median listing price of $2.6M for a house while Sulphur Springs is the well-nigh affordable neighborhood with a median listing price of $190,000.

Bonny renters' market place

The hot housing market is leaving some buyers out in the common cold, helping to drive the demand for rental holding in the Tampa metropolitan area. Equally the Tampa Bay Times reports, pent-upwardly demand and low inventory is making it difficult for first-time domicile buyers to compete.

The rental market in Tampa is also attracting the attention of institutional investors. For example, Invitation Homes is estimated to ain and rent more than than 8,000 single-family houses in the metropolitan expanse.

Key market stats:

• Median rent in Tampa is $2,250 per month for a 3-bedchamber dwelling, according to Zumper (as of December 2021).
• Rents in Tampa increased past 25 last year.
• 48% of the households in Tampa rent rather than own.
• Most affordable neighborhoods for renters in Tampa are E Side Commercial Area, Northview Hills, and Woodland Terrace where rents range between $795 and $1,050 per month.
• Virtually expensive neighbors for renters include Celebrated Hyde Park North, Hyde Park North, and Harbour Isle where rents tin get as loftier every bit $5,500 per month.
• Three of the most popular neighborhoods for renters in the Tampa metro expanse are Sun Bay Due south, West Meadows, and Tampa Palms.

Historic toll changes & housing affordability

Reviewing the historic price changes and the affordability of housing in a market are two processes existent estate investors use to conceptualize the future demand for rental holding in a specific area.

Every month, Freddie Mac publishes the Freddie Mac House Price Index (FMHPI) report that updates the short- and long-term trends of home prices in all major markets in the U.S.

The virtually contempo FMHPI on the Tampa metro surface area from Freddie shows that:

• October 2016 HPI: 184.3
• October 2021 HPI: 330.9
• five-year change in home prices: 79.five%
• Ane-year modify in home prices: 27.2%
• Monthly modify in domicile prices: ane.9%

Real estate investors in Tampa besides research housing affordability to help forecast the current and time to come demand for rental existent estate. Affordability compares the corporeality of annual income needed to purchase a median-priced abode in Tampa.

Business forecast and personal finance publication Kiplinger publishes a housing affordability study for the peak 100 metropolitan areas in the U.South. The firm ranks affordability on a scale of ane to x, with ane representing the most affordable markets and 10 the least affordable.

Kiplinger's analysis of housing affordability in Tampa reports:

• Since the last real estate bicycle market peak in May 2006, home prices in Tampa take declined by 3.7%.
• Since the last real estate cycle market place lesser in March 2012, dwelling house prices in Tampa have increased by 105.seven%.
• Tampa has an affordability index of five out of ten, pregnant that housing affordability in the market is mid-range and helps to explain the percentage of people renting in Tampa.

Quality of life

About two years ago, Livability.com asked why everyone seems to exist moving to Tampa. Fast forrad to today, and the answer remains the aforementioned. Chore opportunities, near perfect weather, and reinvention of the urban core and waterfront areas as a few of the endless reasons why the quality of life in Tampa is attracting more than people, businesses, and rental property investors.

Central quality of life stats:

• Price of living alphabetize from the Tampa Bay Economic Development Quango reports that information technology is cheaper to live in Tampa than many other large metro areas such every bit Atlanta, Denver, Phoenix, Orlando, and Nashville.
• Forbes ranks Tampa as among the all-time places for business and careers and job growth.
• Tampa receives loftier ratings from U.Southward. News & World Written report for overall desirability, value, job market place, and quality of life.
• Niche.com gives the Tampa metro area an "A" grade for nightlife, weather condition, and outdoor activities.
• Water Street Tampa is a $3 billion mixed-use development projection that has transformed the Downtown Waterfront into a vibrant place to live, work, and play.
• The Florida Aquarium, Tampa Museum of Art, and Sparkman Wharf are some of the best entertainment venues in Tampa Bay.
• Pro sports teams in Tampa include the NFL Tampa Bay Buccaneers, MLB Tampa Bay Rays, and the NHL Tampa Bay Lightning.

Go out the map

Where to begin your search? Roofstock created a oestrus map of Tampa based on our Neighborhood Rating, a dynamic algorithm that enables you to brand informed investment decisions by measuring schoolhouse district quality, domicile values, employment rates, income levels and other vital investment criteria.

DARK Dark-green: 4-five star neighborhood
LIGHT GREEN: three.5-4 star neighborhood
Xanthous: 2.5-3 star neighborhood
Orange: 2 star neighborhood
RED: 1 star neighborhood

Ready to invest in the Tampa housing market? If you haven't already done so, create your complimentary Roofstock account and prepare alerts. We'll notify you when we take a Tampa investment property that matches your search criteria.

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Source: https://learn.roofstock.com/blog/tampa-real-estate-market

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