Purchasing a property is a big investment. This is why, as any savvy investor will tell you, it’s so important to do proper research into any market in which you’re considering buying a home.
It’s an exciting time for Tampa real estate. Events such as the recent Superbowl celebrations have helped to put it on the map. But that’s not the only thing that has people talking about Tampa Bay.
There are some things you need to know if you’re considering purchasing a property in Tampa Bay, and the sunshine state in general.
How is the market trending? What neighborhoods are best? Just how much will your dream home set you back?
Read on to find out all this and more, so you can make the most informed and intelligent real estate investment possible.
1. It’s Experiencing an Unprecedented Influx
In the wake of the Coronavirus pandemic, unusual things began to happen in real estate markets across the US. Renters and buyers began to behave in heretofore unseen ways. One of the ways this manifested was that residents of New York and Los Angeles, typically two of the most competitive markets in the country, began to uproot themselves and leave in their droves.
The strict lockdown measures imposed in these cities, coupled with the high prices of rent, made living there undesirable. At least in the short term.
The upshot of all this? Florida began to see an influx of thousands of people per day. From social media influencers to Wall Street executives, everyone wants a piece of the Sunshine state, so if you’re looking to buy, be aware you could have some stiff competition.
2. It’s Tipped as One of the Hottest Housing Markets of 2021
That aforementioned influx? It’s just one of the many things that are aligning to cause experts to project Tampa Bay as one of the hottest real estate markets for 2021.
According to a recent study, many of the incoming out-of-towners have been impressed with its more affordable pricing, especially in comparison to areas like Miami. But it’s also Tampa’s gorgeous weather and thriving job market that have caught their attention.
Tampa is now home to a number of large and successful companies in various industries. The recent announcement by Pfizer that it’s chosen Tampa as the location for a new operations hub only represents more good news for the job—and real estate—market.
3. Prices Are Trending Upwards but Still Affordable
As we’ve noted above, although the market is heating up, homes are still much less expensive in the Tampa Bay area compared to cities such as Miami. However, data tells us that prices have been trending upward for some time.
In the last year alone, home values in certain areas of Tampa Bay have risen by over 12%. This is a trend that looks set to continue. Currently, the median price of a home in Tampa Bay remains relatively low, but due to the high demand for housing, don’t expect it to remain this affordable for long.
4. Average Prices in Some of Tampa Bay’s Prime Locations
Thinking about buying in Tampa Bay, but unsure of where to search? Read on for a simple breakdown of some of Tampa’s best and brightest communities.
Pinellas County is the westernmost county in the Tampa Bay area, sitting as it does right on the edge of the Gulf of Mexico. It’s an area of a little over 970,000 inhabitants made up of vibrant communities such as St Petersburg—where a home will set you back, on average, $259,900. The county enjoys a reputation as a year-round tourist destination, which means there’s always plenty to see and do.
Slightly larger than Pinellas, at last count, Hillsborough County had a population of around 1.4 million. Its largest city is, of course, Tampa, where the median house price is around $285,000, but it’s also home to many other notable communities, such as Plant City and Temple terrace. Hillsborough County is a densely populated area, but those who appreciate the great outdoors will love the beaches dotted along Tampa Bay and the Hillsborough Wilderness Preserve.
A little further afield you’ll find Sarasota County, a slightly smaller area, with a population of around 380,000. This so-called tropical paradise is a great option for those who like a more laid-back pace of life. Its beautiful beaches and gorgeous weather make it a popular destination, and average house prices in its largest city, Sarasota, currently stand at a little over $300,000.
In Manatee County you’ll pay on average $238,500 for a home. This area is also somewhat removed from the hustle and bustle of big city life, with Hillsborough County above it and Sarasota below. It may be a little quieter than some of the other surrounding locations, but as one of the most affordable areas in Tampa Bay, it’s certainly worth some attention.
5. It’s a Good Time to Buy
If you’re thinking about investing in real estate in Florida in general, and Tampa Bay in particular, now is a good time to buy. Although the high demand definitely makes it a seller’s market, if you’re thinking about purchasing a property in the area, it’s best to do so before the prices rise any higher. While prices remain low, you can still bag yourself a bargain in the sunshine state.
Your Guide to Tampa Real Estate
If you’re thinking of dipping your toe into the fast-changing Tampa real estate market, you’ll need someone who knows both the industry and the area inside and out to guide you and help you make the best purchase possible.
Alex Plotkin has the local knowledge, professional manner, and the natural ability to help you get the home of your dreams—fast. To take the first steps toward purchasing your very own Gulf Coast home, get in touch today.