Tampa Bay’s Real Estate Market Update

Lisa Gudath, Vice President
Lisa Gudath
August 25, 2022
Blog

Introduction

If you’re considering buying or selling a home in the Tampa Bay area shortly, it’s important to understand where the market is currently and where it’s expected to head in the coming months. In this article, we’ll look at recent trends in Tampa Bay’s real estate market and give you an idea of what you can expect in the coming year.

Current Trends

Currently, the average home price in Hillsborough County is $257,000, while the average home price in Pinellas County is $229,000. These prices are up from last year’s averages of $245,000 and $215,000, respectively, and they’re expected to continue to rise in the coming months. In fact, according to Zillow’s latest Home Value Forecast, home prices in Hillsborough County are predicted to increase by 2.5% over the next 12 months, while prices in Pinellas will rise by 3.2%.

In Bradenton, home prices are currently averaging $233,000. This is up from last year’s average of $225,000, and it’s predicted to rise by 2.6% over the next 12 months. The job market in Bradenton is also expected to improve in the coming year, with an estimated 3% increase in employment.

The average home price in Wesley Chapel is currently $261,000. This is up from last year’s average of $248,000, and it’s predicted to rise by 2.4% over the next 12 months. The job market in Wesley Chapel is also expected to improve slightly in the coming year, with an estimated 0.5% increase in employment.

Several factors are driving real estate market recovery in Tampa Bay’s real estate market.

Low-interest rates:

Low-interest rates are one of the main drivers of Tampa Bay’s real estate market recovery. With interest rates remaining low, more and more people can afford to buy a home. In addition, low-interest rates make it easier for people who already own a home to refinance their mortgage and get a lower interest rate. As a result, more people can afford to stay in their homes, driving up the demand for housing.

A limited supply of homes:

Another factor driving the real estate market recovery in Tampa Bay is the limited supply of homes. The number of homes for sale in the Tampa Bay area is down significantly from last year, keeping prices high. In addition, the number of new construction homes being built is also down, further limiting the supply. As a result, buyers compete for a limited number of homes, driving up prices.

Strong job market:

The Tampa Bay area has a strong job market, another factor driving the recovery of the real estate market. The area’s unemployment rate remains low, and many good-paying jobs are available. This is attracting people to the area and driving up demand for housing.

What to Expect in 2022

If you’re considering buying or selling a home in the Tampa Bay area in 2022, you can expect prices to continue rising. In fact, Zillow’s Home Value Forecast predicts that prices will increase by 3.3% in Hillsborough County and by 3.1% in Pinellas County.

The job market is also expected to improve in the Tampa Bay area in 2022. According to the Florida Department of Economic Opportunity, the Tampa-St. Petersburg-Clearwater metropolitan area is projected to add about 43,000 new jobs in 2022. This would represent an annual growth rate of 2.4%.

If you’re considering buying a home in the Tampa Bay area, it’s important to be aware of these trends and start preparing now. Prices are expected to continue to rise, so it’s a good idea to get pre-approved for a mortgage and start looking for a home sooner rather than later.

Sellers should also be aware of the current trends and anticipate that buyers will be willing to pay more for a home in the coming months. If you’re considering selling your home in the Tampa Bay area, you may consider doing so sooner rather than later to maximize your profit.

 


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