Tampa St Petersburg Ranked As One Of The Top 5 Real Estate Markets In The Country

Dated: December 13 2021

Views: 637

Tampa Bay Area Ranked as One of the Top 5 Real Estate Markets in the Country

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While the pandemic created many complications in many aspects of people’s lives over the past 2 years, it also created a dynamic change in real estate trends like our country has never seen before.

As companies across the United States began to allow their employees to work remotely (many on a permanent basis) home buying trends began to change as well. No longer do people need to live and work in the same city, or even the same state. As employment settings became more fluid, working professionals across the country began to think about moving-and many did over the past 2 years.

According to the most recent ‘Emerging Trends in Real Estate 2022’ report, the Tampa/St Petersburg area is ranked as the #5 real estate market in the country while “large cities that dominated the list for years are slipping. Several expensive markets, including Los Angeles, San Francisco and Washington, DC, all failed to break into the top 10.”

Top 10 Real Estate Markets of 2021

For local Realtors, like The Sandy Hartmann Group, this comes as no surprise. Over the past 2 years, there’s been a massive increase in out-of-state buyers approaching us to buy homes in the Pinellas County and Greater Tampa Bay area real estate markets. The number of cash buyers has dramatically increased as buyers sell their homes in pricier markets and come to Florida with cash and a dream to live by the beach.

The above trends have not only fueled home price growth in our area, but have also contributed to Tampa Bay having some of the fastest rising rental rates in the country as well. As more working professionals with high-income jobs move to the area, prices for housing are naturally increasing as competition increases.

While none of us have a crystal ball for 2022, home prices in Tampa Bay are expected to continue their upward momentum, albeit at a slower pace. Economists are predicting that home prices will continue to increase 8-12% next year, meaning a homeowner who purchases a home for $400,000 today, would likely gain $32,000-$48,000 in equity over the next 12 months.

Mortgage interest rates are projected to rise in 2022, but slowly, as banks adjust to growing inflation. While it’s true that rising interest rates can slow down a hot real estate market, the small increases being predicted will not be enough to stall price growth.

If you’re thinking of buying or selling a home in the Tampa Bay area in 2022, give us a call with all your real estate questions for our local housing market. We’d love to help you build a plan for your individual real estate goals! Call or text us today at (727) 400-3315 for more information.

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Andrea Hartmann

Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....

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