Trailing only behind Nashville and Portland, Tampa Bay is now the 3rd fastest growing housing market in the U.S.
In 2016, home values in the Tampa Bay area grew 11.4%, making it the hottest metro area in the State of Florida. Pinellas County led the way with the highest median home price of $215,000.
Several factors are believed to have contributed to the growth we saw in 2016, including job growth in the area (3% higher than last year) and a shortage of homes for sale. Another contributing factor is higher home sale prices in the Northeast, allowing those homeowners to sell their current homes and easily afford to move South to Florida.
Experts are still counting on home prices in Tampa Bay heading even higher in 2017, especially in Pinellas County, where there is very little vacant land left for new construction, which will inevitably make single family home prices increase even more. Pinellas County is also home to some of the world’s best beaches, and since waterfront and beachfront land is limited, these properties will continue to grow in value, possibly faster than their inland counterparts.
If you’re thinking ‘it’s a bubble,’ don’t get distressed just yet! Home prices are still approximately 14% lower than they were in 2007 right before the crash and lending terms are still much more restrictive than they were at that time.
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