Tampa Bay Real Estate Continues To Heat Up

Tampa Bay Real Estate Continues To Heat Up

As we enter the latter part of 2016, Pinellas County has continued to see dramatic growth in real estate sales prices. As of August 2016, single family home prices grew a staggering +22.4% compared to August 2015. The new median home price in August was $222,000 compared to $181,399 last August. Inventory for single family homes was down just over 8% in August, which continues to drive demand in the market.

Meanwhile, the median price for townhomes and condos in Pinellas County was down 4.8% from last August, but sales volume continued to grow with +12.6% more units sold in August 2016 vs August 2015.

With interest rates at all time lows, buyers are still actively hunting for and purchasing homes, as the low interest rates and payments continue to make home-buying a good long-term investment for many. Combined with increasing rental rates, home-buying is still a goal for many 1st-time buyers, despite the rising prices.

Affordability is also a driving factor in the Tampa Bay housing market, as the area still trails in price behind other ‘hot’ housing markets in areas such as New York, San Francisco, and Washington, DC. Buyers that relocate to Tampa Bay not only take advantage of lower median home prices in our area, but also the fact that there is NO state income tax and abundant in job growth and income opportunities in areas like Tampa, that are just a short commute away.

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Andrea Hartmann Headshot
Phone: 727-324-8183
Dated: September 26th 2016
Views: 2,082
About Andrea: Andrea is the Managing Partner of Sandy Hartmann & Associates. She is a licensed Realtor with over 1...

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