TAMPA, Fla. — A strong housing market in Tampa is sending housing prices up and buyers competing for the few homes available.
The Greater Tampa Realtors says it has less than one month of inventory available right now in homes, and there is a lot of competition from new buyers.
What You Need To Know
- Strong housing market sending Bay area prices higher
- Creating strong competition for few available homes
- Bay Area median home prices higher and rents are increasing as well
Although some parts of the country are seeing a housing slump, Central Florida is seeing big gains and people moving here thanks to a strong job market, lower taxes, year-round warm weather, and fewer COVID-19 restrictions.
"We ask our clients, 'why are you moving here?, just out of curiosity. Is it your job?’ Many times we hear that the restrictions are much lighter than other areas. They feel like they have more freedom," said Ellie Lambert, President of Greater Tampa Realtors.
There are pros and cons to a strong housing market.
For current homeowners and those looking to sell, there is a lot of money to be made as housing prices have increased.
In Pinellas County, the median price of a home is up 18% from last year, to $330,000.
And in Hillsborough County, the median home price is $305,000, the first time ever Hillsborough has broken a 300k median home price.
For those in the market to buy or rent, there are two challenges.
First, finding a home and getting an offer down before someone else could be a matter of an hour or two after a listing posts. Experts say that is pushing some people to put quick offers down with the necessary research on the property they'd otherwise do.
Second, some homes are selling for above list price as new home buyers are willing to pay more to win bids.
Finally, for renters, expect prices to increase because of the lower supply of apartments and more people looking to rent as opposed to own as housing prices increase.
The Tampa Bay Times reports rent is already 6.9% higher in the Tampa area this year compared to last year.