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Tampa Home Prices And Appreciation Rates
Tampa real estate appreciated 32.42% over the last ten years, which is an average annual home appreciation rate of 2.85%, putting Tampa in the top 20% nationally for real estate appreciation, according to NeighborhoodScout’s data. Appreciation rates are so strong in Tampa that despite a nationwide downturn in the housing market, Tampa real estate has continued to appreciate in value faster than most communities.
Looking at just the latest twelve months, Tampa appreciation rates continue to be some of the highest in America, at 11.74%, which is higher than appreciation rates in 97.12% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Tampa. Tampa appreciation rates in the latest quarter were at 3.39%, which equates to an annual appreciation rate of 14.25%.
Importantly, this makes Tampa one of the highest appreciating communities in the nation for the latest quarter and may signal the city’s near-future real estate investment strength. Relative to Florida, their data shows that Tampa’s latest annual appreciation rate is higher than 80% of the other cities and towns in Florida.
*Compliments of Norada Real Estate Investments
Tampa’s Real Estate Prices
Another reason why property investors are strongly interested in the Tampa real estate market is due to the lower prices for homes and condos. According to Zillow, the median home value in Tampa is $218,000, which is a very affordable price compared to other metros like San Francisco and New York City. Furthermore, Tampa home values have gone up 11.2% over the past year and Zillow predicts they will rise 8.4% in 2019.
While home values are expected to rise, sellers in the Tampa housing market are cutting their asking price since no offers are coming in. According to gordcollins.com, the increasing property prices and mortgage rates are making it harder for first-time homebuyers to place an offer. As a result, overpriced properties are staying longer on the market. This price mismatch between prospective buyers and those wishing to sell leads to another Tampa real estate market forecast which is: Tampa remains a buyer’s market!
Related: The 2019 US Housing Market: A Seller’s Market or Buyer’s Market?
Well-prepared real estate investors looking to buy investment properties can find great deals. Do you have a free Mashvisor account? Use our Property Finder to find lucrative investment properties in the Tampa real estate market that match your criteria in a matter of minutes!
Supply and Demand
Of course, real estate prices are determined by the supply and demand in the housing market. So, the reason behind the rising property values in Tampa is the aforementioned fact that people are moving to the city. This growing population will obviously need places to live and is, thus, increasing the demand for housing – especially single-family homes.
*Compliments of Mashvisor