Ten-X, a leading online real estate transaction marketplace, recently released its Top Single-Family Housing Markets Report for Spring, which ranked Tampa as the #1 market for single-family housing.
Ten-X included a variety of factors in their analysis of the housing market, such as pricing, affordability, sales, permit activity, and economic/demographic growth.
The Ten-X platform allows experts to assess supply and demand in real-time. This, combined with historical information, enables Ten-X to accurately analyze the housing market, as well as project where the market is going in the future
Tampa’s Housing Market
Tampa jumped three spots, from last year’s report, to take over the #1 spot for 2017.
“This quarter’s housing report had a few surprises, showing how a market’s housing outlook can ebb and flow depending on changes in some of the underlying fundamentals,” Ten-X’s Executive Vice President Rick Sharga said in the report.
Tampa’s success is due in part to a variety of factors. For one, employment in the metro area is up. Over the last five years, employment has been growing at a rate between 4-5%. At the root of this surge is the professional/business sector and the educational/healthcare sector, which represents approximately one-third of Tampa’s economy.
“Florida is recovering very nicely from an economic standpoint,” said Rick Sharga. “We’ve seen unemployment numbers drop pretty dramatically there. We’ve seen job growth and wage growth stick for a few years now, and we’ve seen a very steady increase in both the sales of homes and home prices.”
As the median price for homes in Tampa Bay continues to rise, the growth in population is expected to continue to rise to meet the demand. In fact, the U.S. Census Bureau recently found that Tampa Bay had the nation’s fourth-largest growth in population over the past year. Nearly 58,000 new residents moved to Tampa Bay in the previous year alone.
With this said, it’s still a buyers’ market in Tampa Bay, according to Zillow’s analysis. The median home value in Metro Tampa is $184,900, and Zillow predicts that home values will rise 3.2% within the next year.
The Bottom Line
Given what we’ve seen in recent years, the recovery of the housing market in the United States is impressive to say the least. Demand is up, prices are rising, and it’s a great time to be a real estate investor.
However, not all regions in the United States are created equal. Ten-X’s report makes it clear that more real estate investors should take a hard look at the #1 one housing market in the country – Tampa Bay.
Graystone Investment Group
Graystone Investment Group is an experienced real estate wholesaler in Tampa Bay, helping real estate investors grow their wealth by putting equity to work.
Unlike other wholesale groups, we provide clients with a turnkey process at no extra charge. We find properties that we resell to investors at discount prices, while also connecting them with private financing. We also coordinate with rehab and management companies we’ve worked with for years.