The Tampa housing market is having a fabulous start to 2017, resulting in Ten-X naming Tampa the top single-family market for the Spring of 2017.
Ten-X, formerly Auction.com, is a leading online real estate transaction marketplace, having sold nearly 300,000 properties worth over $48 billion. The company retained the Auction.com website and monitors real estate trends to help homebuyers and investors make informed purchases.
Ten-X’s newest report looked at “buyer demand and price appetite” to find which markets could expect the most growth. They examined “pricing, sales, affordability, permit activity, economic and demographic growth,” while also accessing market volatility.
Tampa Housing Market
Ten-X ranked Tampa as the top U.S. single-family housing market for the Spring of 2017.
According to the Ten-X report, home sales grew 7.3% and prices grew 13.1% over last year. Some of the contributing factors for these numbers include an employment rate that is up 3.1%, which marks another year of consistent growth, especially in professional, business, and healthcare services.
The Ten-X report also found that median home prices continue to rise because of the positive outlook in education and accelerated population growth.
“Florida is recovering very nicely from an economic standpoint,” said Rick Sharga, chief marketing officer at Ten-X to CNBC. “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.”
While predicting where the market will go from here isn’t always easy, there are indications that Tampa will continue to see this kind of improvement over the next few years.
According to Investopedia, Tampa metro employment is up 3.1% year-over-year and has been consistently growing 2-4% over the past five years. Existing home prices rose 13.1%, and the region’s population growth should allow Tampa’s housing market to continue growing.
We are proud to have our home office in the Tampa Bay market, while we serve the mortgage needs of homebuyers and homeowners in Florida, Virginia, and Pennsylvania.
We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.