Sunday, June 16, 2024

Zillow forecasts rise in Tampa home prices for 2023

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Tampa’s Housing Market Continues to Heat Up: Zillow Predicts Price Increase

Tampa Real Estate Market Booming Despite National Trends

The search for a house with a picket fence might be cooling off around the country, but not in Tampa. According to Zillow, Tampa’s home prices are predicted to increase this year, with prices up nearly 18% compared to the national average of 11%.

Realtor Max Powers attributes Tampa’s popularity to its continued growth and appeal. “We know that home values are going to increase over time. And even if they shot up drastically last year, they might come down a little bit. It’s still way higher than what it was a couple of years ago, and is going to keep going up, especially in Tampa,” he said. “Now we’re living in a whole new world, people can work anywhere. So if I can work anywhere in the world, where would I want to work, it’s going to be Tampa, Florida.”

With Hillsborough County’s population expected to reach 1.6 million by 2026, the demand for housing continues to rise. Powers noted that 87% of his business last year came from people moving to Tampa from out of state.

As more apartments and condos are built, the supply of houses is struggling to keep up with demand. Tampa currently has a one month supply of houses, far below the recommended six months. Despite this, Powers sees the current market as a unique opportunity for both buyers and sellers.

“Depending on your perspective, it’s a seller’s market, but also a buyer’s market. That you don’t see that very often,” he explained. “The buyers now can get a deal, but that seller is still happy because they’re selling for way more than what they would have a year or two ago.”

One homeowner, Brian McCaman, recently sold his home in St. Pete and is now looking to buy in Charlotte, a city that Zillow predicts will see the smallest decline in price. McCaman noted that while real estate prices are coming down, Charlotte still offers more affordable options compared to Tampa.

From Powers’ perspective, working with experts with negotiating experience is the best way to navigate the current market and secure a deal. As Tampa’s real estate market continues to thrive, buyers and sellers alike are finding opportunities in the city’s booming housing market.

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