Tampa Housing Demand & Prices (Single-Family Homes)
- The Median Sale Price increased by 28.4% to $413,108 in May 2022 (compared with May 2021).
- The Average Sale Price increased by 25.5% to $514,166.
- Median Time to Contract is 6 days, up 0.8% year-over-year.
Our DS/DDIL were looking to buy a 3-4 BR/2 bath "starter home" in a family-friendly neighborhood over the last year within a 20 minute commute of his Tampa job. They could not find listings for anything that wasn't a serious fixer-upper project house for less than $700,000. Anything lower was being picked up by investors and retirees paying all cash, within a day or two of listing. Young families who need mortgages were really shut out. DS works for a large financial institution. Colleagues told him that in qualifying for a mortgage, the banks would add $500+/month to expected monthly housing costs, for hurricane/flood insurance. Sorry, but I don't see any of this as cheap.
No income tax makes a
huge difference for people with a decent income, especially retirees. A lot of other people were tired of the lockdowns too, in other states. Most people from other states have no idea about the high insurance costs until they get there.
True. Now, with more homes lost or needing major repairs, the demand vs. supply ratio will worsen further. Rents have risen even faster than home sales prices, more than doubling in some areas over the last 3 years. In this time of supply chain issues, lumber & other building materials will be problem, not to mention all the vehicles that were damaged by floods, now needing replacement cars & trucks. Timeshare resorts will be competing with many others seeking repair/rebuild/replace services & supply.