TAMPA, Florida Real Estate Market

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Tampa is a major city in, and the county seat of, Hillsborough County, Florida, United States. It is on the west coast of Florida on Tampa Bay, near the Gulf of Mexico, and is the largest city in the Tampa Bay Area. The bay’s port is the largest in the state, near downtown’s Channel District. Bayshore Boulevard runs along the bay, and is east of the historic Hyde Park neighborhood. Today, Tampa is part of the metropolitan area most commonly referred to as the “Tampa Bay Area”. The four-county area is composed of roughly 3.1 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States. The Greater Tampa Bay area has over 4 million residents and generally includes the Tampa and Sarasota metro areas. The city had a population of 335,709 at the 2010 census, and an estimated population of 392,890 in 2018. The Tampa Bay Partnership and U.S. Census data showed an average annual growth of 2.47 percent, or a gain of approximately 97,000 residents per year. Between 2000 and 2006, the Greater Tampa Bay Market experienced a combined growth rate of 14.8 percent, growing from 3.4 million to 3.9 million and hitting the 4 million population mark on April 1, 2007. A 2012 estimate shows the Tampa Bay area population to have 4,310,524 people and a 2017 projection of 4,536,854 people.  Public Transportation in the area includes Amtrak‘s Silver Star Line at Tampa Union Station. There is also the TECO Line Streetcar System. (Wikipedia) The mean home price in Clearwater, FL is $236,000 while in the U.S. it is $266,900. (National Association of REALTORS®)

Tampa Real Estate Market Statistics

  • Metropolitan statistical area: Tampa-St. Petersburg-Clearwater, FL
  • Population: 399,700 – 48nd largest U.S. city (Wikipedia – 2019 estimate)
  • 5-year projected population growth: 1.1% (PwC, 2018 – U.S. average is 0.7%)
  • Net Migration: 7.07% (US News 2014 to 2018)
  • Median age: 36.0 years old; Florida: 42.4 (City Data, 2019 – U.S. median is 38.5)
  • Median household income: $57,709; Florida $59,227 (City Data, 2019 – U.S. median was $65,712)
  • 5-year projected employment growth: 1.1% (PwC, 2018 – U.S. average is 0.6%)
  • Cost of living index: 95.9 (City Data, 2019 – U.S. average is 100)
  • Rent-to-household-income ratio: 25.1% (PwC, 2018 – less than 30% is ideal)
  • Median 1-bedroom rent: $1250 (Zumper, March 2021 – U.S. median is $1240)
  • Year-over-year rent growth: +13.6% (Zumper, March 2021 – U.S. average is up 1.1%)
  • Median single-family home sale price: $348,000 (Zillow, Jan 2021 – U.S. median is NAR $303,900)
  • Year-over-year home sale price growth: 12.1% (Zillow, Jan 2021 – U.S. median is NAR up 14.1%)
  • Multifamily property buy/hold/sell recommendations: 53% of investors say buy, 27% say hold, 20% say sell (PwC/ULI)

News on the Tampa Real Estate Market

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