Tampa, Florida, is known for its beautiful waterfront homes and scenery, great weather, and low cost of living. The metro area is home to more than 3.24 million residents. Tampa is one of the fastest-growing areas in the US. As a result, Tampa’s now a popular relocation destination. In addition, the Tampa housing market is one of the most affordable in the US and ideally located to take advantage of the growth. Tampa housing marketing is projected to experience rapid growth in 2022. Forecasts indicate the recent housing market boom will continue in 2022. Additionally, an influx of new residents will support rising home values.
Tampa Housing Market Forecast 2022Here are some trends you should expect to see in the Tampa housing market in 2022:
- Tampa's housing market is expected to grow by 14.3% in 2022.
- Tampa home values are projected to rise to 24.6%.
- Tampa has experienced steady population growth over the past decade. Projections indicate this growth should continue.
- The home buyers’ population will also continue to grow in 2022, increasing the demand for housing inventory.
- There will be intense competition for homes. This means homes won't be on the market for long after they're listed.
- In addition to quicker sales, prices will go up, making it expensive for buyers, which will benefit sellers.
Is 2022 The Best Time To Buy A Home In Tampa?Now is a great time to buy in Tampa, as prices can only increase. The median sales price of homes in the Tampa area has reached a new all-time high of $316,379. In October 2020, the value of homes in Tampa was around $245,000, meaning it went up by 28.7%. This trend is expected to continue in 2022. The Tampa real estate market is hot, and home prices are surpassing last year’s numbers. However, home inventory remains low, which means competition to purchase homes is tough. Tampa has fewer homes on the market than a year ago, making it challenging but worthwhile to find a home in 2022. Tampa’s housing market experienced steady growth for most of 2020. In 2021, the forecast slowed down slightly, but in 2022, more growth is expected in the sector. Does this mean that 2022 is a great time to buy a home in Tampa? Yes! As long as you're willing to invest, there are plenty of reasons why buying a home right now will be an excellent decision for your future.
Tampa Bay Real Estate Market TrendsThe growth trends of the Tampa real estate market in 2021 will continue into 2022. While 2021 expectations were slightly slow, 2022’s projections indicate a steady pace. Additionally, inventory levels may increase modestly as more homes enter the market through 2022. This growth trend was developed by Tampa Realtors, who based this growth trend on a 39% increase in closed deals from year over year. Currently, the number of closed deals is the highest it's been over the last five years. In addition, the complete reports show increases in pending inventory year-over-year, which suggests that there's an ample supply of homes in the local housing market. Source: TampaRealtors.org Here's a complete look below:
Tampa Housing Sales (Single-Family Homes)
- 5.4% decline for closed home sales year-over-year.
- Sales YTD are up 9.2% year-over-year.
- Cash sales up 43.4%.
- Total Dollar Volume up 10.3% to $1.8 Billion.
- New Pending Sales are up 0.2%.
Tampa Housing Demand & Prices (Single-Family Homes)
- 22.1% Increase of The Median Sale Price Rising To $348,000.
- 16.6% Increase In Average Sale Price to $415,711.
- Faster acceptance of home offers.
- Median Time to Contract down 30% year-over-year to 7 days.
- The Median Time to Sale is down 16.1% to 47 Days.
Tampa Housing Supply (Single-Family Homes)
- Fewer houses on the market in Tampa.
- New listings are down 4.1% year-over-year.