Tampa is a HOT real estate market
Tampa is hot. And we’re not just talking about the temperature. Tampa is No. 10 in the hottest real estate markets in 2024 in the U.S. according to Zillow.
Zillow researched 300 major cities with at least 100,000 people. Of all those cities, research conducted by Zillow led them to predict Tampa’s housing boom will continue.
In order to predict the strength of each city's housing market, Zillow's researchers considered a number of different factors: one of which was the number of new jobs being created in a city, compared to the number of new home construction projects being approved.
Another factor Zillow weighed was how steady home values are expected to be. With lower interest rates, more lending options and continued residential growth in rural areas like Pasco and Citrus counties, Tampa Bay area growth is expected to remain high. They do also expect the price of housing to increase slightly.
Zillow's research also led them to conclude that even in hot housing markets, there will still be more demand than supply. So while buyers may find more opportunities for homeownership this year, they can expect homes to sell very quickly.
Here’s your top 10: Buffalo, New York; Cincinnati, Ohio; Columbus, Ohio; Indianapolis, Providence, Rhode Island; Atlanta; Charlotte, North Carolina; Cleveland, Ohio; Orlando; and Tampa.
So is now a good time to buy a home or put your home on the market? Market data says yes!
For buyers, January is historically one of the slowest months for single-family home sales. That means buyers have more choices and less competition right now. And if you are among the millions “waiting for rates to go down”, don’t! When the rates go down, activity picks up. When activity picks up, inventory goes down. When inventory goes down, prices go up. Waiting for a lower rate could potentially cost you more. And you can always refinance when the rates drop.
We are seeing a lot more buyer interest this January than we did during this same time last year. Buyers are more optimistic and inventory is slowly increasing.
Sellers: see above. Historically we are in a slow season so now is the perfect time to get your home ready for sale. As we move into the new year, buyer activity will pick up. Spring is a prime season for selling as the weather is nice and school is outwinding down. Give us a call today for a FREE home analysis. We’ll go over what the market value is for your home as well as improvements that may be necessary before listing your home.