Yet Another Sign Tampa, Florida is the Place to Buy a New Home

Tampa, Florida made the list of the nation’s top 10 hottest real estate markets in 2022, according to Realtor.com as part of its Housing Forecast 2022. The top 10 housing markets are expected to lead the nation in listing price appreciation and home sales growth in 2022.

The national list of hottest markets was compiled using three main criteria - strength of local economy, tech sector job growth, and relative affordability. The top 10 in ranked order: Salt Lake City, Utah; Boise, Idaho; Spokane, Wash.; Indianapolis, Ind.; Columbus, Ohio; Providence, R.I.; Greenville, S.C.; Seattle, Wash.; Worcester, Mass.; and Tampa, Florida.

Home sales in these markets are forecast to grow at a rate of nearly two times the national home sales growth projection with an average 11.6 percent growth year-over-year in 2022, Realtor.com reported. In addition, average home prices in the top 10 markets are anticipated to increase by 7.4 percent.

Realtor.com estimates Tampa home prices will raise nearly 10 percent in 2022. Tampa’s median home price in 2021 was $335,814 with a forecasted sales increase of 9.6 percent for next year.

So, why does this matter for someone looking for a new home in the Tampa Bay area? It reflects on the strength of the area’s housing market, which impacts pricing appreciation over time, and it shows that more people are seeing the Tampa Bay area as one of the most attractive places to live in the country.

Factors Driving New Home Sales in Tampa

There are numerous factors driving new home sales in Tampa. For instance, the trend of working from home has given people the ability to choose where they live, and many are relocating to sunny Tampa. Also, the city has much to offer in family fun at places like Lowry Park Zoo, Glazer Children’s Museum, and The Florida Aquarium as well as some  wacky activities. Moreover, there are several Tampa Bay suburbs like Sun City in Hillsborough County, Palmetto and Parrish in Manatee County, and Spring Hill in Hernando County that provide value to homebuyers and are convenient to everything the area has to offer.

Other recent rankings reveal Tampa is one of the nation’s top move-in destinations.

This isn’t the first time Tampa has been on top of a list of most desirable places to live. Here’s a sampling of other rankings from recent years:

·      Best city in Florida to live (WalletHub, 2019)

·      Number one large city in U.S. for first-time homebuyers (WalletHub, 2019)

·      Best place to live in Florida (Livability, 2019)

·      Third-best city in nation for families (Magnify Money, 2019)

·      Top retirement city in nation (WalletHub, 2017, 2015, 2014)

·      Number two on list of best places for family and friends to visit (MSN, 2018)

·      Best city for military veterans (WalletHub, 2019)