Tampa Real Estate Is Booming and the Future Is Bright

You know an area is hot now when a reality TV show is being made about its real estate! 

Of course, most real estate agents are not celebrities. But knowing about the trends in a community can help you earn top dollar and rise above your competitors. Since the market in Tampa is so hot right now,getting your real estate license is a great move.

More than 330,000 people migrated to Florida recently. Real estate forecasters believe that over the next five years, the population of Hillsborough County, which includes Tampa, will grow at a rate of 8.3%. That's higher than the state of Florida and that of the United States!

What Makes Tampa so Popular?

One of the top 10 healthy cities in the U.S., Tampa boasts a combination of tourist attractions and residential options. And, it's alsofiscally healthy. The area is very affordable, even as real estate prices are climbing. 

Tampa's diverse population of about 400,000 people enjoys close to 300 sunny days a year. They experience convenient transportation, great school systems, and a wide range of cultural and outdoor activities.

Tampa is also one of the fastest-growing job hubs in the country. 

About the Housing Market in Tampa

The typical value of a home in Tampa is $354,100, according to Zillow. Home values have increased in the area by more than 29% in one year.

  • Downtown Tampa is an area that has seen explosive growth and redevelopment. On the Hillsborough River, its median sale price is now over $400,000, and condos and apartments are flourishing.

  • The Tampa Channel District (or Channelside)  has amedian sale price of $1,100,000. The waterfront location and many entertainment options make it a vibrant and popular area. Condos are being built at a rapid pace. 

  • South Tampa is an upscale community, attracting many families. Although rents can be high, the average home price is currently about $265,000.

  • Ybor City is also known as "Cigar City" and has a historic flair. Home prices average at about $276,436 and rose about 30% year-over-year. it has become very popular among young professionals.

  • Carrollwood is a small, affluent, and diverse community. The median home price is $352,752 and, like other areas in Tampa, is up close to 30%. 

  • New Tampa has grown rapidly since the 1980s. This 24-square-mile area is comprised of a variety of communities, with a median home price of $400,000

  • Brandon and Riverview are unincorporated areas within Tampa. They are popular areas, with a median price of $335,000.

  • Westchase is considered one of the best neighborhoods in Tampa and this planned community sprung up in the 1990s. Housing prices are hovering right around $488,000.

  • Tampa also has pockets of significant wealth. Celebrity homes can run upwards of $7,000,000

The Future of Tampa

Both the private home and condo markets of Tampa are performing well.Demand will continue, as more people look to move to warmer climates. 

Tampa is considered one of America's boomtowns. Continued commercial development will give rise to new populations seeking housing at all levels. 

Experts believe that the real estate growth rate in Tampa will continue through 2022 at all price ranges. The typical real estate agent in Tampa earns close to $100,000 a year. Now is a great time to consider becoming an agent in this fast-growing area within a rapidly-growing state. 

Don't miss out on the many opportunities within Tampa. Get started now.

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