Tampa Bay’s market peaked in June 2006, when the median home price was five times that of the area’s median income. The market hit bottom in 2011, with prices dropping to 3.5 times that of median income. Now it is getting back closer to that high point again. Investors are buying up the bank owned properties from the real estate collapse. In fact, Tampa Bay now ranks third in the nation for house flipping and that is good for everyone.
Once these properties that were foreclosed on are fixed, they will sell for higher prices and raise Tampa Bay’s median home price significantly. We already see this happening as the median price of foreclosed properties has increased by 25% in the last few months. The entire Tampa Bay area will be improved aesthetically as well and be a place people want to live in. In addition, the prices of neighboring Tampa Bay homes will be increased for comparison pricing of homes now selling on the market.
Tampa Bay communities are popular commuter locations to the city of Tampa. With gas prices now seeming to be a bit steady, the Tampa bay communities are once again a great place to buy a house. St. Petersburg is becoming especially popular; judging by the higher median prices compared to a year ago.
According to Zillow, the median home value in Tampa Bay is $163,000 which is an 11.1% increase from last year and is projected to be a 4.6% increase just a year from now. In August of this year, Tampa Bay home prices jumped 20% which is better than any other area of Florida.
It is no surprise that people want to live here. Tampa Bay is ranked highly in education, parks, access to jobs and low cost of starting a business. There is plenty of recreation opportunities with beautiful beaches nearby and entrepreneurial opportunities for everyone!
If you are interested in information on homes for sale in Tampa, FL, or any real estate in the Tampa Bay area, please contact Rose & Joe LoCicero at (813) 435-5411 or start your home search now.