Why Are Houses In Tampa So Expensive To Buy Or Rent?

Limited supply in the more popular areas is why houses in Tampa are so expensive. In many cases there is just not any room left to build, or the price of the land or the older home to be remodeled or torn down and replaced is very expensive to the builder of any new home.

• Tampa FL

Tampa Housing Market

The Tampa housing market sees around 800 homes sell each month. With a median sale price of +/- $415,000 that is a fairly large market. The Tampa housing market sees 350-400 homes actually rent each month as well and the rental properties have the median rent just over the national average. Other cities that are nearby and to the east also have high demand but are more affordable than what you will find in the southern portion of the Tampa housing market.

To find a lower median price check north of Interstate-4 or even possibly New Tampa. This is the most affordable part of the Tampa housing market and has some great communities to go along with those lower home prices.

Tampa Bay Housing Market-Rising Interest Rates

The Tampa Bay housing market is massive. It covers most of Hillsborough County and parts of Pinellas County. Even Clearwater Beach and St Pete Beach fall within it. Housing prices as you get closer to the gulf go through the roof. Keeping in mind that the real estate market includes condos. People who have a niche that they are searching in typically have more money to spend and many of the housing trends in Central Florida are impacted by niche areas.

Tampa FL Always A Hot Housing Market

Tampa is also constantly improving. Older homes are replaced with newer ones and trust me the housing prices reflect the change. It is common in South Tampa to see million dollar homes next to homes built in the early 1900's. Will rising home prices be affected by the Federal Reserve and rising interest rates? We shall see, but it will still be stronger than most.