Tampa pinpointed as a housing market expected to 'outperform' in coming years โ˜˜ Hoey Team โ˜˜ eXp Realty Florida

Dated: January 10 2020

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Potential homebuyers, take note.  Purchasing a home in the Tampa Mid-Florida market could become more feasible during the next few years.

That's according to a new report released by NAR (the National Association of Realtors), a trade association that represents more than 1.4 million Realtor members involved in residential and commercial real estate across the United States and Canada.

Florida Realtors 2020 01 06 Tampa Real Estate Market to Out Perform in 2020 Hoey Team eXp Realty

In the report, NAR identifies Tampa as one of 10 U.S. housing markets that it expects to "outperform over the next three to five years." In doing so, it looked at multiple factors, such as domestic migration, housing affordability for new residents, consistent job growth compared to the national average, population age, attractiveness for retirees and home-price appreciation.

Charleston, South Carolina; Colorado Springs, Colorado; Columbus, Ohio; Dallas-Fort Worth; Fort Collins, Colorado; Las Vegas; Ogden, Utah; Charlotte, North Carolina; and Raleigh/Durham/Chapel Hill, North Carolina join the Tampa metro.

"Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion,” said NAR’s chief economist, Lawrence Yun, in the report. “Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply.”

Recent movers to the Tampa metro area account for 16 percent of the total population, according to NAR calculations of the U.S. Census Bureau's 2018 American Community Survey.

The median age of someone moving to the region is 32 — and one-third of movers, or 33 percent, are either ages 17 and younger or between ages of 18 and 24, the data showed.

The median income of a mover here is $50,000 — with more than 49 percent earning under $50,000.

The Tampa metro region has recently gained the most new residents (9,440) from the New York-Newark-Jersey City area. That's followed, in order, by the metros of Miami, Orlando, Lakeland, North Port and Chicago.

As for affordability, 49 percent of those who've recently moved to the Tampa area and are renting here can afford to purchase a typical home in the local market. Forty-three percent of home purchases by recent movers were under $200,000, while 42 percent were in the $200,000 to $400,000 price range.

Recent reports from the online website: Zillow found that the Tampa metro saw some of the largest increases in rent prices and home prices. A report from GoBankingRates also predicts that home prices St. Petersburg and Clearwater will skyrocket in the next decade.

Article content from Florida REALTOR Newsletter Magazine, National Association of REALTORS, and from other sources including Jenna Martin and Brendan Ward  –  Tampa Bay Business Journal

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Hope everyone had a wonderful Start to 2020, Click Here for our recent December Market update Report for Southwest Florida and beyond.

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We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team โ˜˜ brokered by eXp Realty

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