Florida’s population is growing faster than any other state, even in the midst of a pandemic. What does this mean for Tampa housing prices? Now that it’s a buyer’s market and home values are rising, 2021 housing trends could get interesting. Here’s how we see things playing out.
Median Sale Price of Tampa Homes Continues to Increase
In this buyer’s market, there are often multiple offers on a home, with the median price of Tampa homes continuing to climb over the last year. Florida has long had an affordable housing market and is currently running about $50,000 lower than the rest of the country. The current median sale price is about $285,000, up just over $25,000 from 2019. The demand, however, is for luxury properties. The wealthy continue to flock to the Tampa Bay area which offers vast options for luxury homes on and off the water.
How Will the Vaccine Impact the Market?
How effective the vaccine is at stopping the spread of COVID-19, as well as the effectiveness of the logistics involved in getting the vaccine to millions of people, may have an impact on 2021 Tampa housing trends. If the pandemic continues and more businesses go remote, more people will be able to easily relocate. There are a lot of great reasons to move to Florida, including lower taxes, better schools, and beautiful beaches.
Any Additional Pandemic Stimulus Bill Could Make Moving Possible for More Americans
There is no doubt that Tampa has some of the best housing prices in the country, and with no income or estate taxes, your running housing costs are going to be much lower as well. That is making it a hot destination for those who are in a financial position to move. Sellers in Florida are enjoying an average 14-day turnaround from listing to pending sale. If people looking to lower their expenses get pandemic relief, it could further stimulate the Florida housing market and the state’s economy.
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