Why is tampa growing so fast?

Higher-paying professional and business services create steady job growth. In turn, these trade expansions are stimulating economic growth in Tampa. As in other hot metropolitan areas, supply shortages are playing an important role in the Tampa market. The Petersburg-Clearwater Metropolitan Statistical Area (MSA) had less than a month of available inventory.

Housing stock availability decreased by almost 14.3% in the last 12 months. Tampa, Florida, is one of the fastest growing metropolitan areas in the country, with a busy downtown area, a variety of restaurants and tourist attractions. Maybe you've invested a little in real estate in Tampa, but you want to take things further and turn it into more than just a hobby. New sales data released indicate that the pace of Tampa Bay's hypercompetitive housing market is slowing down a bit.

Tampa properties have a track record of being one of the best long-term real estate investments in the United States. A fascinating mix of old and new, exclusive and diverse, SoHo is especially appealing to millennials moving to Tampa. Relative to Florida, NeighborhoodScout data shows that Tampa's latest annual appreciation rate is higher than 93.49% for other Florida cities and towns. Homebuyers also want to reside in an area that has forecasted strong home value growth, high employment growth, and resilience to the economic impacts of external financial market fluctuations.

Zumper's Tampa metro area report analyzed last month's active listings in 7 metropolitan cities to show the most and least expensive cities and the cities with the fastest growing rents. For more information, you can get detailed information from local FBI crime statistics and the Tampa Police Department's Interactive Crime Map. Residential property prices in Tampa are growing at a rapid pace, although they remain affordable compared to other housing markets in the country. The only category in which the Tampa FL housing market shines especially brightly is the start of new homes, which is forecast to skyrocket by more than 20 percent next year.

Compared to the Atlanta, Nashville and Cleveland markets, Tampa has greater prospects when it comes to investments in residential and commercial properties. Not only that, but Tampa is also home to several entertainment activities for people of all ages depending on their tastes. On a monthly basis, Lakeland, Bradenton and Clearwater are the fastest growing rental markets in the Tampa area. Job growth in an area is a sure way to boost your housing market for both residential and commercial properties.

Tampa's healthcare, education, and transportation facilities are also impeccable, so families with young children and many retirees prefer Tampa and choose to reside in Tampa, as it offers them a better quality of life.

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