Tampa home values are way up, and so are rental prices.
According to a recently released September housing report from real estate website Zillow, the typical home value in the Tampa metro area is $236,574—up 8.1% from last year. On top of that, home inventory has dropped 35.9% year over year.
These trends are likely due to a high demand for homes and a limited supply, according to the report. The spike is also partly due to expensive home prices increasing very quickly and then sitting on the market longer.
Since the rental market often reflects home values, Tampa’s rental market has witnessed a 4.8% spike from last year, with an average monthly rental price of $1,576, says the report.
While this is all certainly bad, especially for prospective renters, Tampa’s real estate trends seem to echo what's happening nationwide, where home values are growing at a faster pace than they have since the country was recovering from the Great Recession.
Typical nationwide home values increased by 2.2% in September since June. Zillow reports this is the largest quarterly increase since 2013.
“The historic shortage of homes available for sale has boosted home price appreciation, now that buyers are waging bidding wars for the few options left,” said Zillow senior economist Jeff Tucker. “Builders are racing to fill the gap, and we may see more listings next year if nervous sellers become reassured, but this shortage of homes is so deep that any reversal would take at least several months.”
These price increases come at a time when many in the state are already struggling to pay rent amid the COVID-19 pandemic. And at the beginning of this month Florida Gov. Ron DeSantis allowed the state eviction moratorium to expire, saying it would help residents avoid confusion regarding the federal eviction moratorium passed by the Centers for Disease Control and Prevention. The CDC’s order will last until Dec. 31.
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