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Tampa, Florida Housing

Lawrence Maxwell 0

The City of Tampa, located on the West coast is the third most populous in Florida. The arrival of the automobile sparked a large settlement wave in Tampa between 1923 and 1926 during which time many subdivisions were built, one of which was Davis Island, the notable man-made island that Mr. D P Davis created. He also built a number of elegant homes which remain some of the loveliest in Tampa.

The main downtown business district in Tampa has seen phenomenal growth since the 1960s with major banks and large corporations occupying huge glass, concrete, and steel buildings that tower above the bay and the Tampa Convention Center that offers several facilities and the Riverwalk in Tampa.

Today Tampa is a diverse business center which has developed sustainable communities where people from all walks of life have found a home. Home prices in the Tampa Bay area saw the biggest gain in 2016 and the prediction is that sales will increase by 1.3% and home prices will go up by 6% in 2018. Although not as good as 2016 it is still a healthy market for sales and faster than normal for the Florida area. Tampa Bay ranks 29th among the nation’s top one hundred markets for housing in 2018 and the whole area around Florida is expected to do well.

One category predicted to soar by more than 20% is new home starts which would ease the biggest constraint on local real estate – the shortage of houses for sale. Most new homes are being built in the southern areas of Pasco and southern Hillsborough now that the Pinellas County is nearly built out.

Since 2016 the Tampa real estate market has been the healthiest in ten years as prices continued to soar. Housing shortages are not expected to last much longer considering the projected 2018 growth and expected new housing in the bay area. The demand has been for moderately prices homes less than $300,000 and for houses in the range of $500,000 – $800,000 in the South Tampa area. There still exists a moderate demand for houses in excess of a million dollars from high net individuals and relocating executives.