Tampa Bay just got a unique designation, one that city leaders are certain to embrace. The area now has the healthiest housing market in the nation.
Ten-X, the online real estate site, sited several factors for giving Tampa that high and prestigious ranking. That includes a solid inventory of homes available to buy, ongoing construction of new homes, and a low unemployment rate.
In February, the Tampa area added 35,200 new private-sector jobs. The area’s unemployment rate was 4.5 percent, below the national average.
That strong job growth and the appeal of Tampa’s nightlife and downtown are two top reasons why Domain Homes is committed to building new houses in some of the area’s most desirable neighborhoods.
With thousands of jobs being created and young families relocating here, Domain Homes is working hard to ensure they have beautiful new homes to choose from.
Healthiest Housing Market
The Ten-X study noted that the U.S. housing market is generally doing well. However, some sections of the country are performing better than others.
One of the states hardest hit by the recession, Florida, is today among the ones that have recovered the most.
In addition, cities like Jacksonville, Orlando and Tampa are now among the healthiest in the nation when it comes to job growth and the strength of the housing market.
Especially relevant is that Ten-X noted that cities long considered among the nation’s most desirable, including Los Angeles, San Francisco, and New York City, don’t rank as healthy today. Home prices there are sky high there. Affordability is a major challenge, and low inventory isn’t helping, either.
So what defines a healthy housing market?
Freddie Mac, the federal home loan mortgage agency, cited numerous components that make up a healthy housing market. That includes:
• Housing starts are increasing.
• Home sales are also rising.
• House prices are appreciating.
• Vacancy rates are easing.
• Serious delinquency rates are low.
First of all, as Ten-X noted, the Tampa Bay has other strengths. This is not a Los Angeles or San Francisco, where home prices are through the roof. The job market is healthy, and appears to be getting stronger.
Therefore, builders like Domain Homes are constructing hew houses there as well.
Real estate site Zillow also ranked the Tampa area as having one of the fastest growing residential real estate markets in the country.
Zillow points out that housing prices there are the third fastest growing in the nation. Home values rose by 11 percent, but remain affordable.
As a result, the total number of single-family home sales in the Tampa Bay metro area went up by 10 percent from January 2016 to January 2017, according to Florida Realtors.
There are also several submarkets in the Tampa Bay area doing well. That includes neighborhoods like Riverview, Wimauma and Ruskin.
Riverview in particular has become an appealing location for families, since it offers a short commute to downtown.
Newcomers on the way
More and more people are discovering Tampa. Of the page views on Zillow’s site from the Tampa Bay area, more than 71 percent are for homes located within the Tampa market.
Conclusion: It’s no surprise that Tampa Bay’s housing market has been ranked among the healthiest in the nation. The jobs market is strong, home prices are still affordable, and new homes are being built there.
Domain Homes continues to construct attractive single family homes in some of the Tampa Bay area’s most appealing neighborhoods. These are places where young families can live close to where they work and play.
Most of all, as the Tampa Bay area’s urban renaissance home builder, Domain Homes purchases home sites in the most popular neighborhoods in this region. That includes South Tampa, North Hyde Park, the Heights, Euclid and Historic Kenwood.
Because of their location, all are close to top-rated school districts, shopping opportunities, beaches and Tampa Bay’s acclaimed nightlife.
Because as the Tampa Bay area’s housing market continues to get stronger, Domain Homes will keep providing opportunities for young families to find their dream home here.