The Market For Single Family Homes In Tampa Ranks Highest In Nation

A new report is confirming that the market for single family homes in Tampa is the most promising for home buyers. If you are planning to buy a single family home, the entire Tampa Bay region is a great place to relocate.

In fact, a study by Ten-X, the nation’s leading online real estate marketplace, actually has a significant new distinction for Tampa. According to Ten-X, The “best bet” in the entire nation is the market for single family homes in Tampa.

You can’t beat the Bay area if you’re a first-time home-buyer. That’s the bottom line.

Domain Homes has remained committed to providing families with opportunities to buy newly built single-family homes in the Tampa Bay area’s most desirable neighborhoods.

Strong Ten-X Ranking For Single Family Homes in Tampa

Ten-X just released its Top Single-Family Housing Markets Report, which ranks the nation’s 50 largest housing markets by current and forecasted housing fundamentals. Their conclusion is that Tampa is the No. 1 single-family market in the nation.

In doing so, the study recognized several strong fundamentals about Tampa’s position, including:

  • The city’s strong economic expansion and healthy job growth;
  • Improvements in job growth among professional/business services, the metro’s largest sector;
  • Solid population growth for the past three years that ranks above the U.S. average;
  • The appeal of the region’s attractions, from the nearby beaches to the nightlife in downtown Tampa and St. Petersburg.

All those factors convinced Ten-X that Tampa was the best bet across the country as the top destination for buyers hunting in the single-family market.

The California-based firm’s quarterly ranking of the country’s 50 biggest housing metro areas is based on the health of the single-family housing market in each one. The study also makes a forecast of where those 50 markets are headed.

The remainder of 2017, the study indicates, looks particularly bright for cities in Florida, starting with Tampa at the top of the list.

Tampa, which joined Jacksonville and Orlando in Ten-X’s top 10, made the list because each city demonstrated “a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth,” the study noted.

The study pointed out that in addition to population growth and a vibrant job market, homes remain very affordable in Tampa, Jacksonville, and Orlando, which is why cities like Los Angeles and San Francisco are not on the list.

Home prices have skyrocketed outside the reach of most buyers. Experts state a 5 percent down payment in San Francisco is larger than a 20 percent down payment in the best Florida markets for first-time buyers.

Zillow Concurs

Ten-X wasn’t alone. A  recent study by Zillow suggests first-time homebuyers across the United States should begin their searches in the Southeast. They place Orlando and Tampa at the top of the list.

Zillow’s list of the best housing markets for first-time home buyers starts with Orlando and Tampa. These cities are considerably more affordable than in many other big cities, and inventory is also better.

The 2016 Zillow Group Report on Consumer Housing Trends stressed that Orlando and Tampa benefit from a strong job market. The housing market is both affordable and inventory is good, particularly for Millennials and first time home buyers.

For example, the Zillow study noted that the San Francisco Bay Area and the Pacific Northwest have strong job markets. However, home prices have soared there to levels that are no longer affordable for many buyers now in the market.

Zillow’s list of the best markets for first-time buyers ranked Orlando as #1 and Tampa as #2, based on several factors, including:

  • A lower median home value;
  • Higher inventory of homes for sale;
  • A strong forecast for future home values;
  • Indications that new homeowners will be able to build equity in their home. 

Conclusion

Tampa celebrates being ranked as one of the nation’s top markets for single-family homes. However, there is still a lot of competition out there among prospective buyers. There’s no reason to assume that competitiveness will ebb anytime soon.

If anything, the Central Florida housing market is likely to get even stronger and hotter over the summer. Now is not the time to sit on the fence.

At Domain Homes, we are your urban renaissance new home builder. We procure home sites in Tampa Bay’s most popular and sought-after neighborhoods. These neighborhoods include South Tampa, West Tampa, North Hyde Park, the Heights, and St. Petersburg.

This is where we build new single-family homes in Tampa and the surrounding areas, close to amenities, shopping, and great schools. Contact us today to learn more about the brand new homes we have available.

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