Are you looking to build or buy in the Tampa Bay real estate market this year?
2021 has been another interesting year for Tampa’s housing market, which has been one of the most active in the country. If you want to build or buy a luxury home in Florida, then Tampa Bay is one of the best options, but you need to know what you’re getting into first.
In this post, we’re going to discuss some of the real estate trends we’ve seen in Tampa Bay this year and project forward to the future of real estate in our fine city. Get informed and make your move to Tampa Bay ASAP.
The housing inventory in Tampa is a reflection of what’s been happening country-wide for years, and we don’t expect much to change. There’s a shortage of homes, whether it’s on the cheaper end or more luxurious models.
We’re slowly crawling out of the hole that was dug during the 2007 recession. Companies like ours are doing their part by building custom luxury homes with the latest eco-friendly features for people that want to relocate or upgrade within Tampa. But basically, this trend is going to continue, which is one of the factors that has driven prices up over the last few years.
It’s a Hot Market
A balanced housing market has about 5 months of inventory at any given time. Tampa Bay currently has less than 2 months of inventory. Houses are extremely affordable, but there aren’t many of them available, which means it’s probably wiser to build a luxury house than to seek out your dream home in Tampa.
According to realtor.com’s annual housing forecast, Tampa Bay is in the top-10 for year-over-year price growth expected in 2021. It’s a hot market, which is growing steadily – potentially 7% this year – putting Tampa ahead of Jacksonville, Orlando, and Miami in terms of the price increase.
This might sound daunting for new home buyers and investors, but it’s actually smart to get in while the market is hot like this. Property values are going to keep increasing for the next several years in Tampa Bay, which means building or buying a luxury home now is going to pay huge dividends should you decide to sell in a few years’ time.
It would be impossible to talk about Tampa’s 2021 housing trends and not mention the lasting effect of Covid-19. One interesting thing to think about is the impact of working from home on the housing market. Many employees are getting the go-ahead to work from home either as long as they want, or permanently.
Working from home doesn’t just improve the work/life balance, it saves people money and boosts purchasing power for younger people. This, combined with lower interest rates, should further increase demand in Tampa Bay and beyond.
Getting In on Tampa Bay Real Estate
If you dream of getting in on a hot, growing housing market that can provide you with an amazing place to live now and a valuable investment for the future, then Tampa Bay is the place. Building a luxury home with eco-friendly features is your best option in 2021, so contact us at New Legacy Homes to get started on your new Tampa-area home.