Tampa Housing Market: Trends & Prices
Tampa Real Estate Market Overview
(Last Updated – 7/2023)
When we think of Tampa, we think of fun. This Florida city brims with attractions, arts and culture, business, and sports. Tampa is home to the famed Busch Gardens theme park, an aquarium and zoo, and the popular Riverwalk.
Naturewise, there are plenty of parks, dog parks, greenways and trails, skate parks, water activities, and marinas. Sports fans in the Tampa Bay area can root for the Buccaneers, Lightning, and Rays.
Career options abound, including for those who are on a military path. MacDill Air Force Base in South Tampa has around 19,000 employees.
Tampa is the 53rd largest city in the United States, which may be why it has so much to offer. That said, if residents need to get away, Tampa International Airport and the Port of Tampa, a popular spot for those looking to board a cruise ship, will get them where they need to go.
Overall Tampa Market Trends
As U.S. housing markets go, the industry pros at Redfin consider Tampa’s to be a somewhat competitive one. Some homes for sale receive multiple offers. Listings typically sell for around 2% below list price and stay on the market for only about 17 days.
$425,000
Median Sale Price
$283
Avg. Price Per Square Ft.
17 days
Avg. Time on Market
Tampa Housing Market Forecast
For those thinking of buying in the Tampa real estate market, it can be helpful to look at some key demographics.
For example, Tampa median home prices rose by 1.2% in the past year, according to Zillow. Nonetheless, the Tampa housing market is still considered more affordable than other real estate markets in the country.
The city has also seen an increase in inventory of active listings. With competitive pricing and homes going to pending somewhat quickly, buyer demand is evidently strong. Real estate experts also predict a continued increase in home values.
Demographics of the Tampa Market
Tampa is the third largest city in Florida and is on the state’s west coast. Residents enjoy an average annual temperature of a balmy 76.3 degrees.
From tourism to agriculture, finance, government, and technology, Tampa is a great place to both live and work.
Take a look at the demographics of the overall Tampa housing market before perusing popular Tampa neighborhoods.
Median Income: $59,893
Median Age: 35.9
College Educated: 41.8%
Homeowners: 50%
Married: 41.6%
Popular Tampa Neighborhoods
Tampa features bustling urban-style neighborhoods with great restaurants and nightlife, suburban family-friendly neighborhoods, and areas with historical charm.
Here are details about five popular Tampa neighborhoods and what their real estate markets look like.
Tampa-Bayshore Gardens
This residential area is a dream for families who are looking for resort-style living year-round. Residents can enjoy plenty of social and recreational activities in this neighborhood, which lies along Hillsborough Bay.
A playground, picnic pavilions with barbecue grills, ballfield, fishing pier, and multiple pools await residents.
Quick Facts
Population:
26,175
Median Age:
40.2
Housing Units:
11,059
Bike Score:
54/100
Walk Score:
55/100
Transit Score:
29/100
Average Household Income:
$197,570
Tampa-Bayshore Gardens Housing Market
The Bayshore Gardens housing market is somewhat competitive, with some homes receiving multiple offers. Homes typically sell for around 3% below list price and stay on the market for roughly 27 days.
Median Sale Price
$663,000
Average Price Per Square Ft.
$366
Palma Ceia
For a taste of Europe, try Palma Ceia. This charming neighborhood is beloved for its European-style brick streets and arts scene, and there are plenty of cafes, coffee shops, and chic boutiques to choose from.
Quick Facts
Population:
26,175
Median Age:
40.2
Housing Units:
11,059
Bike Score:
59/100
Walk Score:
65/100
Transit Score:
33/100
Average Household Income:
$197,570
Palma Ceia Housing Market
Home prices dropped in Palma Ceia by 5.0% in May 2023 compared to the past year.
On average Palma Ceia homes sell for about 1% below list price, with many homes receiving multiple offers. Typical homes go pending in around 14 days, and in-demand homes can go pending in five days in this very competitive housing market.
Median Sale Price
$965,000
Average Price Per Square Ft.
$423
North Hyde Park
North Hyde Park is considered a reemerging neighborhood that’s near the waterfront jogger- and bicyclist-friendly ribbon of Bayshore Boulevard, the University of Tampa, downtown, and trendy South Howard Avenue.
The year saw significant investment in new apartments, homes, restaurants, and shops.
Quick Facts
Population:
1,917
Median Age:
34
Housing Units:
921
Bike Score:
66/100
Walk Score:
79/100
Transit Score:
36/100
Average Household Income:
$126,313
North Hyde Park Housing Market
If prospective buyers find a home they love in North Hyde Park, they may need to move quickly. Typically, homes sell in around 17 days for 2% below list price. Some receive multiple offers.
Median Sale Price
$615,000
Average Price Per Square Ft.
$341
Uptown
Sprawling over 19 square miles, Uptown began as a renovation project to spur development and end blight in the surrounding neighborhoods.
Making strides toward being known as an innovation hub, the area includes the University of South Florida, Moffitt Cancer Center, Busch Gardens, AdventHealth Tampa, and Yuengling Tampa Brewery.
Quick Facts
Population:
16,044
Median Age:
36.8
Housing Units:
10,344
Bike Score:
71/100
Walk Score:
89/100
Transit Score:
67/100
Average Household Income:
$118,657
Uptown Housing Market
In this somewhat competitive market, some homes receive multiple offers and sell in around 19 days.
Despite the competitiveness, homebuyers may be able to score a deal. On average, Uptown area homes sell for about 4% below list price.
Median Sale Price
$275,000
Average Price Per Square Ft.
$224
Oakford Park
Oakford Park is home to almost 700 families, making it a great place to bring up children. In fact, 335 households in this neighborhood include children.
The neighborhood is also dog friendly, meaning even your furry family members will love this area.
Quick Facts
Population:
3,161
Median Age:
39
Housing Units:
1,598
Bike Score:
70/100
Walk Score:
62/100
Transit Score:
35/100
Average Household Income:
$118,994
Oakford Park Housing Market
In the past year, the median home price in this neighborhood rose by 35.8%.
Despite this quick rise in prices, homes for sale in this neighborhood sell in around 24 days on the market. Some homes in this area receive multiple offers and sell for about 2% below their list price.
Median Sale Price
$590,000
Average Price Per Square Ft.
$344
SoFi Home Loans
It’s easy to see why Tampa has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Tampa could be your home sweet home, then you may need to consider your mortgage financing options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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