Tampa Bay, Florida is located on the west coast of Florida.
It is a densely packed metropolitan area (second only to Miami), with a population of more than 3 million people. Major cities in this area include St. Petersburg, Largo, Seminole, Clearwater, Palm Harbor, Brandon, Riverview and Tampa.
Tampa Bay metro area has been ranked as one of the top 20 fastest growing in the country. It also has a strong local economy with a focus on job growth in areas such as finance, retail, healthcare, insurance, professional sports, tourism, and real estate.
Tampa Real Estate Market Statistics
- Median Sales Price: $195,000 (10% change from last year, 2017)
- Month Supply of Inventory: 2.8% (almost 7% drop from last year, 2017)
- Median Rent Per Month: $1,200
- Median Household Income: $49,000
- Population in Tampa Bay: approximately 3 Million
- Unemployment Rate: 4 %
Tampa Market Quick Facts
- Tampa Bay with it’s beautiful beaches attracted many wealthy people which created areas with high-priced homes. However, Tampa still has areas where investors can find homes at affordable prices, even as low as $120,000 and turn around to rent them for $1200.
- The area has numerous strong Fortune 500 companies including Publix Super Markets Inc., Jabil Circuit Inc., WellCare Health Plans, Inc., Citigroup, Raymond James, Amazon, HSN, etc.
- Tampa remains a great tourism market with the most touristy place of Clearwater.
- It’s a popular option for retirees as well, providing for many short-term rental opportunities with the most popular upscale retiring place of Tierra Verde in St Petersburg.
3 Reasons to Invest in Tampa Bay in 2018
As you read above, Tampa Bay has job growth, population growth and affordability which means you’ll likely be able to find good investment opportunities. We strongly believe that Tampa is one of the best places to invest in real estate in 2018 because it has all three.
Affordability: Real Estate and cost of living in Tampa Bay is still very affordable in comparison to median income.
Job Growth: Tampa Bay had one of the fastest growing job markets of its peer group, outpaced only by neighboring Orlando.
Population Growth: Tampa has a population of 3 million people. It’s ranked in the top 20 fastest growing metros in the United States.
Articles where Tampa Bay was highly rated:
- “#1 Best Place to Buy a Home ” – Niche
- “Ranked #2 in Best US Cities to Buy Real Estate” – Tampa Bay Times
- “#5 Hottest Real Estate Market to Watch in 2017” – Forbes
- “#8 in America’s Fastest Growing Cities” – Forbes
- “#2 Best City for Young Entrepreneurs” – Forbes
- “#2 Best City for First Time Home Buyers” – Business Insider
For more information about Tampa Bay and other Real Estate Markets read here.