TAMPA, Fla. (WFLA) — The median sale price of a home in the Tampa Bay metro area grew to almost $400,000, according to a new set of data put together by Realtor.com. Tampa’s price increases for home sales were the third highest in the country, behind Miami and Las Vegas.
While rent prices dipped lower in Tampa in March, home prices rose. Compared to the year before, housing costs for both rent and home sales were up over 30%. Tampa’s median sale prices for houses was at 32%, according to the Realtor.com study.
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The price increases continue a trend of Tampa’s expensive housing market as more people continue to move to Florida and, more specifically, to the Tampa Bay area.
In February, 16% of homes bought in Florida were in the Tampa metro. While the state has the highest number of vacant or empty homes in the country, the number of houses available for sale continues to shrink, adding to cost increases as demand remains high.
With prices high, Realtor.com found the cost per square foot rose almost 30% in the Tampa Bay area.
Active listings fell 22% compared to the year before. Just in the past month, new listings fell 6% in Tampa, showing more of the continuous inventory shrinkage hitting the housing market across the U.S. At the moment, Tampa and Atlanta have the same median prices, though the price increases are slower.
Atlanta’s prices increased just under 9% in the past year, and cost per square foot was up just 11.7%, compared to Tampa’s 30%.
Still, prices and price increases were at times higher in other parts of Florida. Jacksonville’s median home price was $406,000 while Miami’s was $547,000. While homes in Jacksonville got 21.5% more expensive in the past year, Miami’s prices rose 37%. Tampa’s prices were $399,000.
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Orlando was closer to Jacksonville and Tampa when it comes to price and increase. Homes there had median prices of $413,000 and were up 27.9%. Per square foot, Orlando area homes cost 27.7% more for space.
The state of Florida, especially Tampa, remains an attractive place to live and move to, with beaches, entertainment and lower tax burdens compared to other states.
As the migration to the Sunshine State continues and the state population bucks the falling birthrate trend of other parts of the U.S., finding places for people to live could remain a problem, as affordability concerns continue.