{"id":152785,"date":"2023-05-15T15:22:04","date_gmt":"2023-05-15T21:22:04","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=152785"},"modified":"2023-08-11T13:41:27","modified_gmt":"2023-08-11T19:41:27","slug":"tampa-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/tampa-real-estate-market","title":{"rendered":"Tampa Real Estate Market: Prices &#038; Trends In 2023"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC4070264142\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">Tampa, Florida, is one of the fastest-growing cities in the U.S. and boasts a strong housing market that\u2019s held up to correction pressures through this point. With a diverse economy, large tourism sector, and growing population, investing in the Tampa Bay area is a no-brainer for anyone looking for long-term growth.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Population and Labor Market<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Located in the southwest portion of Central Florida along the \u201cI-4 Corridor,\u201d the Tampa Bay metropolitan area consists of three cities: Tampa, Clearwater, and St. Petersburg. As of 2021, the total population tracks at just over 3.2 million, making it the 18th largest metro in the country.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Below, you\u2019ll see that Tampa has grown consistently over the last decade, except for a minor decline in 2020. This growth trend is expected to continue as more and more people move into the area.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1318\" height=\"450\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-2.jpg\" alt=\"Resident Population in the Tampa-St. Petersburg-Clearwater Metropolitan Area - St. Louis Federal Reserve\" class=\"wp-image-152817\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-2.jpg 1318w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-2-300x102.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-2-1024x350.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-2-768x262.jpg 768w\" sizes=\"auto, (max-width: 1318px) 100vw, 1318px\" \/><figcaption class=\"wp-element-caption\"><em>Resident Population in the Tampa-St. Petersburg-Clearwater Metropolitan Area (2011-2021) &#8211; <a href=\"https:\/\/fred.stlouisfed.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">St. Louis Federal Reserve<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">Tampa is home to several major employers across a range of industries, including healthcare, finance, cybersecurity, and tourism. The unemployment rate is currently pegged at 2.6%, which is nearly a full percentage point lower than the national average.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1318\" height=\"450\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-2.jpg\" alt=\"Unemployment Rate in Tampa Compared to the National Average - St. Louis Federal Reserve\" class=\"wp-image-152812\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-2.jpg 1318w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-2-300x102.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-2-1024x350.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-2-768x262.jpg 768w\" sizes=\"auto, (max-width: 1318px) 100vw, 1318px\" \/><figcaption class=\"wp-element-caption\"><em>Unemployment Rate in Tampa Compared to the National Average (2013-2023) &#8211; St. Louis Federal Reserve<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">Tampa also features a median age of 35.9 years old, which is within the <a href=\"https:\/\/www.biggerpockets.com\/blog\/best-housing-markets-in-demand\" target=\"_blank\" rel=\"noreferrer noopener\">peak household formation age range<\/a> and will help prop up housing demand for the foreseeable future.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Home Prices<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Home prices in Tampa have remained stable during the housing correction. As you can see in the graph below, YoY growth is declining rapidly, but home prices have remained at their peaks near the $350k-$375k mark. The lines on this graph aren\u2019t so different than what we&#8217;re seeing from other strong markets in the U.S., such as&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/dallas-real-estate-market\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Dallas and Fort Worth<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1058\" height=\"746\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image7.jpg\" alt=\"Median Sales Price Compared to YoY Growth (2012-2023)\" class=\"wp-image-152818\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image7.jpg 1058w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image7-300x212.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image7-1024x722.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image7-768x542.jpg 768w\" sizes=\"auto, (max-width: 1058px) 100vw, 1058px\" \/><figcaption class=\"wp-element-caption\"><em>Median Sales Price Compared to YoY Growth (2012-2023)<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">While these prices might decline in the near future due to overall growth declining, I wouldn\u2019t expect this to be a long-term trend. I would also point out that prices in Tampa are around $60,000-$80,000 less than the national average as of April 2023. Overall, investing in Tampa remains attractive.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Rent Growth and Cash Flow<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Rent growth, like sales prices, has flattened out over the past year but is up significantly since 2018. Once again, I wouldn&#8217;t expect rent prices to start falling off a cliff. It\u2019s possible that they might decline by a couple hundred dollars, but it won\u2019t stay that way.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"560\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-2.jpg\" alt=\"Median Asking Rent in Tampa (2018-2023)\" class=\"wp-image-152815\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-2.jpg 850w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-2-300x198.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-2-768x506.jpg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-2-340x225.jpg 340w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><figcaption class=\"wp-element-caption\"><em>Median Asking Rent in Tampa (2018-2023)<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">As for cash flow, the map below showing the <a href=\"https:\/\/www.biggerpockets.com\/blog\/price-to-rent-ratio-analyze-location\" target=\"_blank\" rel=\"noreferrer noopener\">rent-to-price (RTP) ratio<\/a> in each ZIP Code indicates that cash flow depends on location, but some areas can deliver good numbers. Generally, you want to find an RTP ratio close to 1% when looking for cash flow. Parts of East Tampa and North St. Petersburg are your best bets, as well as most of Clearwater. You can also find some cash flow in the suburbs north of Tampa, such as Wesley Chapel, which has grown significantly over the last two decades.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1562\" height=\"1280\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-2.jpg\" alt=\"Rent-to-Price Ratio by Zip Code in Tampa, St. Petersburg, and Clearwater\" class=\"wp-image-152816\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-2.jpg 1562w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-2-300x246.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-2-1024x839.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-2-768x629.jpg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-2-1536x1259.jpg 1536w\" sizes=\"auto, (max-width: 1562px) 100vw, 1562px\" \/><figcaption class=\"wp-element-caption\"><em>Rent-to-Price Ratio by ZIP Code in Tampa, St. Petersburg, and Clearwater<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Inventory and Market Health<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Inventory in the Tampa market is down 22% YoY, which has helped in keeping prices stable. The lack of supply is more in line with the levels we saw in 2019, so it\u2019s fair to say that market conditions have\/are returning to normal in some fashion. This isn\u2019t a bad thing. If anything, the lack of volatility makes the market a bit more predictable, contrary to some of the boom markets of the pandemic that are now busting.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"416\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-2.jpg\" alt=\"Housing Inventory in Tampa (2018-2023) - Redfin\" class=\"wp-image-152814\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-2.jpg 1230w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-2-300x101.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-2-1024x346.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-2-768x260.jpg 768w\" sizes=\"auto, (max-width: 1230px) 100vw, 1230px\" \/><figcaption class=\"wp-element-caption\"><em>Housing Inventory in Tampa (2018-2023) &#8211; <a href=\"http:\/\/redfin.com\" target=\"_blank\" rel=\"noreferrer noopener\">Redfin<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">Furthermore, days on market (DOM) has been on the climb since May 2022 and is also back in line with pre-pandemic numbers.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1058\" height=\"746\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-2.jpg\" alt=\"Days on Market in Tampa (2019-2023)\" class=\"wp-image-152813\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-2.jpg 1058w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-2-300x212.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-2-1024x722.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-2-768x542.jpg 768w\" sizes=\"auto, (max-width: 1058px) 100vw, 1058px\" \/><figcaption class=\"wp-element-caption\"><em>Days on Market in Tampa (2019-2023)<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Winning Strategies<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Overall, Tampa is a robust market for real estate investors. It has a good price point, some decent cash flow potential, and a strong economy to support future growth. While the national housing market experiences a correction, Tampa has held up nicely. Prices have been relatively flat, and key lead indicators suggest that the market will be one of the more stable housing markets in the country over the coming months.<\/span><\/p>\n\n\n\n<p>Kim Meredith-Hampton, an investor-friendly real estate agent in the Tampa area, says, \u201cI recommend using a long-term rental strategy to invest in Tampa, with short and mid-term rentals also being considered when the numbers crunch out (in which case you can use the long-term strategy as a potential emergency exit).\u201d<\/p>\n\n\n\n<p>If you\u2019re interested in learning more about investing in Tampa, partner with a local investor-friendly real estate agent like Kim, who can guide you through the strategies, tactics, and neighborhoods to focus on.<\/p>\n\n\n\n<p>Here\u2019s how to&nbsp;<a target=\"_blank\" href=\"https:\/\/www.biggerpockets.com\/agent\/match\" rel=\"noreferrer noopener\">contact Kim Meredith-Hampton on Agent Finder<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Search \u201cTampa, FL\u201d<\/li>\n\n\n\n<li>Enter your investment criteria<\/li>\n\n\n\n<li>Select Kim Meredith-Hampton or other agents you want to contact<\/li>\n<\/ul>\n\n\n\n<p>Kim is an investor herself, managing a 3,000-unit portfolio across Central Florida and Jacksonville with extensive experience in both single and multi-family investing. She holds multiple designations within the real estate sector, including MPM\u00ae Master Property Manager NARPM and RMP\u00ae Residential Management Professional, and currently serves on the Florida Assoc. of Realtors Board of Directors and the NAR Task Force ORRA.<\/p>\n\n\n\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find an Elite Agent in Minutes<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\"><strong>Agent Finder makes it fast, free, and easy<\/strong> <strong>to find agents that know investing.<\/strong> <br \/><br \/>Match with market experts like Peter Stewart of Indi, Brandon Ribeiro in Philly, Dan Nelson in Chicago, and Jodi Gauthier of Houston.<br \/><br \/>Build your dream team now!<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=button-custom-event-block_6412457fc596c class='button-custom-event'>\n      <a href=\"http:\/\/biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Elite Agent Rob Chevez&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/tampa-real-estate-market&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\"><br \/><\/p>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/Elite-Agent.png\" alt=\"Use Agent Finder to find an investor-friendly agent, fast.\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Tampa&#8217;s housing market is hot. No pun intended, although it literally is pretty hot. Either way, here&#8217;s what you need to know about it.<\/p>\n","protected":false},"author":612375,"featured_media":152791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7364,7119],"tags":[],"class_list":["post-152785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-markets","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/152785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/612375"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=152785"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/152785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/152791"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=152785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=152785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=152785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}