TAMPA, FLORIDA REAL ESTATE GUIDE

 TAMPA, FLORIDA REAL ESTATE GUIDE

 

If you are reading this article, it is because you are looking for information on real estate in Tampa, Florida.

 

Good news: Investir.us is sharing with you the LATEST information you need to know in this article.

 

Apartment in Tampa, house, should you buy or rent? Market trends in Florida's third-largest city.

 

So many questions, and everything quickly seems confusing. Rest assured, in real estate, there are only a few concepts to understand. A few quick analyses (which we're sharing with you) will help you form your own opinion about this market.

 

So, of course, your plan may be to buy or rent. Or perhaps you'd like to invest in Florida, and Tampa is beckoning.

 

Some important introductory elements about this city:

 

-As we mentioned, it's the third largest city in Florida (demographically), after Jacksonville and Miami. You can already guess that it's an attractive city for many residents.

 

To confirm this, Tampa Bay (Tampa, Clearwater, and St. Petersburg) has grown 14% over the last decade. This entire region is growing faster than South Florida. There are no signs of this slowing down.

 

Tampa is a major economic and business center for Florida. The city's strength? Its economy is based on a diversified base, such as tourism, construction, technology, and finance.

 

-Finally, the excellent living conditions in this city lead to a strong demand on the real estate market.

 

We'll go into this topic in more depth now in this guide.

 

Tampa Florida real estate

Interested in American real estate? Let's talk about it together

House or apartment in Tampa?

The median home sale price in Tampa is approximately $410,000.

 

The year-on-year price growth is about 17%.

 

To see the 5-year price trend in Tampa, click here!

 

In November 2021, the sales volume of houses was 1,000. While in November 2022, the number of houses sold was 600.

 

Tampa's homes and neighborhoods may look a little different than those in other parts of the country. Coastal style and friendly neighborhoods reign supreme in the Tampa Bay area.

 

Like most of Florida, stucco-style homes line many streets in Tampa.

 

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stucco-style American house

Source: https://www.forbes.com/home-improvement/siding/stucco-siding/

 

However, many buyers are drawn to neo-traditional style homes. Neo-traditional architecture draws inspiration from classical designs and features light-colored siding, varied rooflines, and rich stonework.

 

Downtown, is new condo construction on the rise? Especially in the luxury sector. The lifestyle is obviously completely different, with ultra-accessible amenities. But when looking for a condo, parking should always be considered, as public transportation is virtually nonexistent in Tampa.

 

Two (good) reflexes to have for a condo buyer:

 

➡️ Request the minutes of the co-owners' association for the last 3 to 6 months. This will help avoid unpleasant (and often costly) surprises after the purchase.

 

➡️ Identify and assess HOA (Homeowner's Association) dues. These generally cover the regular maintenance of the property as a whole.

 

Fact : Tampa condos have some of the highest HOA fees in the country as a percentage of monthly housing cost…

 

However, we respond that this is the price to pay to keep neighborhoods as well maintained as ever. And therefore, this also indirectly contributes to the city's attractiveness... and therefore to homeowners.

 

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Buy or rent in Tampa?

The latest analysis shows that the Tampa, Florida market is a seller's market in November 2022. This means that more people are looking to buy than to sell. Another interesting point is that prices are very little negotiated. This is not surprising, given the data mentioned above.

 

In fact, on average at the end of 2022, final sales prices were “only” 1.71% below the listed price.

 

To give a quick overview of the Tampa rental market, it's safe to say it's breaking records. It's actually very attractive, but you have to be on the right side of the scale.

 

Since according to the latest data between July and September 2022, monthly rents increased (on average) by 24.8%!

 

While the rest of the United States saw an increase of "only" 11%.

 

The analysis is simple: people can no longer afford property in Tampa (interest rates have risen sharply in recent months), so they're naturally turning to renting. This has generated enormous demand, automatically driving up prices.

 

This situation has also pushed many landlords to offer their property on short-term rental platforms to maximize profits.

 

Strong demand for purchases and strong demand for rentals—in short, a market that's performing above and beyond national standards. Of course, past performance is no guarantee of future performance.

 

What we can say, however, is that Tampa appears to be a solid real estate market with fundamentals that remain unchanged, regardless of the macroeconomic situation.

 

Read our report on this booming region!

What types of Tampa real estate are you looking for?

Now that you have a quick overview of accommodations in Tampa, you may be wondering.

 

What are you really looking for? What project do you want to accomplish?

 

Because the solutions offered will vary greatly depending on whether your plan is to move to the United States or simply enjoy a vacation here. Or even if your goal is simply to find an investment product.

 

There are as many correct answers as there are projects, and ONLY you can answer this question.

 

Let's still try to provide you with some answers.

 

➡️ Tampa and its quality of life are a strong draw for you as a new place to live: In this situation, it's a real life change that can be significant. Especially if you're currently in a country other than the United States. Here again, we can't give any preconceived answers, but generally speaking, renting initially is always a good strategy. More flexibility, less risky, and more easily accessible.

 

➡️ Tampa is the perfect place for your vacation: Another situation, here we are talking about only a few stays during the year. Obviously, looking for a house or apartment to rent in Tampa seems the most obvious (it will depend on the budget and needs).

 

The other solution may be to invest in a property that you occupy during your stay and rent out the rest of the time.

 

➡️ Real estate in Tampa, Florida as an investment: The objectives here are very different, but Tampa seems like a good option for you to make an investment. So the question is: can you find profitability in Tampa?

 

The answer is obviously yes, but not just anywhere and above all it depends on the investment product.

 

This requires a thorough assessment of your expectations and financial capabilities. However, Tampa offers many opportunities through its diverse economy, just as we do. You can contact us by clicking here for assistance.

 

You might find it very profitable to buy an apartment for long-term rental. For a more aggressive approach, why not consider short-term rentals?

 

Finally, camping in Tampa, Florida, can be one of those unusual but very profitable investments. In fact, in the United States, and particularly in Florida, you'll be focusing on the RV (recreational vehicle) industry. In recent years, we've been talking about double-digit growth in RV sales. And guess what? This doesn't just benefit the dealers of these vehicles. It also benefits those who provide spaces equipped for these travelers.

 

Contact us for your investment project

Tampa vs Miami: Comparative Data

In conclusion, we offer you a quick TAMPA VS MIAMI match.

 

Not that the goal is to say which one is better (you still have to see what your objective is). But the goal is simply to compare Tampa with probably the most popular city among French speakers when talking about Florida.

 

Demographics: We've seen Tampa experience 14% growth over the past decade. Miami, on the other hand, has 10% growth. From this perspective, Tampa is more attractive than Miami.

Cost of living: Miami is 18.2% more expensive than Tampa. So don't think Tampa is "cheap." The average cost of living in Tampa is 5% lower than the U.S. average.

The job market: remember that the unemployment rate in Florida is relatively low: 2.6%. For Miami it is 1.50%. For Tampa it is 2.6%. ( The data shown is for the month of November 2022, source: ycharts.com )

Quality of life: like the others, this indicator is much more subjective and will depend on each individual. What we can say:

➡️ Both cities have the best things to offer in Florida (ULTRA fun activities, heavenly beaches, incredible weather year-round in both Tampa and Miami).

 

➡️ The difference will be in the lifestyle and the people. It is well known that if you live in Miami you will be in the "Hustle" culture as Americans like to present it. That is to say, the feeling of big cities (comparable to Paris for example). That is to say, people who don't have time, who never stop and who are often very busy.

 

➡️ Another point to consider is transportation. It's virtually nonexistent in Tampa, which is less the case in Miami. In short, Tampa residents like to point out that nothing is possible without a car.