Signs Continue to Point to a Positive 2024 Real Estate Market for Tampa Bay
A recent Florida Atlantic University study listed Tampa, Lakeland and North Port among the nation’s 10 most overpriced housing markets. Given that, look for buyers to pay more than houses are worth in 2024, continuing to keep the market hot for sellers.
The study produced the list by comparing the average expected home values based on historical trends to the average list prices across the nation’s 100 largest metro areas. Cities with the largest percentage differences between the expected home values and the average listing made the top of the list.
The area’s population and business growth also factors in the market’s favor. Zillow recently noted that Florida has surpassed New York and now has the nation’s second most valuable housing market. Four cities in the state have seen the most growth in the real estate market and Tampa Bay is tops among the four with an 88.9 percent increase.
“Florida is still a hot place to be as it’s an ideal location for ‘untethered’ remote workers with larger and more affordable housing compared to the Northeast and West Coast,” Florida Realtors chief economist Brad O’Connor stated in a recent blog.
Forbes forecasts a continuing rebalance for Tampa Bay’s market. It noted in a recent article that the data doesn’t point to a market crash, with homes largely selling for the initial asking price. In fact, of the 34 regional cities it analyzed, 30 witnessed a year-over-year decline in the percentage of active listings with price drops.
Of course, inventory will continue to be a factor and in the Tampa Bay cities where it increases, the market will likely see a price decline in 2024.