4 Tampa Real Estate Predictions for 2023
A thriving job market, diversity, affordability, safety and wellness: These are the reasons people have moved (and will continue to move) to Tampa. And as long as the population keeps growing, the housing market will stay hot.
As of September 2022, Tampa’s homes were going for $346,013-$1,115,744. Our average home price is quite a bit higher than the national average, but still considered affordable compared to other big cities. Not much new inventory is expected to come online anytime soon, so experts believe home prices will continue going up.
#1 The population will continue growing
Tampa is one of the most populated cities in Florida, ranking third after Jacksonville and Miami. Tampa’s population increased by about 10,000 residents in 2021-2022. With many people wanting to move to the Tampa Bay area, the demand for housing is expected to continue rising through 2023 and beyond.
#2 New jobs will continue attracting new residents
From 2021 to 2022, Tampa’s labor force grew by 64,982—this marks a 4.1% increase from the previous year. With unemployment at a low 2.7%, Tampa is a great place to find employment opportunities.
#3 Affordability will continue attracting new residents
Tampa’s cost of living is 5% lower than the national average. Its affordability makes the city a top destination for young professionals and retirees alike. And our favorable tax laws are desirable to Americans looking to make a move.
#4 Home prices will remain high
Tampa’s home values are up 247.45% compared to 2000. Our housing market has seen an average annual appreciation rate of 5.76%. With the thriving economy, growing number of jobs and steady population growth, Tampa’s real estate market will remain one of the hottest in 2023 and beyond.
