The Tampa Bay housing market is on fire
In December, Tampa Bay-area homes flew off the market in about 10 days, and buyers paid top dollar, according to Florida Realtors' latest report.
The state of play: Historically low interest rates are driving demand. That, combined with low inventory, caused home prices to surge.
- Realtor.com predicts housing prices will rise 7.5% around Tampa Bay in 2021.
By the numbers: Average single-family home prices are up by more than 13% compared to December 2019 in Pasco, Hillsborough, Hernando, Pinellas, Manatee and Sarasota counties.
- Single-family homes in those counties went under contract in 12.5 days on average.
- Average home values in Sarasota County showed the highest appreciation, up 31%.
- Inventory is low across the board. Available single-family homes are down 55% in Pasco County and 50% in Hillsborough County.
Why first-time homeowners have to move fast ... In Hernando County last month, townhouses and condos typically went under contract within four days.
The bottom line: 2020 proved to be a strong sellers' market, and there are no signs of that slowing in 2021, per the Tampa Bay Business Journal.
This story first appeared in the Axios Tampa Bay newsletter, designed to help readers get smarter, faster on the most consequential news unfolding in their own backyard.
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