Jun 7, 2022 - Real Estate

Tampa among most overpriced housing markets in U.S.

Animated gif of a house going down a supermarket checkout conveyor belt
Illustration: Sarah Grillo/Axios

Tampa Bay has one of the most overpriced housing markets in the nation, according to new research from Florida Atlantic University.

By the numbers: Lakeland ranks 12th nationally, and second in the state, with homes overvalued by more than 53.2%.

  • Tampa — at 52.4%— ranks No. 13 nationally, third in the state.
  • North Port-Sarasota-Bradenton is No. 17 nationally, fourth in the state at 48.9%.

How it happened: Super low mortgage rates fueled our hot housing market, especially during the pandemic, pushing bidding wars higher.

Be smart: Johnson warns that an incoming slowdown could help people priced out of the market get into homes.

  • Yes, but: Recent buyers may have to endure stagnant or falling home values while the market settles — a point to consider for those who want to resell.
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