Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Tampa, FL, is certainly worth considering.
Located on the western coast of the Florida peninsula, the city of Tampa is the vibrant home to a melting pot of cultures and year-round gorgeous weather. Originally known as a military base and the American birthplace of the cigar, Tampa has a fascinating history that can still be felt today, through its deep connection to lively food, music, and culture.
But what about the Tampa real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.
Here are some of the top trends for March 2024 in the Tampa real estate market:
Tampa General Statistics
Population (city proper): 408,773 (up .2% since 2020)
Population (metro area): 3,290,730
Area (city proper): 113.6 sq. mi.
Area (metro area): 2,515.7 sq. mi.
Median Age: 35.3
GDP (metro area): $220 Billion
Unemployment rate: 3.1% (county-wide; down .1% since October 2023)
Top employers: Bloomin’ Brands, SYKES, Carrabba’s, myMatrixx, Hillsborough Schools, Atkins, Outback Steakhouse, Workers Temporary Staffing, WellCare Health Plans, CAE.
Highest paying jobs: Physician, Radiologist, Hospital Physician, Pain Management Physician, Cardiothoracic Surgeon, Oral Surgeon, Internist, Resident Physician in Radiology, Hand Surgeon, Environmental Health Physician.
Median income (per capita): $49,506
Median income (household): $71,089
Tampa Real Estate Market Statistics
Neighborhoods: 190
Homes for sale as of March 2024: 3,284
Median list price: $455K (down .01% Since December 2023)
Median sold price: $392K (down .01% since December 2023)
Sale-to-list price ratio: 98.13%
Median price per square foot: $294
Median days on market: 61 (up 18% since September 2023)
Rental vacancy rate: 4.2%
Homeowner vacancy rate: 1%
One-year appreciation rate: +3.7%
Average rent: $1,923 (up .02% since 2021)
Price-to-rent ratio: 18.42
Most expensive neighborhoods:
Neighborhood | Average Monthly Rent | Median Listing Price |
Historic Hyde Park | ||
Davis Islands | ||
Parkland Estates | ||
Gandy Sun Bay Southwest | ||
Bayshore Beautiful |
Least expensive neighborhoods:
Neighborhood | Median Monthly Rent | Median Listing Price |
Northview Hills | ||
University Square West | ||
East Lake South | ||
Rowlett Park | ||
Cross Fletcher |
Final Thoughts: Tampa Real Estate Market Trends in March 2024
The Tampa real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Tampa real estate market could provide ample opportunity to build your portfolio.
Get Started Buying Homes With Evernest
Whether you’re purchasing one Tampa home or one hundred, you don’t have to go it alone.
If you’re ready to buy your first (or next) investment property, here are three steps to get started today:
Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more.
Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.
Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.
This content was originally published on Evernest.co.
