Make us your home page
Instagram

Report: Tampa Bay has nation's third fastest growing housing market

Zillow said Thursday that Tampa Bay had the third fastest appreciating housing market in the country. One sign of the price surge: this home on Davis Islands sold for nearly $6.3 million in late January, making it 2017's  first bay area  sale over $6 million. 

[Smith & Associates]

Zillow said Thursday that Tampa Bay had the third fastest appreciating housing market in the country. One sign of the price surge: this home on Davis Islands sold for nearly $6.3 million in late January, making it 2017's first bay area sale over $6 million. [Smith & Associates]

Tampa Bay has the third fastest appreciating housing market in the country, part of a Southern real estate resurgence, according to home market tracker Zillow.

Zillow estimated the average home value in the bay area at $181,200, up 11.9 percent from a year ago. That trails only Nashville and Portland among the 40 largest housing markets measured in the index released Thursday morning.

The news dovetails with the Florida Realtors report Wednesday that showed prices for single-family homes in Tampa Bay jumped 11.4 percent in January, far higher than the statewide average and the highest of any major Florida metro.

Previous coverage: Tampa Bay home prices shoot up 11 percent, kicking off another strong year

Zillow found that California markets have slowed significantly, while some non-traditional Southern markets are starting to shine. Orlando and Miami also rank among the 10 fastest-appreciating markets.

In contrast, San Francisco and San Jose a year ago were among the top 10 markets with fastest growing home values; today, they're among the slowest.

Zillow tied the California slowdown to the rising cost of living on the West Coast, with home shoppers struggling to find affordable options.

"We spend a lot of time focusing on the West Coast, but powerhouse markets exist throughout the country," Zillow chief economist Svenja Gudell said in a statement. "Florida and Texas home values have grown quite a bit over the past several years, stealing the spotlight from slower moving markets like San Francisco, San Jose and Los Angeles."

Overall, Zillow said, U.S. home values rose 7.2 percent over the past year to $195,300 in January, less than one percent shy of peak value hit in April 2007.

Among other findings:

• Rents rose 1.4 percent over the past year to $1,404 per month, according to the Zillow rent index.

• There are 3 percent fewer homes to choose from than a year ago, with Minneapolis and Detroit reporting the biggest drop in inventory.

Report: Tampa Bay has nation's third fastest growing housing market 02/23/17 [Last modified: Thursday, February 23, 2017 10:59am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Seminole Heights restaurants face struggles amid killings, post-Irma

    Food & Dining

    SEMINOLE HEIGHTS — The neighborhood's hip circle of popular, well-regarded restaurants is feeling the squeeze in the wake of a recent killing spree. And the timing is rough.

    Ella's American Folk Art Cafe. Times files
  2. St. Pete-Clearwater holding food, supply drive for hurricane refugees

    Airlines

    CLEARWATER — St. Pete-Clearwater International Airport and Allegiant Air are holding a food and supply drive for the Hispanic Outreach Center in Pinellas County. The event, which will benefit refugees displaced by Hurricane Maria, will be held Tuesday from 5 p.m. to 8 p.m. at the airport at 14700 Terminal Blvd.

    St. Pete-Clearwater International Airport and Allegiant Air are hosting a food and supplies drive Tuesday for refugees displaced by Hurricane Maria. | [Times file photo]
  3. Tallest building in Pinellas County in search of a new name

    Real Estate

    ST. PETERSBURG — The name "Priatek" is gone from Pinellas County's tallest building, perhaps to be replaced by that of a much better-known company new to the Tampa Bay area.

    The Priatek name is off of downtown St. Petersburg's tallest building.
 [LARA CERRI  |   Times.  2015]
  4. Estuary wins pier design contest for the Lee Roy Selmon Expressway extension

    Real Estate

    TAMPA — And the winner is… Estuary.

    Voters overwhelmingly supported a pier design called Estuary for the $200-million extension of the Lee Roy Selmon Expressway in Tampa.
[Courtesy of AECOM]
  5. Amazon receives 238 proposals from places eager to become its 2nd headquarters

    Business

    NEW YORK — Amazon said Monday that it received 238 proposals from cities and regions in the United States, Canada and Mexico hoping to be the home of the company's second headquarters.

    Earlier this month, an Amazon employee gives her dog a biscuit as the pair head into a company building, where dogs are welcome, in Seattle. Amazon says it received 238 proposals from cities and regions hoping to be the home of the company's second headquarters. 
[AP Photo/Elaine Thompson]