If you've been watching the Tampa Bay home market over the past few years, then you know the markets been hot! Demand for homes is at a near all-time high, while turnover of new listings entering the market has been very slow. The supply vs. demand difference has been causing the value of homes to rise considerably and is fueling a wave of new construction around the Bay.
What's Causing this Demand?
A recent Zillow study revealed some interesting clues by examining it's user's search trends.
Zillow broke the study into four categories based on whether buyers were looking to buy in their current location or move away to a new city.
Residents of Chicago, Houston, and Detriot were not only looking to move away, but outside buyers were also looking to avoid the area.
San Fransisco, Los Angeles, and Orlando residents were looking to move, but outside buyers want in.
Residents of Salt Lake City, New York, and Atlanta were happy with their location, but outside buyer demand is low.
Residents of Tampa Bay, Denver, and Portland's are not only rebuying in their area, but outside buyers want in too!
Unlike other popular real estate markets around the country that have a steady stream of people entering and leaving the market, Tampa Bay is like a funnel overflowing with popularity.
Tampa Bay has been a prime destination for retirees and snowbirds, so it's unlikely the boost in popularity is coming from that sector.
A Forbes article detailing how the Florida market is undervalued by nearly 20% could account for savvy buyers and out-of-state investors.
Also, it's not uncommon these days to hear Tampa Bay referred to as the up-and-coming Austin Texas, for all the similarities and amenities. Which means a new faction of millennials and first time home buyers are becoming aware of the area and loving what they see!
One thing is certain... it looks like the secret is finally out about Tampa Bay.
If you'd like more information on the Tampa Bay market or help with any other real estate goal, I'm always ready to be of assistant and just a phone call away.