2024 Housing Market Overview for Real Estate Investors
Tampa Real Estate Market 2024
Get insights about the 2024 Tampa real estate market to determine if it’s the best location for your next single-family or multi-family home investment.
Tampa Real Estate Market Trends and Statistics for Real Estate Investors 2024
Tampa Bay, Florida, is a magnet for retirees and professionals alike. With a population of over 3 million, it is the 17th largest metro area in the United States and Florida’s third largest city. Aside from its pristine beaches, warm weather and thriving economy (supported by tech companies like Cisco and IBM, as well as MacDill Air Force Base), Tampa is located about 85 miles from Orlando. This proximity offers access to Orlando’s tourist attractions and the international airport, which serves over 50 million passengers annually.
Tampa, a top Florida retirement spot, attracts snowbirds, cash-rich buyers, and young professionals drawn to the area’s hot job market. In the last decade, Tampa Bay’s economy has grown by nearly 46%, and the metro area has a current GDP of $169 billion. Healthcare, finance, and tourism contribute to its robust and ever-expanding economy, which fuels high-paying careers.
The surge in demand in the area has pushed home prices up. Zillow reports an average home value of $386,957, but there are still affordable opportunities if you look inland. Coastal regions are beautiful but pricier, so explore the vibrant neighborhoods further from the beach.
If you’re looking to invest in the Tampa real estate market, you may need to act as fast as it is competitive. According to Zillow, homes typically sell in just 19 days! We recommend new builds, which save investors on property insurance and maintenance costs. It’s also a good idea to avoid flood zones.
Data Sources:
- www.zillow.com
- www.census.gov
- www.deptofnumbers.com
- RealWealth Property Team Data
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2024 Tampa Housing Market Trends
Despite claims of overvaluation, the Tampa real estate market is still showing steady growth. Home prices in the city are up 8% year-over-year, with the median sale price hitting $461,000 in May 2024, according to Redfin. The market is still somewhat competitive, with homes typically receiving two offers.
Below, we’ll discuss Tampa Bay’s median home value and rents in 2024 and over the last ten years. These trends are essential for investors to understand Tampa’s housing market affordability and equity growth opportunities.
Tampa home values are keeping pace with the national average.
Median Home Value
The data in this chart is based on the average single family home in Tampa and the United States as of January 2024.
In January 2024, the average home value in the Tampa real estate market was $372,746, exceeding the national average by 7.7%. Zillow even ranks Tampa as the 10th hottest market in the US for 2024 and notes in its annual report that home values are expected to grow by 1.5% this year.
Tampa rents are higher than the average U.S. metro.
Median Monthly Rent
The data in this chart is based on the average single family home in Tampa and the United States as of January 2024.
Tampa’s rents are currently a bit higher than the national average, with the average monthly rent around $2,094, which is 5.64% more than the U.S. average. However, according to Zillow, Tampa’s median rent has decreased by $200 since July 2023. As of July 2024, the median rent is $2,200. The rent-to-value ratio in the Tampa metro area is 0.56%, almost equal to the US average RTV ratio (0.57%).
Tampa home values are appreciating faster than the national average.
Median Home Value (2014-2024)
155%
81%
In recent years, Tampa’s housing market has been hot. Over the last decade, home values in Tampa have grown by 154.6%, outpacing the national average by 81%. That’s an average annual gain of nearly 11%. Imagine buying a home in Tampa in 2014 for $300,000. Today, it could be worth nearly $765,000! That’s the kind of growth you can expect in this market.
Looking at recent sales, Redfin reports that home prices in the Tampa real estate market increased by 8% year-over-year in May 2024. According to Redfin, the median home price in the city of Tampa is currently $461,000.
Certain areas in Tampa have consistently been top performers over the last twenty years. These include Downtown Tampa, MacDill Air Force Base and Ridgewood Park. As Tampa grows, savvy investors are looking beyond the city center. Areas like Pasco and Polk counties offer more affordable options with potential future value growth.
Rents in Tampa are rising faster than the national average.
Median Monthly Rent (2014-2024)
77%
86%
Over the past decade, Tampa’s rents have soared by 76.6%, outpacing the national average by a whopping 85%. This is an impressive annual growth rate of 6.52%.
But the rapid rent growth of 2021-2022 is starting to cool off. Apartment List reports that rents dipped slightly in July 2024 (-0.9% year-over-year). Despite the recent slowdown, Tampa’s rental market seems more stable than the rest of Florida. Tampa shows impressive stability compared to the state’s average decline of -2.4% in the same month.
So, what’s behind the slowdown? The surge in new apartment buildings being built is likely playing a role. Supply is catching up with high demand, leading to some price stabilization in Tampa’s real estate market.
Tampa, Florida Population Trends
One of the most promising signs of a strong real estate market is population growth. In this section, we’ll discuss what’s happening in the Tampa metro area.
Tampa's population continues to grow rapidly.
Population Growth
18%
133%
Tampa’s metro area population has been growing exponentially. The area’s population grew by 18% from 2010 to 2022, way faster (133%) than the national average. And it’s not slowing down. The metro area keeps adding new residents at a rate of 1.67% per year.
Why the surge? Jobs! Tampa’s strong job market attracts people inside and outside Florida. In 2020 alone, nearly 42,000 new residents poured into the Tampa metro area-that’s over 115 people moving into Tampa every single day. Because of this massive influx of people, the area was ranked fifth in the nation for net migration in 2020.
The Tampa-St. Petersburg-Clearwater metro area was also ranked as one of the areas with the most significant numeric population gains between 2022 and 2023, adding almost 52,000 new residents within that period.
Experts say Tampa’s population growth isn’t slowing down, which is good for the Tampa real estate market forecast. By 2026, Tampa Bay is expected to be home to over 5.3 million people, with Manatee County leading the pack with a projected growth rate of 10.3% from 2020-2025.
Tampa Employment Trends
Another sign of a good place to invest in real estate is a strong economy. In this section, we’ll discuss what’s happening in with jobs in Tampa.
Tampa's job growth continues to be higher than the national average.
Job Growth
30,400
2%
Between November 2022 and November 2023, Tampa’s job market growth outpaced the national average by almost 20%, with 30,400 new jobs created. Tampa boasts a strong GDP of over $169 billion. Tampa is one of the 10 fastest-growing U.S. cities for IT talent, creating a solid job market for tech professionals.
The metro area is not only attracting professionals but also big-name companies like Tech Data Corp., Jabil Circuit Inc., and Raymond Financial Inc. Local giants like Publix, BayCare Health System, and MacDill Air Force Base, as well as educational institutions like USF (University of South Florida) make Tampa a hub for diverse career paths.
Job growth in Tampa hasn’t slowed down. As of March 2024, the metro area ranked second in the nation for private sector growth, adding over 26,100 jobs (1.9% year-over-year increase).
Why Investors Should Consider Buying Investment Property in Tampa
Considering the information above and further research, let’s see what makes the Tampa metro area one of the best places to buy real estate in 2024.
1. Strong population growth
Tampa Bay’s population is growing fast. In 2021-2022, it grew by 2.2%, from 3,219,514 to 3,290,730 residents. That’s over 71,000 new residents, which provides a massive pool of potential renters for investment properties in just a year.
But Tampa isn’t just attracting new residents but also people with high incomes. Between 2019 and 2022, the proportion of Tampa residents earning over $100,000 increased significantly, from 26% to 34%.
Tampa’s population growth has outpaced the nation for over a decade. This long-term trend suggests a strong market with equity growth fundamentals, perfect for building long-term wealth through the Tampa real estate market.
2. Strong job growth
WalletHub ranked Tampa as the second-best city for finding a job in 2024. They analyzed 180 cities using 31 metrics ranging from job openings per job seeker to employment growth and average starting salaries. Tampa scored high, boasting high job openings, strong growth and competitive wages.
Since the pandemic, logistics jobs across firms like Amazon have skyrocketed in Tampa, growing at nearly twice the national average. Logistics companies are flocking to Tampa thanks to the city’s port access and relatively affordable real estate.
Besides logistics, healthcare is a significant player in Tampa’s job market. Many of the 30,400 new jobs created in Tampa were in this sector. As healthcare is recession-resistant, Tampa’s job market is built to last.
3. Diverse economy
From finance to healthcare, tech to defense, manufacturing and logistics, Tampa’s mix of industries keeps it humming even when the national economy is down. Tampa’s diverse economy offers a stable foundation for investors, which means the economy can weather disruptions even if one industry takes a hit.
Tampa’s job market has some big players. MacDill Air Force Base, a giant defense hub, employs over 30,000. Plus, Tampa boasts the 12th largest port in the US, Port Tampa Bay, making it a leader in shipping and logistics. St. Petersburg, a suburb of Tampa Bay, is known for its focus on electronics and medical device manufacturing, with over $843 million in annual exports.
Top universities like USF (University of South Florida) and UT (University of Tampa) churn out skilled workers and drive cutting-edge research, especially in medicine. USF, a Preeminent State Research University, inaugurated its new USF Health Morsani College of Medicine in 2020, highlighting the city’s commitment to advanced medical education, clinical care, and research.
4. Major transportation hub
Tampa boasts two international airports, including the top-rated Tampa International Airport, offering non-stop flights to over 80 domestic and 10 international destinations. Plus, getting around town is easy. Residents can hop on the free TECO Historic Streetcar connecting Ybor City’s historic district to downtown’s modern vibe. This service supports local tourism and local businesses.
Tampa also offers unique waterfront transportation, such as the Pirate Water Taxi, and rentals like eBoats and Tampa Bay Water Bikes. These are perfect for getting around or just enjoying scenic waterfront views.
Did you know that Tampa has the biggest port in Florida? Port Tampa Bay handles 33 million tons of cargo annually. This versatile port supports over 85,000 jobs and contributes $17 billion in economic impact to Central Florida. The port and the transportation options make Tampa one of the best places to start a business, attracting many business owners.
5. Good cash flow opportunity
Tampa’s rents are higher than the national average. You can purchase single-family homes in the $250k – $350k price range and rent them for over $2000 monthly. That’s good cash flow right out of the gate. For example, if you bought a Tampa property for $300,000 and rented it out for $2,200 a month, you’d bring in over $26,400 a year in possible cash flow, plus the potential for home appreciation.
Strengthening Tampa’s housing market is its strong economy and population growth. At more than double the national average, it provides a steady stream of renters, which means fewer vacancies and faster turnovers. While cash flow is king, appreciation is the queen! Tampa’s property values are on fire, with some areas still seeing double-digit growth annually. So, your property value is likely to rise alongside your rents.
Even tech giants like Bill Gates and prominent investors like Jeff Vinik are betting on the Tampa real estate market. Their investments in projects like Water Street Tampa show they believe in the city’s future. When big money moves in, you know it’s a smart place to be.
Tampa Real Estate Market: Developments & Projects
Planned developments help investors estimate how the value of their investment properties in Tampa might change over time. Here are some notable projects in the works in the Tampa real estate market right now.
1. Water Street Tampa Extension
Water Street Tampa is adding three new projects. These include a residential condo tower, the tallest condo building in Water Street; a brand new office tower that aims to attract a major out-of-state company and bring new jobs to the area; and a mixed-use entertainment district featuring a hotel, parking garage, restaurants, shops, and a live performance venue. Construction is already underway and is set to be completed by spring 2025. The roads are currently being constructed, after which work on the condo and office towers and the entertainment area will begin. Additional parking facilities and green pedestrian spaces are also planned for outdoor events like concerts and markets. Photo credit: Strategic Property Partners LLC
2. Tampa International Airport Renovation
Tampa International Airport just received approval to build a brand new terminal, Airside D, for a whopping $787.4 million. Construction kicks off this year (2024) and is expected to be finished in 2027. Airside D will be the first new terminal in over 17 years, adding 13 million passengers to the airport’s current capacity and bringing the total number of gates to 72. This project is part of Phase 3 of Tampa International Airport’s Renovation Master Plan. Phases 1 and 2 are already complete. They included significant projects such as the revamped main terminal, a new rental car center, SkyConnect automated people mover, roadway and Central Utility plant extension, the Blue Express lanes for travelers with carry-on luggage, and the SkyCenter One office building. Airside D will be the fifth airside terminal at the airport. The 563,000-square-foot facility will have shops and restaurants in an extensive concessions space. It will also contain an outdoor terrace, top-notch customs and security facilities, baggage handling systems, gate check-in, and state-of-the-art screening technology.
3. Rome Yards
Rome Yards is a dynamic mixed-use development transforming a neglected 18-acre site into a vibrant community. The project will feature 954 residential units (600 of which target workforce and affordable housing needs), 17,000 square feet of commercial space, a job training center, and over 30,000 square feet of amenity spaces. Construction is underway, with the first apartments ready by December 2026. All 954 apartments are expected to be completed within the next six years. Amenities include an amphitheater, a “Great Lawn,” a barbecue area and a cultural arts center. Overlooking the river on a bluff in downtown Tampa’s waterside, Rome Yards is close to everything. It offers stunning water views and easy access to Tampa International Airport, South Tampa, Riverside and Seminole Heights. It is a $300 million joint venture between the Tampa Housing Authority, the City of Tampa and the Related Urban Development Group.
4. Midtown East
Midtown East is an 18-story Class A office building at the corner of Dale Mabry Highway and I-275 in Tampa’s booming Westshore district. The Westshore submarket is experiencing explosive growth, making Midtown East a prime location for businesses looking to be part of the action. This tower is the centerpiece of the massive $1 billion Midtown Tampa project to connect Westshore to downtown Tampa and create a vibrant, self-contained community. Midtown East is expected to open in early 2025. Tampa Electric and Peoples Gas have already chosen it as their new headquarters.
5. GasWorx
Nestled between Ybor City and the bustling downtown Tampa, GasWorx is a transit-oriented mixed-use development easily accessible via the TECO Streetcar Line and the Selmon Greenway. The project boasts over 500 planned residences, including a 390-unit apartment complex by a Chicago investment firm. It also includes 40,000 square feet of grocery space and over 20,000 square feet of commercial space. The Gas Worx project is sparking a development boom in the area. Expect to see more exciting projects nearby, like the Canvas GWX townhome development that includes 79 stylish townhouses.
Best Places to Buy Investment Property in Tampa Bay & Surrounding Areas
If you’re considering getting into the Tampa real estate market in 2024, here are some of the best places to find profitable investment properties right now.
1. Temple Terrace
Temple Terrace is near I-4, I-75, and I-275, providing easy access to the entire Tampa Bay region. It also neighbors the University of South Florida and is just minutes from attractions like Busch Gardens, the Museum of Science and Industry and more. Temple Terrace is a bike-friendly community with public transportation options that run through the city. It also boasts excellent schools like Temple Terrace Elementary, Terrace Community Middle School, and Dr. Kiran C. Patel High School, making it ideal for families. Temple Terrace offers lower entry points for investors than Tampa’s core, with good potential for appreciation and rental income. According to Zillow, the average home price is $338,703, which has grown 6% year-over-year.
2. Town ‘n’ Country
Town ‘n’ Country, with nearly 90,000 residents, is a sprawling suburb northwest of downtown Tampa in Hillsborough County. Town ‘n’ Country is one of Tampa’s most beautiful cities, featuring neat streets lined with palm trees and various home styles, including Florida-ranch style homes, contemporary bungalows and sizeable Mediterranean revival houses. Town ‘n’ Country, located 8 miles from downtown Tampa, offers easy access to major highways like Veterans Expressway and Hillsborough Avenue. Residents enjoy quick commutes to the employment centers and attractions in the greater Tampa Bay area. Niche ranked Town ‘n’ Country the 18th best suburb in the Tampa area for raising a family, giving it an overall A grade for family friendliness. The neighborhood offers amenities like parks and recreational areas. Attractions include the scenic Upper Tampa Bay Trail, a 7.25-mile trail offering picturesque views of a nature preserve, and the Town ‘n’ Country Recreation Center, which has a gymnasium, fitness center and outdoor pool.
3. Brandon
Brandon is a vibrant community around 12 miles east of Tampa. Its population grew by over 10% between 2010 and 2020, from 103,483 to 114,626 by the 2020 census. This family-friendly suburb offers the best of both worlds: easy access to Tampa’s jobs and amenities while offering residents a more affordable suburban lifestyle. Getting around Brandon is a breeze. The city sits off major highways like I-75 and the Lee Roy Selmon Expressway, making commuting to Tampa easier. Families love Brandon for its good schools, including the Hillsborough County School District. The city also offers a variety of recreational activities for family-friendly fun, including easy access to the Alafia River State Park, miles of trails, and popular spots like TopGolf and Dave and Busters.
4. Riverview
Riverview is situated on the scenic Alafia River, with easy access to Tampa and other nearby cities via US-301 and I-75. Riverview offers its 102,467 residents a great lifestyle with beautiful beaches nearby (Bahia Beach and Anna Maria Island) and plenty of outdoor activities thanks to its surrounding parks and nature preserves. These include Lithia Springs Park, Rhodine Scrub Preserve and Bell Creek Nature Preserve. New construction properties are springing up in the area, such as Ridgewood, a family-friendly neighborhood offering resort-style amenities that include a community pool, playground, cabana, and stunning lake views. Riverview has a strong local economy and a median family income of $87,000, which makes it perfect for investors who want to attract high-quality tenants. Plus, with job opportunities in both Riverview and nearby Tampa, vacancy rates are likely to stay low. The area currently has a vacancy rate of 5.7%. Investors can expect an average monthly rent of $2,350 for a single-family home in Riverview. Homes cost an average of $393,000.
5. Hyde Park
Hyde Park consistently ranks among Tampa’s top investment areas. This historic neighborhood features popular areas like Bayshore Boulevard, Hyde Park Village, and SoHo. Rental units get snapped up quickly in Hyde Park, and property values steadily increase. Its upscale boutiques, trendy restaurants, and electrifying nightlife appeal to residents and visitors. Services like Neighborhood Electric Vehicles (NEVs) also help connect the area to other hotspots like Ybor City and downtown Tampa.
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