Tampa among nation’s hottest housing markets in 2021, study shows

TAMPA, Fla. (WFLA) – Tampa will have one of the best housing markets in 2021, according to a new study from Redfin.

According to the real estate brokerage, Tampa is among the cities that will benefit from families leaving expensive costal cities and overcrowding larger southern cities. The study shows homes in Tampa Bay cost 24% less than a Miami home, e.g. $271,000 compared to $355,000.

Darlene Davenport, a Tampa Bay realtor and former president of the Greater Tampa Association of Realtors said the pandemic is putting her work into high gear.

“We had a dip in the market initially, and then, wow it returned greater than ever before,” she told 8 On Your Side.

Davneport explained that demand is up and inventory is down 47% in Hillsborough, Pinellas and Pasco counties. She says sellers have a major advantage.

“Our last 30 days, we’ve sold 2,675 [homes] more than what we have on the market. Truly, today, I can say we have less than 1 months supply of inventory,” she said, adding that she expects the trend to continue through 2021.

Local job growth and the coronavirus quarantine play major roles in the market.

“If they’re going to be in quarantine, they want to find the sunnier, happier place to be,” Davenport said.

Local real estate agents say 22% of homes are closing above list price. They recommend buyers:

Select good representation
Leave time to wait for the right listing to become available
Keep an open mine to explore alternate, new neighborhoods

Davenport says the greater Tampa real estate market is expanding to accommodate the additional demand. She suggests buyers look for hidden gems in Lakeland.

The realtor says new developments and businesses are popping up in the city and throughout Polk County. She also points out, it’s less than an hour drive to Tampa.