Tampa takes number two spot in the nation for home price jumps

TAMPA, Fla. - From palm trees to politics, there are plenty of reasons why buyers are flocking to Florida, said Tampa Realtor Victoria McGuire, but in her 17-year career, she’s never seen the city's housing market like this.

"Tampa has always been a robust market, but we’ve never seen price increases of this magnitude," McGuire said.

The latest Case-Shiller home price index showed Tampa’s year-over-year growth exceeded all 20 major cities analyzed except Phoenix for an annual home price increase of 30.8%.

"It is tough out there for young buyers," she said. "I wrote an offer recently for a young couple – the home they made an offer on had 36 offers on it."

In 2018, a mere four years ago, the median home price in Tampa was about $250,000. Today it’s more than $400,000.

"A lot of buyers are starting to give up – they’re having to make seven, eight, nine or more offers before they can get an offer accepted," she said.

But landlords hiking rates for renters has been a catalyst for many to buy.

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"They’re seeing the reality of how little control they have over what they’re paying," she said. "And again, the prices have gone up, but the mortgage rates are still low."

Around four percent right now…still a great rate, McGuire said. And the lasting benefit – buying, she said, builds wealth.

"You can generate generational wealth for your family by buying a home," she said. "People who have not bought a home in the past are starting to see that, when they’re seeing the benefits of the rising equity that they have."