According to an annual presentation by the Urban Land Institute, which includes a survey by consulting firm, PriceWaterhouseCoopers, Tampa/St. Petersburg ranked 11th in the 2020 “Emerging Trends in Real Estate” listing, which analyzes and ranks cities based on employment, population growth, and real estate investment opportunities.
Although still considered a top market, the greater Tampa Bay Area actually dropped one spot after placing 10ths in 2019, which was the first time in the history of the PWC survey our market cracked the Top 10. Not surprisingly, Austin ranked first in the 2020 survey, which relies on replies from 2,200 respondents from all around the country.
Even with the slight drop in placement, the results still signal a very positive trend for the region as Tampa Bay's key economic statistics show that our area continues to outpace most of Florida despite dropping one slot in the rankings. Tampa also ranked 10th nationally for home-building prospects, according to the same PWC survey, which is especially encouraging.
Tampa’s housing index, for instance, stood at 779 at the end of last year, vs. 602 for the U.S. as a whole. The housing index factors in consumer and builder sentiment, pending sales, closings, and other key housing data.
According to Kristine Smale, a senior vice president with Meyers Research, the Tampa Bay area’s growth trends remain significant thanks in large part to the region leading high-income job growth with a 38% year-over-year gain. And along with that, it's a very hot migration location, great for renting, and builders in the area are doing a great job delivering the product residents are demanding.
Simply put, 2020 should be a good year for the Tampa real estate market.
Posted by Mike & Michelle Grizzell on