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Tampa Bay Real Estate

by Be a Vet in Tampa Bay

Tampa Bay real estate experienced a surge in activity during Covid-19, as the state was mostly open and active. Florida real estate has also been historically MUCH cheaper than California, New York and Chicago, and when those areas stayed locked down longer than was comfortable, residents made the easy decision to move to Florida.

Since the start of Covid-19, the Tampa Bay region has seen a steady increase in population growth. Here are some of the key facts:

  • Between March 2020 and January 2021, the population of the region grew from 3.1 million to around 3.4 million – an increase of 8%.
  • During this same period, Florida as a whole grew by only 4%.
  • The counties that saw the largest increases were Pinellas (9%), Hillsborough (8%), and Pasco (7%).
  • It is estimated that between 2019 and 2023, over 700,000 people will move to Florida due to Covid-19 related relocations.
  • In particular, more New Yorkers than ever before are moving to Florida in search of better weather and cheaper living costs.

Despite these impressive numbers, it is worth noting that Tampa Bay’s population growth rate is still lower than other parts of the state such as South Florida and Central Florida. Nevertheless, this surge in population demonstrates the allure of living in beautiful Tampa Bay – even during a pandemic.

As people who moved from California and New Yorand ing a surge in residential real estate prices. Here are some of the factors driving this growth:

  • Low mortgage interest rates, making home ownership more affordable for many buyers.
  • An influx of new residents to the region due to attractive job opportunities, relocations, and retirees seeking warmer climates.
  • A shortage of housing inventory due to increasing demand exceeding the current supply.
  • Growing development in the area with numerous new infrastructure projects underway.
  • High levels of investor activity, leading to increased competition among buyers and higher prices.

Overall, these trends are creating an increasingly expensive housing market in the Tampa Bay area, but one that also presents many potential opportunities for buyers who can move quickly when they find a great deal.

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