According to a new Redfin analysis on mover migration, Tampa is the third most popular place in the United States for people to try to relocate to. It is followed by only two other cities: Phoenix, Arizona, and Miami.
In February, Redfin reported that home prices in the United States were up 16% year on year. Last month, inventory in Tampa was down nearly 30%, according to Zillow.
The national mortgage rate for 30-year fixed-rate mortgages increased by more than 4% as the Federal Reserve implemented its first interest rate hike since 2018, one of seven slated for 2022 in an effort to reduce inflationary pressures.
The seller’s market is still active, and the Tampa metro area is the epicenter of it in Florida. In the previous month, 16% of all properties sold in the state were in Tampa Bay. According to Realtor.com, rent costs in the United States have risen by double digits for the past seven months.
Rent in Tampa is up more than 30% over last year. Nonetheless, the region is in the middle of the pack among the top five cities in the country where people want to go, with Miami being the only other Florida city ranked higher as the most desirable relocation destination in the country.
According to Redfin’s data, over one-third of all homebuyers in the United States are looking to relocate. The top five places to relocate begin in Miami and end in Las Vegas. The next two positions were likewise in Florida, rounding out the top ten.
- Miami, Fla.
- Phoenix, Ariz.
- Tampa, Fla.
- Sacramento, Calif.
- Las Vegas, Nev.
- Cape Coral, Fla.
- North Port, Fla.
- Dallas, Texas
- San Antonio, Texas
- Atlanta, Ga.
According to Redfin’s migration report, more purchasers left San Francisco, Calif., than any other city in the country during the last two months. Los Angeles, New York City, Washington, and Seattle came next, with Boston, Chicago, Denver, Portland, and Minneapolis rounding out the top ten.
- San Francisco, Calif.
- Los Angeles, Calif.
- New York, N.Y.
- District of Columbia
- Seattle, Wash.
- Boston, Mass.
- Chicago, Ill.
- Denver, Colo.
- Portland, Ore.
- Minneapolis, Minn.
Nationwide, Redfin data show that owning and paying a mortgage is still less expensive than renting, but a dwindling inventory makes finding a place to live challenging. According to their research, the average monthly rent in Tampa is $2,120, while the monthly mortgage for buyers putting down 20% is only $721.
Mortgage payments were up 22% year on year, according to Redfin, and the median asking price for a home was up 14%. At the same time, new listings of properties for sale fell 1.4% year on year, while active listings fell roughly 24%. Redfin stated that active listings in Tampa were down 35.6%, while new listings were down 5.7% in the region.
According to the real estate corporation, the problem was caused by the COVID-19 epidemic.
“The number of properties on the market is down 49.9% from two years ago to a historic low of about 456,000,” Redfin said just before the pandemic’s second anniversary.
The company’s statistics showed that property prices increased 34% over two years, while the frequency of homes selling above list price doubled.
Houses are also selling faster, with over half selling in a week, compared to 31% before to the outbreak.
Florida houses are selling like hotcakes as prices climb, but inventory remains limited.