Traditionally speaking, September is not considered “peak time” to purchase a home. Springtime is what most mortgage professionals believe to be the busiest time for seller’s and mortgage lenders, which is why now would be an excellent time to buy a house. Securing a Tampa Bay mortgage now means you do not have to feel rushed to make a decision and you can explore the residential market at your leisure. Your local mortgage lender will also be more inclined to offer you a better rate than if it were the busy season.
So, to help you get started, our Hunter Home Loan team with Fairway Independent Mortgage Corporation has listed the most current residential market update for the Tampa region.
Median Listing Price
According to Realtor.com, the listing prices in Tampa have been consistently increasing over the past three years. By September 2015, the median price listed was $195,000 and increased 17% the following year to $229,000. By September 2017, the median listing price was $249,900 and by September 2018, the current median price was $260,000. This is a 4.04% increase from the previous year and a 33.3% increase over the past three years.
With this consistent rise in listing price, it is safe to assume that the residential prices are going to continue to get more expensive in the near future. Therefore, if you are thinking about purchasing a home, lock in a rate now with your Tampa mortgage lender before they increase again.
Median Price Per Square Foot
The median price per square foot has followed similar increasing trends to that of the listing price. By September 2015, the median price per square foot was $116 and increased 14.7% to $133 the following year. By September 2017, the square footage price was $144 and the current median price per square foot is $153. This current price is a 6.3% increase from the previous year and a 32% increase since 2015.
These statistics suggest that the real estate in Tampa is becoming more popular and therefore more valuable. This means that Tampa Bay would be an excellent investment for your financial future.
For more information on the current residential market update or to begin your home loan application, please contact your local Tampa Bay mortgage lender at 813-230-9428.