Tampa more popular with relocating buyers 2022-06-30
Gulf Coast Real Estate Update
June 30th 2022
Tampa and Miami hold top spots for relocation
Miami and Tampa topped the list of most popular destinations for homebuyers moving from one metro to another in April and May measured by net inflow.
Tampa is more popular with relocating homebuyers largely because it’s relatively affordable, with the typical home selling for $370,000 in April. Although Tampa prices rose nearly 28% year over year, they were still well below the national median of $424,000.
Tampa had a net inflow of more than 11,000 homebuyers in the first quarter, up from roughly 7,600 a year earlier and about 4,000 two years earlier. The top feeder market is New York.
Mortgage Rate Increase Paused
The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession. This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.
