A January 2020 report published by Redfin named the 180 hottest neighborhoods to watch in the U.S. for 2020. The report names the top 10 neighborhoods followed by a breakdown of the 180 top markets that experienced excellent growth over the last year, including 3 neighborhoods in the greater Tampa metro.
Tampa Housing Market Growth Trends
For the last few years, Tampa has consistently been ranked as one of the top metros to watch for growth in real estate markets. Home values have been growing rapidly with an increase of 5% from November 2018 to November 2019, according to the Home Buying Institute.
Furthermore, Zillow ranks Tampa as a very hot real estate market, which means the city is currently in a sellers’ market. The listing prices per square foot, median list prices, median sale prices, and rental list prices have all been steadily increasing since 2013 without indications of a turn in 2020.
With the upper growth trends in mind, it’s no surprise to see neighborhoods in Tampa highlighted as high growth areas to watch.
Top Tampa Neighborhoods to Watch
3 Tampa neighborhoods appear in Redfin’s list of top U.S. neighborhoods to watch in 2020. These 3 neighborhoods are Plant City, MacFarlane Park, and Roser Park, and share some noteworthy commonality.
First, the median time a house spent on the market was remarkably low. Each neighborhood had a median of 35 days or less on the market. This is in contrast to the 2018 national average of 65 to 93 days on the market.
Additionally, the median sales price was lower for homes in the 3 Tampa neighborhoods, compared to the median sale price in the greater Tampa metro. This matches with the national trend of hotter real estate growth in markets with lower median home prices. In fact, a majority of the neighborhoods listed by Redfin have median home sale prices below $500,000.
Plant City, Florida
Homes in Plant City were on the market an average of 25 days before closing. The median sale price in this neighborhood was $203,000, with the median sale price in metro Tampa a little higher at $234,900. Within Plant City, 21% of homes sold above their list price.
MacFarlane Park, Florida
At $230,000, median home prices in MacFarlane Park were close to the Tampa metro median. A solid 26.1% of homes sold above their listing price, a strong indication of a hot market. Out of the 3 Tampa neighborhoods mentioned, MacFarlane Park homes were on the market the longest at 35 days, but this is still far below the national average.
Roser Park, Florida
Roser Park is a more surprising mention due to the lower median home values, but the high demand for homes in the area has caused it to get more attention in recent months. The median sale price of homes in Roser Park was $150,000, with 8.9% of homes selling above their list prices. The median time a home sat on the market before closing was 26 days.
Compilation Methodology
Redfin’s data is based on increased pageviews for homes listed for sale in the named areas. They compiled the list by including neighborhoods with at least 50 listings that had 20 pageviews or more in both 2018 and 2019.
Future Growth
Continued growth is predicted for Tampa and other local Florida metros. Plant City, MacFarlane Park, and Roser Park are currently seeing more public interest than other neighborhoods in Tampa, but the entire Tampa metro is experiencing steady real estate market growth. Throughout 2020, that trend is set to remain.
Marimark Realty
Marimark Realty, a top real estate company in Tampa, focuses on providing a personalized experience for buyers and sellers of real estate. As a full-service real estate agency, we help clients with luxury homes, homes for first-time homebuyers, commercial property, and investment property.
To begin the journey of purchasing or selling your home, or purchasing commercial or investment properties, contact us at your earliest convenience.