Dwindling Supply of Florida Housing Stock is fuelling Price Rises
By Maria Thermann

Dwindling Supply of Florida Housing Stock is fuelling Price Rises

Continued high demand, so Florida realtors predict, will push prices up next year too, especially in the Orlando and Tampa areas. Tampa, in the county of Hillsborough, lies on the west coast of Florida, overlooking Tampa Bay near the Gulf of Mexico. With around 350,000 inhabitants, Tampa is a major city and a bustling place of commerce.

While the average home price in Florida stood at $223,000 in May this year, according to property portal Zillow's own data, in Tampa the average home stood at $184,200, making Tampa of interest to retirees and anyone wishing to start a new life in the Sunshine State. But prices are rising fast, so putting off a decision will be costly. Over the past year, so the portal stated in its predictions for next year, Florida home prices have increased by 9.6% alone and the trend continues. For 2019 the portal forecast a growth rate of 6.1%.

Tampa has plenty of attractions to offer investors and people wishing to relocate in their retirement. There is Florida Aquarium for example, a great place to spend the day with grandchildren. The 250,000-square-foot aquarium is home to sharks, penguins and dolphins, and kids love the water playground and stingray touch tank.

Then there's Adventure Island, a water park in the north-east of Tampa, just across from Busch Gardens inTampa Bay. At Adventure Island adults and children can enjoy thrilling water rides and multiple other attractions, while Busch Gardens Tampa is a 335-acre African-themed animal theme park that never fails to surprise and delight with the huge number of animals it houses. Tampa also has its own zoo at Lowry Park, a 63-acre site that was named the nation's most Family Friendly Zoo by Parents Magazine in 2009.

While real estate in downtown Tampa tends to be on the expensive side - a 3-bed condo will cost at least $900,000 - the rest of the Greater Tampa area is far more modest in price. Downtown Tampa is the city's main financial and commercial district, and one of only two major employment areas. However, direct your search to the suburbs and you'll find it is possible to buy 3-bed houses in Tampa for well under $200,000.

The National Association of Realtor's own predictions for price rises are slightly more modest than Zillow's. NAR estimates that Florida home prices will grow by 5% by 2019, based on a lack of available listings of new housing stock. If you are looking for a retirement home in Florida or want to relocate, don't put off a decision to buy for too long. It's a sellers' market, and Millennials are trying to buy ahead of a forecast rise in mortgage rates.

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