Real Estate News: Tampa suddenly has the hottest housing market in the U.S.

One of the hottest housing markets in the Southeastern U.S. has been quietly thriving in the shadow of booming more sister city, Miami.

Tampa, Florida, was rated 2022’s hottest housing markets beating out other Florida cities as well as other major metros like Phoenix and Austin, Texas. The city outranked other markets due to its number of potential buyers, scarcity of homes, home sales, and flourishing job market. Tampa's home values are also expected to grow at their fastest pace this year.

Experts say one of Tampa’s biggest selling points is its weather. People are now just starting to discover how beautiful the city truly is.

Tampa's housing boom comes at a time when the average 30-year fixed mortgage rate has climbed above 5%. Mortgage rates began climbing after the Federal Reserve announced plans to raise interest rates and tighten monetary policy to get inflation under control. As a result, experts predict house prices will jump 10.8% this year and 3% in 2023.

Basically, Florida isn’t “on sale,” anymore. We have seen the prices rise significantly over the past couple of years. You shouldn’t only consider housing costs, but the overall cost of living in Tampa as well.