Our 2020 Housing Market Predictions

We’re sharing our predictions for where our real estate market is heading in 2020.

You'll likely see a lot of national media talking about forecasts for the nationwide real estate market in the near future, but today we’re going to focus on the Tampa Bay market, specifically.

First, we expect to see home prices and appreciation continue to increase, though maybe not as drastically as it has been. Inventory has decreased, but appreciation will increase. Interest rates will continue to remain at record lows, helping to control affordability. The Fed recently chose not to raise or lower interest rates again. As prices have risen, interest rates stayed low or even decreased further. 

Another wonderful thing about our Tampa Bay real estate market is that we expect it to outperform most other markets due to our increase in population. We foresee our population continuing to rise this year. We have many excellent businesses moving here and a lot of development proceeding, including some new condo towers being built and sold. New construction builders currently have record-high confidence in our market. Our market continues to thrive.

We expect to see home prices and appreciation continue to increase.

One thing that isn’t spoken about often is the condo market improving as mortgage lenders raise their limits and loosen requirements. In our market alone, condo sales have never recovered from the last dip the way they have in other markets, so this year we’re expecting to see them improve. Millennials specifically have had a difficult time getting financing for condos, which they’re interested in, so we should see that shift for the better. We predict a great 2020 housing market for Tampa Bay.

Our 2020 market will have many similarities to 2019, but with a few great exceptions. If you’re reading this from up north, Tampa Bay’s climate makes it an appealing place to move to—it’s 80 degrees today! Some other markets in Florida are expecting a slowdown, but we aren’t because we’re more affordable than similar options such as Miami.

For more real estate information, videos, and market happenings, follow us on social media. If you have any further questions about our market or real estate in general, please feel free to reach out to us by phone or email. We would love to help you.

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