The Tampa Bay area has one of the fastest growing residential real estate markets in the country. According to Zillow, the growth in Tampa Bay housing prices over the past year ranks as the third fastest in the United States, with home values rising by nearly 12 percent.
Further demonstrating the market’s health, the total number of monthly single-family home sales in the Tampa Bay metro area rose by 10 percent from January 2016 to January 2017, according to a report by Florida Realtors.
While the Tampa Bay real estate market is doing well overall, several local submarkets are primed to become the area’s next hot spots. If you’re thinking about buying a home in the Tampa Bay area this year, here are a few lively, up and coming areas to consider:
Central Pasco County is a conveniently located live-work-play area
The Central Pasco County submarket includes growing areas like Wesley Chapel, Lutz and Land O’ Lakes. In recent years, these communities have transformed from mostly rural places to lively areas where residents live, work and play.
Located approximately 15 to 20 miles north of downtown Tampa, Central Pasco offers an abundance of retail, dining and entertainment options, as well as top-rated public schools.
The area’s residential real estate market has taken off and the growth is not expected to stop anytime soon. As one example, the Lutz area had nearly 100 percent more home sales in 2016 than in 2015, according to Florida Realtors.
In Wesley Chapel, Lennar is building homes in the master planned community of Wiregrass Ranch, which is being developed on 14,000 acres. In addition to its residential neighborhoods, Wiregrass Ranch features several commercial components, including 642,000 square feet of retail, restaurants and entertainment at the Shops at Wiregrass.
South Hillsborough County features affordable waterfront homes
South Hillsborough County is situated about 20 miles southeast of Tampa and includes areas like Riverview, Wimauma and Ruskin. Historically a bedroom community, the area has experienced significant growth in the last few years and now offers residents a variety of things to do without having to travel.
The Riverview area in particular has become a popular place to live for families, as it is a short commute to downtown Tampa and offers access to A-rated schools. Home prices in Riverview have risen by 8 percent in the last year and are expected to rise at least another 3 percent in 2017, according to Zillow. However, home prices in this submarket remain considerably lower than average for the Tampa metro area.
The more southern areas of the submarket are beginning to show similar patterns when it comes to residential growth. In one area of Ruskin, for example, home sales rose by 106 percent compared to the year before, according to research from Florida Realtors.
The Ruskin area provides a great option for those who want to live by the water. In Lennar’s Little Harbor community, spacious, luxury waterfront homes with deep water access and boat docks are available for under half a million dollars.
West Tampa offers urban townhome living fit for young professionals
The Tampa Bay Times recently said the West Tampa submarket is poised to become the area’s next hot spot. The area has been growing rapidly in the last few years with many new homes and several large-scale development projects, including the redevelopment of Tampa’s historic armory building into the Bryan Glazer Family Jewish Community Center.
The community, just over three miles from the core of downtown, offers close proximity to the many entertainment and dining options available in Downtown Tampa and Tampa Heights, including exciting events at Curtis Hixon Waterfront Park and highly esteemed exhibits at Tampa Museum of Art.
The area has seen a 100 percent increase in home sales in the last year, according to data from Florida Realtors.
Contributing to the area’s rapid growth, Lennar is gearing up to open sales in the second phase of its West End townhome community, which features upscale modern townhomes with prices beginning in the $380s. The homes in the first phase of the community sold out in just over a year, with most selling in the first six months. The community largely appeals to young professionals due to its urban location close to downtown and low maintenance requirements.
For more information on Lennar homes in these fast-growing Tampa Bay submarkets, visit the Lennar Tampa homepage or call 877-205-1328.