In Tampa-St. Petersburg-Clearwater, a recent survey found home prices saw an upswing. The urban and suburban areas expanded last year, but the urban center tended to surpass the suburban core. The report looked at rises in home valuation and rent rises in major metros across the country, including Florida’s quartet of major metro areas.
Home prices in metropolitan areas rose just over fourteen percent in the metro area of Tampa and a little more than eleven percent in the suburbs. The median urban home has a value of about $258,000, while the average suburban home hovers around $250,000.
As home prices in Tampa Bay rose last year, the rent also followed suit. In 2020, urban Tampa apartments saw rent increases of about six percent, while suburb rent also saw a boost of just over seven percent. In these groups, Tampa Bay had the highest rise in home prices, as well as some of the heftiest rent increases when evaluating Florida’s major cities.
Urban home prices increased by a little more than six percent in Miami’s metro area, while residential homes saw growth of over seven percent. Likewise, urban rentals increased by just over two and four percent in the metro and the suburbs, respectively.
The home valuation of the Orlando metro region also saw 2020 growth, with urban homes increasing by over eight percent and suburban homes growing by more than seven percent.
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