The Tampa housing market ranks as the healthiest in the nation according to a recent report by Ten-X. The report also rates another Florida property market, Jacksonville, within the top five best performers for spring. Both metro areas combine strong growth in population and jobs, key to a strong market.
The US property market generally has shown robust recovery after the economic crisis, but not all areas are experiencing similar growth patterns. In their latest seasonal report on single family home markets around the country, Ten-X reveal that two locations in Florida stand out over others. In the ranking for spring, the Tampa housing market takes top position with Jacksonville in fifth position. Joining them in the top five healthiest are Dallas, Colombus and Las Vegas.
In order to rank metro areas in terms of their property market, Ten-X looks at key aspects that underline a healthy market. These include population growth and job creation. The rate of unemployment also enters the equation as does salary growth.
Tampa housing market takes top spot
Until recently, the Tampa market ranked among the worst in Florida for foreclosures. It was also one of the worst hit by the recession. The current scenario, however, couldn’t be more different. According to Ten-X, “the Tampa housing market continues to flourish in its impressive recovery”.
The report highlights job creation as one of the factors behind the buoyant property market. The number of new jobs in the Tampa metro area has increased between 2 and 4% consistently over the last five years. It registered 3.1% growth in the year to this spring. Two sectors alone are the engines behind the employment market– the professional/business sector and education and healthcare. Ten-X states that the two drive almost one third of the metro area’s economy.
When it comes to the actual property market, Tampa stands out ahead of all the others in the US. In the year to this spring, the metro area saw an increase of 13.1% in prices and 7.3% in sales. The price rise was the highest of all metro areas in the US.
As far as predicting the short-term future for the Tampa housing market, Ten-X believes that “accelerating population growth and positive economic outlook should bolster demand and serve as solid underpinnings”.
Jacksonville property also hot
Joining the Tampa housing market in the top five healthiest in the US is Jacksonville. Like Tampa, the metro area experienced recession in the wake of the economic crisis with a similarly high rate of foreclosures.
Ten-X reports that job creation in Jacksonville continues to rank among the strongest in the US. In the year to spring, just under 3% more jobs were available with the education and healthcare sectors as star performers. Like many metro areas in Florida, Jacksonville registers strong population growth with a rate ahead of the US generally.
In terms of property, Jacksonville ranks second best in the US for house price growth in the year to spring. Property rose by 11.9% over the 12 months when sales went up by 7.3%. Both figures are broadly similar to the Tampa housing market. According to Ten-X, “accelerated population growth combined with a robust economy should fuel Jacksonville’s local housing market going forward”.
“At BRIC Group, we’ve certainly seen healthy returns from both Tampa and Jacksonville, as well as from property in Orlando, eighth in the ranking,” says Dies Poppeliers, Managing Director at the company. “These markets currently tick all the boxes for the drivers of property investment potential including the all-important job creation and population growth.”
BRIC Group, an investment company specialising in global real estate opportunities, offers US real estate investments including turnkey properties in Florida and Houston, and land plots in Florida. BRIC Group is also developing The Coral resort, in Northeast Brazil, a luxury beachfront resort with land and villa investment opportunities. BRIC Group has been creating wealth for its clients since 1996 and has offices in Brazil, Dubai (consulting office), Hungary, Spain and the US.