Despite Threat Of Massive Floods, Tampa Housing Market Surges 53% To $364 Billion
In a sign that a major hurricane and series of floods have little effect on home demand or prices, the value of all owner-occupied homes in Tampa rose 53.5%% from 2019 to 2022. That put the Florida city’s total market value of owner-occupied homes at $364.2 billion. According to a new survey, the median value of a Phoenix home at the end of 2022 was $344,400.
Nationwide, home values reached $36.6 trillion at the end of 2022. Among these, owner-occupied homes in the top 50 metros were valued at $23.48 trillion.
Other cities: Values also surge in Miami
Tampa is among the cities most at risk for hurricanes, coast flooding, and their threat to humans and property. Last year, Hurricane Ida’s strongest winds missed Tampa, but there was significant flooding. Recently, articles in The Tampa Bay Times warned of an increased risk of hurricanes that could strike the city directly and the damage of homes in metro flood plains at or below the level of the Gulf of Mexico and Tampa Bay.
History of Home Values
The value of homes in Tampa has risen faster than the national figure in 2000. Case Shiller took the top 20 US housing markets in January 2000 and gave each one an index of 100. As of October, the national index was 312.95. Tampa’s figure was 382.83.
Tampa’s population has surged this century, according to the Census. It was 303,447 in 2000 and 398,173 in 2022.
