Tampa, Fla. (WFLA) – Real estate company Zillow has released a new ranking of the most popular places to buy a home in the US, and Florida makes the top 10.
This time instead of Tampa or St.Petersburg, the rankings were elsewhere, but not far away. Westchase, just 30 minutes from Tampa, is the fourth most popular market for shopping across the US
“The most popular markets by far paint a picture of how remote work has changed the US housing landscape,” said Zillow economist Nicole Bachaud. “Demand for suburban homes surged last summer, perhaps as buyers gained a better understanding of owners’ return-to-office policies. Research shows that the rise of remote work is responsible for about half of home price increases during the pandemic. How many employers continue to allow this flexibility for employees to live where they choose will go a long way toward determining which markets are in greatest demand going forward. ”
Zillow said the value of suburban homes increased rapidly as buyer interest increased, “a reversal of previous standards” and different from the first 15 months of the COVID-19 pandemic. . The company says embracing remote work is a key part of the shift, where homebuyers are trying to “prioritize affordability and space over a short commute.”
Of the top 10 markets, Westchase is the only one in the Sunshine State. Zillow reports that the typical Westchase home is worth $537,668, and the price has increased by nearly 10% in the first three months of 2022.
Smaller than Florida, home values across the country are said to be still on the rise and have grown 20.9% over the past year. Zilow said the mix of rising costs and rising mortgage rates makes monthly home payments 52.5% higher than in 2021. Additionally, higher costs haven’t slowed down. house-buying competition.
“Homes are selling like never before,” Zillow reports. “After just seven days for a typical home.” Nearly half of those homes are also selling above list price. The company says buyer demand is strong enough to keep the market moving, even as mortgage rates rise.
They say it is creating more of a challenge when it comes to buying an affordable home.
Year-over-year home value growth set a record for the 13th consecutive month in April. The typical American home is worth $344,141, 20.9% more than a year ago. That record growth comes despite soaring mortgage rates eating away at what homebuyers can afford,” Zillow said. “Monthly mortgage payments on typical U.S. homes are 11.7% higher than they were in March and 52.5% higher than they were a year ago, assuming a 30-year mortgage with a low payoff. 20% in advance.”
Zillow reports home prices in Tampa are up 35% year over year.
Here is a breakdown of the top 10 cities where people want to buy a home from Zillow.
- Woodinville, Washington (Seattle)
- Burke, Virginia (Washington, DC)
- Highland Ranch, Colorado (Denver)
- Westchase, Florida (Tampa)
- Edmonds, Washington (Seattle)
- Yorba Linda, California (Los Angeles)
- Johns Creek, Georgia (Atlanta)
- Tustin, California (Los Angeles)
- Ballwin, Missouri (St. Louis)
- Golden, Colorado (Denver)
https://www.wfla.com/news/hillsborough-county/westchase-4th-most-popular-market-in-us-zillow-reports/ Westchase 4th most popular market in US, Zillow reports