Ask anyone with any armchair-quarterback understanding of the Tampa real estate market and they’ll tell you it’s booming. Ask Realtor.com, Zillow.com or Money magazine, and they’ll tell you the same – but with the statistical chops to back it up.

Tampa, in fact, was named to Realtor.com’s 20 Hottest Markets for U.S. Real Estate rankings list for 2017 – and was the only Florida real estate market to make the list this year. Up five spots from last year, Tampa is a relative newcomer to the list, which is created after Realtor.com analyzes the country’s biggest metropolitan areas to find the cities where buyers are actively searching for properties – and buying them in record time.

But Tampa isn’t going this hot market alone.

St. Petersburg, considered a ‘satellite city’ to Tampa, helps to give these ‘paired cities’ a strong real estate market forecast boost, too.

House hunters on the prowl for properties in the Tampa-St. Petersburg area might notice the selections are a little lean and the competition from other buyers is white hot. With the housing market experiencing an inventory drop for more than two years – the longest streak in over two decades – nearly 8 out of every 10 real estate markets have fewer homes for sale now than this time last year.

And that shortage is reflected in how fast homes are snapped up – even as prices remain at record highs.

It’s no surprise, either. Residents – and hopeful residents – of the Tampa Bay area can enjoy a laid-back beach lifestyle while experiencing the amenities of a large metropolitan area, which includes three professional sports teams, two universities, museums and an impressive selection of entertainment and dining options. Tampa also boasts a number of diverse communities, including historic Ybor City which pays homage to its Cuban roots with traditional cuisine, music and cigars.

Then, there are the beaches. Just a stone’s throw from nearly anywhere in Tampa, the white-sand beaches of the Gulf coast have been prominently featured on countless ‘best beaches’ lists.

So buyers grow more anxious than ever as post-election mortgage rates rise and the federal government moves to increase a key interest rate. And those looming threats of impending market highs in the months ahead are creating a sense of urgency.

And despite the ongoing economic recovery and exponential real estate market growth after its last boom-and-bust cycle, low inventory remains one of the biggest market headaches, especially as new home buyers, Millennials, enter the crowded low-supply, high-demand market for the first time.

So how will this all shake out over the next five years? While no one can say for sure, real estate market projections for the Tampa-St. Petersburg market say these ‘paired cities’ have the strongest forecast of the lot, in part because prices are still off substantially as values are currently 10 percent below where they should be based on long-term trends.

And what does that mean for buyers? It means that if you’re ready to buy, the time to buy is now. Call us today to let one of our experienced agents help you call Tampa ‘home.’

Because at DeLeon Sheffield Company, ‘We’re More Than Realty; We’re Family.’