A Vibrant downtown area with flourishing art and entertainment, proximity to beautiful beaches, low cost of living and a pleasant climate rendering it the title ‘sunshine city’, has drawn retirees and young people to St. Petersburg in the recent times
The affordability of houses and the job growth are factors which have contributed to the population growth as well.
St. Petersburg’s housing market in short
Most of St. Petersburg has old time houses built after the war, during the 40tis to 60tis era.
A very small portion contains modern homes built after 2000s and it has a total of 105,443 houses and apartments.
It was again one of the worst hit cities in Florida during the economic crisis of 2012. The housing market had to endure foreclosures and distressed sales.
But there has been a gradual improvement in the real estate market in St. Petersburg year after year.
In 2014, the market situation was favorable to buyers, but not if you were a house-owner wanting to sell your home for a fair market value. The inventory was fairly good with low priced houses.
The median listing price was well below the national median level.
The situation saw a complete reversal of its prior state in 2016 when the same houses which were sold at a loss during the crisis of 2012, delighted home-owners by getting multiple offers, from which they could choose the best home buyer.
Even compared to 2015, home prices had gone by a substantial percentage especially in the historical downtown areas such as Kenwood, where the demand has increased.
Though with a little lesser vigor, the same good fortune has been passed on the 2017.
Only rising interest rates could be a source of worry, as they may cause buyers to stray away from the housing market.
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