TAMPA, Fla. (AP) – The total value of the Tampa Bay area’s housing stock soared 10.3 percent in 2016, nearly twice as much than the nation as a whole, according to a new report from Zillow.
The Tampa Bay Times reports that dollar-wise, bay-area homes collectively exceed the market value of such giants as Bank of America, Procter & Gamble, Disney and Coca-Cola. If they all sold tomorrow, they’d bring in more money than the annual revenues of every Fortune 500 company except Walmart.
On the downside, Tampa Bay housing values still haven’t returned to pre-crash levels. And in another sign of the lingering effects of the foreclosure crisis, the large number of bay area residents who lease rather than own is spurring a hefty increase in rental rates.