Please wait ...
When you’re looking at a city like New Port Richey, Florida, one of the first things you’ll see is the wide variety of outdoor experiences that can be enjoyed. Realtors in New Port Richey FL especially like the Pithlachascotee River zig-zagging through the city and the waterfront housing available because of it. But let’s get into more details that you might find detrimental to your decision-making process.
The real estate market in New Port Richey, Florida started a rapid ascent during the last year after a steady appreciation over the last decade. This rapid ascent increased the housing prices from a median home value of $180,000 in March of 2020 to $205,000 in February of 2021. That means that the housing market in the city, according to real estate agents in New Port Richey FL grew by 16%.
When it comes to how the population reacted to the home value increase, realtors in New Port Richey FL observed as the real estate market transitioned into a Seller’s Market. When a city experiences a Seller’s Market, that means that there are more parties interested in buying a home than there are homes available on the market. Real estate agents in New Port Richey FL know that this situation gives sellers the opportunity to increase their selling price as more people show interest in each particular home. With some of the best realtors in New Port Richey FL, on your side, you can ensure that the price remains as close to the real market value as possible once you decide on the house you’re interested in. They’ll be by your side through the negotiation process and walk you through all the necessary paperwork.
From all the housing options available in the city, real estate agents in New Port Richey FL can tell you that around 45% are single-family homes. This gives families a suburban sprawl that provides a safe environment for their children. Besides those, around 2,1% are apartment complexes, 14% are mobile homes, 11% are small apartment buildings and 9% are townhomes.
According to realtors in New Port Richey FL, the city’s economy is improving with recent job growth of 2.38%, which is higher than the 1.59% national average. Furthermore, future job growth is expected to reach 44.30%. The result can be seen in the decreasing unemployment rate that reached 3.8%.
While real estate agents in New Port Richey FL are aware of the fact that the median household income is relatively low at $35,000, 78% of the workforce is employed in white-collar jobs, while 22% work in blue-collar jobs. This situation leads to a gap between incomes depending on the industry employing. While the Finance and Insurance industry offers a median income of $44,000, the Art, Entertainment, and Recreation industry pay a median income of $18,000. The highest-paying jobs, according to realtors in New Port Richey FL are in Architecture and Engineering occupations with $96,000 followed by Computer, Engineering, and Science occupations with $67,000.
Based on what realtors in New Port Richey FL mentioned, the cost of living in their city is lower than the national average. This can be seen especially from the housing cost, which is the biggest expense. Compared to the national average, housing costs in New Port Richey, Florida are approximately 50% cheaper than the national average.
Now that we covered the most important factors to consider when selling or buying a property in New Port Richey FL property, you can make an informed decision. Real estate agents in New Port Richey FL are available to offer advice regarding your real estate venture, and you can find their contact information if you scroll up a bit. Finding the city that checks every box on your dream home list isn’t always easy, but making a home can be. Let realtors in New Port Richey FL guide you through their city’s real estate market and get ready to enjoy the ride. Feel free to go on adventures through the amazing natural landscape and breath in the fresh air.