Spring Hill, Florida feels like a small to medium city, though it’s technically a “census designated place” with a population close to 100,000 that enjoys an abundance of residential and business services, a diversified economy, and a booming real estate market.
Spring Hill lies just north of the Tampa-St. Petersburg-Clearwater metro area, and provides easy access to the growing metropolis’ services and opportunities. If you are interested in investing in Spring Hill, Florida’s real estate market, here are a few things to keep in mind.
Growth Across the Board in Spring Hill, Florida Real Estate
Currently, Spring Hill’s average closing home price is $109,205, noticeably below the national average of $180,100 and Florida’s State average of $198,000. However, the lower-than-average price shouldn’t scare off investors. Across the board, numbers are rising for Spring Hill real estate.
From May to August of this year, the median home price in Spring Hill was $109,205, which represented a 3.1% increase over the same period last year that translates into a $3,305 dollar bump in real sales prices. The median list price for the week ending August 26th, 2015 was $142,593, which represents a 3.7%, or $5,033 dollar increase, over the same week last year. Also, average per square foot prices for real estate in Spring Hill, Florida rose 8.3% last year, all of which shows that real estate growth is likely to continue.
Lifestyle and Convenience Factors Influence Spring Hill Real Estate Growth
Compared to the dense urban area of Tampa, Spring Hill offers a more rural and suburban quality of life that is appealing to families and professionals.
Three quality hospitals provide great healthcare to the area, helping explain the high number of retired individuals living in Spring Hill. And services don’t end there, with abundant education opportunities thanks to the new 100,000 square foot Pasco–Hernando State College in Spring Hill.
In addition to outstanding opportunities and a great quality of life, Spring Hill also offers convenient access to the Tampa-St. Petersburg-Clearwater urban area, which itself is steadily growing. Though Spring Hill has a slower pace of life, it isn’t too far off the beaten path to access Tampa’s world-class metropolitan area.
Looking to Invest in Spring Hill, Florida?
Currently, there’s a fairly large number of homes on the market, with many of them suitable for investing.