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Where are the “best buys” in the Tallahassee Real Estate Market?”
While location is a critical element to many buyers, if you are just seeking “more bang for the buck,” it might make sense to take a look at homes for sale in Wakulla County, homes for sale in Gadsden County, homes for sale in Jefferson County, as well as homes for sale in Leon County Florida.
For the sake of this blog, I took all the recorded sales in Leon, Gadsden, Jefferson and Wakulla Counties (recorded at corresponding county courthouses) for the year 2007 in order to have a look at how home prices compared. I then charted the average price of a home in each county. For each chart in this blog, I have included Leon County’s numbers for both 2007 (red)Â and ten years ago in 1997 (black)Â to see the relative changes.
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Next, I took a look at the number of homes that were sold in each county. As it turns out, we have some healthy activity in these counties:
I also looked at the average cost per square foot of construction (Total Square Footage, not just heated and cooled) to see how the counties compared.
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Finally, I looked at residential lot sales in each county to see how land costs would affect new construction.
Summary
A few things really jump out from this information:
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- The average price per square foot* for a home** in Leon County is higher than the surrounding counties
- The average price per square foot* for a home** in Leon County has increased 92% in the past ten years
- Unit sales for homes** in Leon County were 8% higher in 2007 than they were in 1997
- The average price for a home** in Leon County has increased 96% since 1997
- The average price for a residential lot in Leon County is double that of its neighboring counties
*Â Â Not all sales are recorded with square footage, so only those recorded with square footage (total square footage, not just heated and cooled) were used to determine these figures
**Â For the purpose of this posting, the term “home” includes single family detached houses, condominiums and townhouses.
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Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the Tallahassee real estate market.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850)Â 386-2001.
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