2019 Median Home Sales Report
The median home in Tallahassee can be defined as the one in the very middle when you line up homes, so today we're going to take a look at the median home price, median home value, and median home size of single-family detached homes, condominiums, and townhouses.
If you are in the market for any of these types of properties, or perhaps you plan on selling one, the median home sales report is good-to-know information for helping you understand the current state of the housing market.
Median Priced Homes For Sale
The following list of homes for sale are those properties very similar to the median single-family detached home in Tallahassee.
Tallahassee's Median Home Price
The following graph shows the median home price for each of the sub-property types in the Tallahassee MLS.
The median home price for single-family detached homes continues to rise, up to $230,000 in 2019. With the cost of new construction only going higher, don't expect to see this trend move lower. We are about out of lots in the MSA so single-family detached home prices must push higher.
Attached housing has the median price remaining below $120,000, but this too will go up as developed lots get scarcer and population growth continues to push demand along.
Tallahassee's Median Home Value
The following graph shows the median home value for each of the sub-property types in the Tallahassee MLS.
The median home value for single-family detached homes has yet to move in 2019, following many years of above-normal appreciation. Higher new construction costs will impact median values eventually, so we should expect to see a new all-time high set here in the near future.
Townhouse values continue to rise, while condominium values are giving ground due to the glut of units that remain from the housing market expansion phase that ended in 2006. Once we see stability in the downtown Tallahassee housing market, we'll see condominium values move higher permanently. Of course, it might take a few more years for those units to be consumed, so expect more ups and downs for the median condo value.
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Tallahassee's Median Home Size
The following graph shows the median home size for each of the sub-property types in the Tallahassee MLS.
The median home size for single-family detached homes continues to fall. Builders are producing smaller homes in order to try to deliver affordable units. Unsurprisingly, we have seen seven straight years of decline since the housing market bottom in 2012. Homes were cheap in 2012, so people were getting more home for their money than they are now.
Townhome sizes have followed a similar path as the single-family detached homes did, with sizes declining as prices moved higher. But the median size of condominiums keeps bouncing around as the glut of units gets consumed. I would expect to eventually see median condo sizes drop as builders bring smaller units to the market (once more condo units are needed).
This concludes our report on median home sales in Tallahassee, please give us a call at (850) 366-8917 or drop us a note if you have questions about how this information might positively or negatively impact your desire to move.
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