Active Areas In Tallahassee Real Estate January 28, 2010
With the boom of the housing market well behind us, one thing that we like to monitor is the activity in the different areas of the Tallahassee housing market. The boom created much new construction of homes for sale in all areas of Tallahassee, but since then some areas have died down slower than other areas.
The Tallahassee real estate market is broken down into four areas:
In the real estate graph below, we see that Area 1, Northeast Tallahassee, has grown as a percentage of homes sold in Tallahassee, while Areas 2 and 4 have seen a reduction in their percentage of the overall housing market in Tallahassee. Area 3, the Southeast, seems to be holding fairly steady.
One way to use this information is when determining future resale ability. This report suggests that Area 1 might perform better than the other areas in a "worst-case-scenario" plan, and also suggests that property values will hold-up the longest there, while Area 4 will see the quickest erosion of home prices in the next down market.