Garden Homes For Sale In Tallahassee
Garden homes are becoming very popular in Tallahassee, as the rising cost of land and new construction has pushed builders to fit more homes on less land in order to reduce the price to consumers.
Though there are many names for this type of home, some of them used interchangably, I like to refer to homes on 1/5th of an acre or less as a garden (or patio) home.
Garden Homes For Sale In Tallahassee
The following list of homes for sale includes all single-family detached homes on .20 acres or less that are listed for sale in the Tallahassee MLS.
Garden homes are very popular right now in Tallahassee, as much of the new construction homes for sale are on parcels of land smaller than a fifth of an acre. In fact, of the 335 single-family detached homes for sale that sit on these smaller parcels of land, about 1/2 are already under contract with buyers.
These homes are especially popular for people who are downsizing. There is a lot less yard to manage when compared to a home on even 1/2 of an acre.
Garden Home Sales
The following graph plots the average number of garden homes sold each year from January through July for the past five years.
The number of new gardenhomes being built and sold is on the rise, an unsurprising fact when one looks at the new homes being built these days. As stated earlier, land is getting expensive, so we are going to see fewer homes built on large parcels of land and more being built on less than 1/5th of an acre.
The number of existing garden homes sold each year has dipped slightly thus far in 2020, due to what I believe are two important factors.
Number 1 is the pandemic, which has caused the overall market to dip thus far in 2020. But the second fact is low mortgage interest rates, which means buyers can spend the money on larger homes (and on larger parcels).
Garden Home Prices
The following graph plots the average price of garden homes sold each year from January through July for the past five years.
Home prices are moving higher for both new and existing garden homes in Tallahassee.
Existing garden home prices have moved more than 9% higher, from $193K to $211K through July in 2020.
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Garden Home Values
The following graph plots the average value of garden homes sold each year from January through July for the past five years.
Home values are moving higher for existing garden homes in Tallahassee, primarily due to the limited inventory of homes for sale. New homes values (costs) are being held in check by builders.
Existing garden home values have moved nearly 9% higher, from $128 per square foot to $139 per square foot through July in 2020.
Garden Home Sizes
The following graph plots the average size of garden homes sold each year from January through July for the past five years.
The trend for garden home sizes in Tallahassee continues to fall, as builders try to keep prices in reach of buyers. Smaller homes cost less than do larger ones.
Again, buoyed by low mortgage interest rates, buyers of existing garden homes are purchasing more home than they did last year.
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