The housing market is witnessing an unprecedented surge, with values skyrocketing in a short span. This rapid growth signals a looming affordability crisis that needs urgent addressing.
Just how bad is it? Take a look at today’s short analysis, and you’ll see why it’s time we start holding politicians accountable for our declining quality of life.
How severe is the situation? Our brief analysis reveals the extent of the issue and underscores the urgency of holding politicians accountable for the diminishing quality of life.
How Home Prices Vary By Size
Homes in Tallahassee vary widely in size, price, and value. Today, we’re focusing on the core of the housing market, encompassing homes from 1,000 to 3,500 square feet.
The graph depicts how home prices have shifted annually, broken down into 500-square-foot sections. I’ve extracted three significant timeframes from this data for closer examination.
The first timeframe covers the entire duration represented in the graph. The second focuses on the housing market’s recovery beginning in 2012. The last period spans from pre-COVID times to the end of 2023.
Let’s examine the changes in home prices during these specific periods:
| Size | 2003 to 2023 | 2012 to 2023 | 2019 to 2023 |
| 1000-1499 | 94% | 126% | 50% |
| 1500-1999 | 101% | 101% | 46% |
| 2000-2499 | 105% | 97% | 49% |
| 2500-2999 | 92% | 84% | 42% |
| 3000-3499 | 92% | 88% | 45% |
The first column spans the entire tracked period, revealing that homes in the 2,000 to 2,500 square foot range have experienced the most robust growth, with prices soaring by 105% since 2003. To illustrate, a typical home in this category, valued at $218K in 2003, would currently fetch around $446K.
Meanwhile, homes sized between 2,500 to 3,000 square feet were the least dynamic, showing a 92% increase since 2003. In practical terms, a home that sold for $281K in 2003 in this size range would now be priced around $538K.
Since 2003, home values have surged by 99%, translating to an annualized growth rate of 3.5%. This trend holds significant implications for long-term investors. Despite experiencing an uncommon major market correction – the likes of which hadn’t been seen since before WWII and the Great Depression – home prices have consistently trended upwards.
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How Home Values Vary By Size
The previous graph showing home prices offers great insight into the housing market, but a full analysis should include average home values, too. Think of it this way: prices are what buyers pay, values are what sellers get, and home sizes tell you why they move at different rates.
This graph shows how home values have responded to changing market conditions over time, broken down into the same 500-square-foot sections as we used for home prices. Again, we’ll focus on the same three timeframes as before.
| Size | 2003 to 2023 | 2012 to 2023 | 2019 to 2023 |
| 1000-1499 | 96% | 130% | 51% |
| 1500-1999 | 102% | 104% | 47% |
| 2000-2499 | 103% | 97% | 48% |
| 2500-2999 | 93% | 85% | 43% |
| 3000-3499 | 93% | 89% | 44% |
Values have trended similarly to prices, which is expected given the tight constraints on the size ranges we’re analyzing. However, plotting values separately is beneficial, as it provides a clear picture of the gains or losses homeowners have experienced over time.
A prime example is the dramatic 51% increase in values over the past four years for homes ranging from 1,000 to 1,500 square feet, equating to a nauseating annualized growth rate of 10.85%!
This rate suggests home values could double in less than eight years. Such rapid growth raises sustainability concerns, and the lack of significant action from politicians at any level to address this escalating housing crisis has me gravely concerned.
We Must Demand Change
The consistent rise in home values, especially the staggering 51% increase in smaller homes, points to a deeply concerning trend in affordability. This rapid escalation, potentially leading to values doubling in under eight years, isn’t just unsustainable — it’s alarming. Our analysis underscores the urgent need for effective solutions to this housing affordability crisis.
As concerned citizens, we hold the power to drive change. It’s crucial that we voice our concerns and demand action. I urge you to reach out to your political representatives. Let them know that resolving the housing affordability issue is not just a policy matter but a vital necessity for the well-being of our communities.
Your voice matters. Contact your local, state, and national leaders. Address your housing crisis concerns and ask for concrete, actionable solutions. Together, we can advocate for policies that ensure affordable housing is not just a privilege but a right accessible to all.
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