An exciting niche of homes in Tallahassee is those that have an acre or more of land beneath them. Some people just love to have extra space to use and enjoy on their property, so this report and listings will show how this segment of the market is performing.
We start by looking at 91 listings of homes for sale on acreage, followed by a study of unit sales followed by an analysis of average prices, average values, and average sizes of these homes.
Homes For Sale In Tallahassee On Acreage
Here are all the available homes listed for sale on more than one acre. This is a dynamic list that updates every 15 minutes or so, and (as I write this) includes homes priced below $100K all the way up to nearly $3M. Please note that you can sort the list in many different ways!
Homes For Sale On Acreage
Unit Sales Of Homes On Acreage
The sale of homes on acreage has been robust for the past five years. When compared to the overall market, this segment has recovered faster.
There were 150% more homes on acreage sold in 2020 than there were in 2009, with each of the past five years averaging around 400 homes sold. We’ve learned that when the market tanks, these might be the most resilient properties out there.
The Price Of Homes On Acreage
The following graph measures the average sales price of existing homes on acreage from 2009 through the first week of February in 2021.
The most interesting thing that I see when I look at the average price of homes sold on acreage is that there was not a significant dip from 2009 through 2012 that we saw with other homes in Tallahassee. 2020 finished the year with an average price right around $450K for existing homes sold on acreage.
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The Value Of Homes On Acreage
The following graph measures the average value of existing homes on acreage, measured as price per square foot of heated and cooled space, from 2009 through the first week of February in 2021.
You would never want to use this graph to determine an estimated value of a specific home, because it uses price per square foot (of house) to determine value. Imagine a home on 100 acres being compared to a home on 1 acre, yet both homes were 3,000 square feet. This technique would have them worth the same!
But studying values this way with a good bit of data does deliver the movement of the market, which is what we are trying to ascertain. Much like we saw with average prices, average values did not plunge as far as did the rest of the market, though the recovery has been strong and swift. A new market has was reached as early as 2017, whereas most neighborhoods hit all-time highs recently.
The Size Of Homes On Acreage
The following graph measures the average sales size of existing homes on acreage from 2009 through the first week of February in 2021.
Though this graph is chaotic, it does show us important information. First, the range of home sizes (for homes on acreage) is fairly tight from 2,550 square feet to 2,850 square feet.
Secondly, the biggest homes (on average) sold near the very bottom of the market back in 2013. This is not a surprise, as prices were very accommodating back then.
If you have any further questions about homes on acreage in Tallahassee, just give us a call or pop us a text or email and we’ll gladly get back to you pronto!
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