The luxury home sales market continues to post record-setting numbers, following best-ever 2020 with even stronger sales through the first quarter of 2021. But will it continue?
After creeping higher for most of 2021, mortgage interest rates have been moving slightly lower since the last week of March. As we are greatly concerned that the red-hot high-end market will cool when rates permanently move higher, the slight reduction in the cost of money is promising to high-end sellers and buyers alike.
But we do expect the top of the market to cool after posting a record year in 2020. But will the cooling begin this year? Or next year?
Will the supply of luxury homes start increasing? What should luxury homeowners expect to see in the coming months and years as the market moves forward?
These are the questions that we have answered in this month’s luxury homes market update.
Luxury Homes For Sale In Tallahassee
The following list of homes for sale includes all single-family detached homes priced at $800,000 and higher.
Luxury Homes For Sale In Tallahassee (SFD)
Luxury Home Sales Update
How 2021 Ranks For Luxury Homes Sold
The first graph in today’s report was created from first-quarter home sales in Tallahassee each year, beginning in 2003 and ending in 2021.
It ranks each home price segment from 1 to 19 based upon how well 2021 has performed (with a rank of “1” if 2021 had the most home sales down to “19” if 2021 had the fewest number of homes sold of all 19 years).
It’s important to understand that each price segment includes all home sales from that price and higher, all the way to the most expensive home sale in 2021. So the easiest way to read this graph is from the bottom up.
2021 has continued the hot run on all homes, including the very top of the market. Here we see that this year is ranked #1 for all homes priced over $200K (that’s more than 60% of all homes sold).
Of course, the lower price points would be ranked #1 too if there were more homes available within the lower price ranges. The takeaway from this graph is that everything in the market is hot right now, even luxury homes!
Our next graph zooms in on the top 1% of the Tallahassee real estate market.
First Quarter Luxury Home Sales
This graph provides a great perspective on just how tiny 1% of the home sales really are. The dashed box highlights luxury home sales, and there have been 14 so far in 2021.
This graph is very helpful to show just how few homes are sold in this top 1%. It’s one thing to hear the number, but seeing it against all home sales really makes it clear. There have been just fourteen homes sold for more than $900K, and that’s more than 1% of the 1013 homes sold in the first quarter of 2021.
Top End Of Market Remains Strong
When we drill down and just examine the top 3% of the market, we see a dominating performance by high-end homes thus far in 2021.
We’ve counted the first-quarter home sales for each of the past three years and shown them in the graph above. The red bars measure sales in 2021, and we can see that homes priced above $700K represent the top 3% of home sales by price.
2021 is well out in front of the past two years for homes priced above $700K, up 56% this year. At this point, I think it’s safe to say that there is no sign of cooling off for luxury home sales.
Mortgage Interest Rates Ease Lower
The following graph tracks the funding of all luxury home sales from 2003 through March of 2021.
The graph above shows the percentage of luxury home buyers financing their purchases. Even as rates kept setting new record lows in 2020, we observed a rise in the number of people paying cash for a luxury home.
The solid green line shows the percentage of people who financed their luxury home purchases each year. With relatively few sales in the top 1%, it’s not surprising that the results bounce around from year to year. The red arrow shows that nearly three-quarters of homebuyers who purchased from $900K and higher financed their homes thus far in 2021.
Why does this matter? Well, if the buyers who finance luxury homes can no longer afford to do so due to rising mortgage interest rates, then we’ll see a serious cooling off of the luxury homes market. How would this year look if the majority of the three-quarters of all luxury home buyers went away? I suspect that will be pretty much the case when mortgage interest rates move up another percent or so.
With rates still very low, this remains the best market conditions ever for selling a luxury home in Tallahassee. Buyers are out shopping. Both those with cash and those who are financing the sale. Take advantage of these conditions and get your luxury home sold before market conditions shift in the other direction.
Time On The Market When Selling A Luxury Home
The next two graphs required a ton of work and were not assembled with an automated MLS report. We had to scrub a lot of duplicate entries in order to find out how long it has been taking to sell luxury homes in Tallahassee, and I can tell you it is a lot longer than what MLS reports show.
In the graph above, all luxury home sales are segmented into 2 groups each year. The green group includes all luxury home sales where the homes were sold by the first broker each seller hired to sell a home. The black group shows those that sold with a subsequent real estate company.
The first thing to note is that luxury homeowners that successfully sold were on the market a lot longer than what unaudited Realtor reports would show. The MLS allows its users to manipulate listings to always appear fresh, but the reality is that many have been listed numerous times. To give you an idea of how significant this is, the MLS tells me the average time on the market for the luxury homes that sold was 77 days, yet our work reveals it was closer to 390 days! So not two months, but thirteen months!
As you can see in the graph, sellers who successfully sold in 2020 with their first real estate agent took more than a year to sell, while those that sold with a second (or later agent) took just a little less time. This is a rare result.
In fact, 2020 is the only year where sellers took longer with the first agent than they did with the second group. When we look to 2021, the only luxury homes that sold were ones where the first agent sold it, as all the “stale” luxury homes remain unsold.
If you are planning on selling a luxury home, make the effort to choose the right agent who can provide an accurate valuation of your home and get you sold for top dollar. It does not take a year (or more) to sell a luxury home in Tallahassee.
How Much Are Luxury Home Sellers Getting?
When we compare final sales prices to initial asking prices, we can see that luxury home sellers are not getting what the listing agent recommended when the marketing began. Consider this a cautionary note, don’t let the highest bid on your home come from your listing agent! Talk to several before you hire an agent so that you can have confidence in your selection.
As with the previous graph, this graph shows fresh listings in green (homes listed with a first agent), and stale listings in black (those listed with a 2nd or later agent).
In 2020, luxury home sellers who sold with their first agent received 97% of their initial asking price (after 13 months on the market), while those listed with a second or later agent only received 88% of their initial asking price. This year, luxury home sellers have received 86% of their initial asking price (in just over 6 months of market time). Again, no stale luxury home listings have sold thus far in 2021.
If you want to sell a luxury home, make sure you choose the agent that spends the marketing dollars necessary to attract ALL potential buyers to your home. As you can tell from the graph above, it does matter.
The Luxury Homes Market In 2021 And Beyond
After seeing a record-setting number of cash buyers in the luxury homes market in 2020, I’m expecting that we’ll find fewer ones in 2021. This means the luxury homes market will rely heavily on buyers who are financing their purchase (and that’s why mortgage interest rates are so important).
Fortunately for luxury home sellers, mortgage rates today are about 1/5th of a percent lower than they were on this date last year. But as the year progresses, we’ll see rates (even if they do not move higher) surpass the historic lows attained last year.
If you have a luxury home to sell, call us immediately. We can help you determine the best asking price for your home, pre-market it to all current luxury home buyers, and help you get top dollar for your home before the luxury homes market returns to normal.
Recent Luxury Homes Sales
The following table shows all luxury homes sold in Tallahassee going back to 1991. You can sort the table by any field in the table heading.
All homes sold for $800K or more
| Neighborhood | Address | Price | Price / SQF | Closing Date | Year Built | SQF | Sale Type |
|---|---|---|---|---|---|---|---|
| Bobbin Brook | 998 Rosebay Court | $950,000 | $261 | 2026-10-09 | 1986 | 3,633 | Resale |
| Centerville Conservation | 6311 Bird Dog Pt | $1,100,000 | $349 | 2026-10-01 | 2014 | 3,151 | Resale |
| Northwood | 6375 Thomasville Rd | $854,000 | $189 | 2026-09-30 | 1981 | 4,529 | Resale |
| Golden Eagle Plantation | 8503 Congressional Dr | $1,700,000 | $244 | 2026-09-28 | 2001 | 6,960 | Resale |
| Golden Eagle Plantation | 2998 Golden Eagle Dr E | $1,375,000 | $219 | 2026-09-25 | 1995 | 6,280 | Resale |
| Circle J Acres | 6754 Circle J Dr | $865,000 | $226 | 2026-09-25 | 1970 | 3,820 | Resale |
| Harris Park | 1755 Tarpon Dr | $1,375,000 | $264 | 2026-09-14 | 1991 | 5,205 | Resale |
| Golden Eagle Plantation | 2868 Royal Isle Dr | $852,000 | $287 | 2026-08-31 | 2003 | 2,968 | Resale |
| None | 6981 Duck Cove Rd | $1,200,000 | $392 | 2026-08-31 | 1984 | 3,062 | Resale |
| None | 7083 Grenville Rd | $2,925,000 | $495 | 2026-08-31 | 2022 | 5,914 | Resale |
| Villa Mitchell | 1402 George Calvin Bess Jr Way | $830,000 | 2026-08-31 | Resale | |||
| Golden Eagle Plantation | 8836 Winged Foot Dr | $1,325,000 | $323 | 2026-08-28 | 1995 | 4,100 | Resale |
| Ox Bottom Manor | 6394 Belgrand Dr | $815,000 | $240 | 2026-08-28 | 1996 | 3,389 | Resale |
| Rosehill | 278 Rosehill Dr E | $1,450,000 | $363 | 2026-08-24 | 1995 | 3,992 | Resale |
| Golden Eagle Plantation | 8983 Winged Foot Dr | $1,125,000 | $267 | 2026-08-20 | 1989 | 4,213 | Resale |
| None | 10080 Mahan Dr | $899,000 | $456 | 2026-08-14 | 2022 | 1,972 | Resale |
| None | 1552 Summerbrooke Dr | $834,800 | $242 | 2026-08-11 | 2026 | 3,447 | New |
| Loma Woods | 6402 Loma Farm Way | $850,000 | $298 | 2026-08-11 | 2021 | 2,852 | Resale |
| Ox Bow | 7047 Ox Bow Rd | $975,000 | $204 | 2026-08-10 | 2013 | 4,787 | Resale |
| None | 2217 Thomasville Rd | $1,865,000 | $434 | 2026-08-06 | 2016 | 4,301 | Resale |
| Baker Place | 6937 Grenville Rd | $970,000 | $219 | 2026-08-05 | 2002 | 4,434 | Resale |
| Northwood | 3752 Tom John Ln | $900,000 | $231 | 2026-08-05 | 1980 | 3,890 | Resale |
| Golden Eagle Plantation | 9270 Shoal Creek Dr | $975,000 | $323 | 2026-08-04 | 2016 | 3,023 | Resale |
| Golden Eagle Plantation | 8991 Winged Foot Dr | $1,050,000 | $204 | 2026-08-04 | 1987 | 5,135 | Resale |
| Bobbin Brook | 3908 Bobbin Brook Cir | $1,150,000 | $147 | 2026-07-31 | 1993 | 7,805 | Resale |
| Lake Mcbride | 7042 Duck Cove Rd | $880,000 | $299 | 2026-07-31 | 1982 | 2,946 | Resale |
| None | 7877 Jared Way | $2,250,000 | $471 | 2026-07-31 | 2024 | 4,777 | Resale |
| Oak Grove Plantation | 125 Evening Shadow Ct | $1,950,000 | $298 | 2026-07-29 | 2019 | 6,553 | Resale |
| None | 8014 Susan Bradford Ln | $2,875,000 | $482 | 2026-07-27 | 2022 | 5,969 | Resale |
| Hermitage | 1305 Rachel Ln W | $1,150,000 | $341 | 2026-07-20 | 2003 | 3,377 | Resale |
| Waverly Hills | 1022 Lothian Dr | $1,350,000 | $356 | 2026-07-17 | 1968 | 3,797 | Resale |
| Baker Place | 5990 Colonel Scott Dr | $925,000 | $312 | 2026-07-17 | 2000 | 2,965 | Resale |
| Middlewood | 2007 Middlewood Dr | $825,000 | $250 | 2026-07-16 | 1989 | 3,300 | Resale |
| Canopy | 3860 Ardmore Ln | $1,055,000 | $311 | 2026-07-14 | 2023 | 3,389 | Resale |
| Wellington Park | 5351 Pembridge Pl | $1,147,500 | $247 | 2026-07-14 | 1995 | 4,653 | Resale |
| Baker Place | 5992 Hardy Croom Ct | $977,500 | $274 | 2026-07-09 | 2003 | 3,571 | Resale |
| Coventry Banks | 1119 Bannerman Rd | $825,000 | $257 | 2026-07-08 | 2003 | 3,213 | Resale |
| Golden Eagle Plantation | 8179 Glenmore Dr | $822,000 | $277 | 2026-07-01 | 1997 | 2,972 | Resale |
| Chemonie Crossing | 9519 Starhawk Dr | $999,000 | $168 | 2026-07-01 | 2003 | 5,945 | Resale |
| Maple Ridge | 2351 Maple Leaf Way | $1,420,000 | $310 | 2026-07-01 | 2024 | 4,587 | New |
| Meridian Heights | 537 Williams St | $1,010,000 | $281 | 2026-06-30 | 2016 | 3,595 | Resale |
| Golden Eagle Plantation | 2130 Golden Eagle Dr W | $1,059,000 | $276 | 2026-06-30 | 1999 | 3,841 | Resale |
| Southwood | 3592 Mossy Creek Ln | $1,525,000 | $233 | 2026-06-30 | 2004 | 6,550 | Resale |
| Golden Eagle Plantation | 9699 Dancing Rabbit Way | $841,000 | $275 | 2026-06-29 | 2005 | 3,054 | Resale |
| Golden Eagle Plantation | 3001 Golden Eagle Dr E | $1,039,000 | $227 | 2026-06-29 | 2003 | 4,576 | Resale |
| None | 8626 Proctor Rd | $1,085,000 | $354 | 2026-06-29 | 2024 | 3,063 | Resale |
| Hillcrest Prop | 1743 Armistead Pl | $1,225,000 | $286 | 2026-06-26 | 1977 | 4,282 | Resale |
| North Addition | 308 Park Ave E | $2,025,000 | $476 | 2026-06-26 | 1980 | 4,256 | Resale |
| Golden Eagle Plantation | 9035 Winged Foot Dr | $800,000 | $214 | 2026-06-25 | 1988 | 3,744 | Resale |
| None | 1007 Williams Landing Rd | $1,169,000 | $408 | 2026-06-25 | 2024 | 2,864 | New |
| Golden Eagle Plantation | 3225 Pablo Creek Way | $815,000 | $247 | 2026-06-22 | 2005 | 3,306 | Resale |
| Cedar Lane Woods | 3505 Cedar Lane Dr | $825,000 | $249 | 2026-06-18 | 1978 | 3,315 | Resale |
| None | 8121 Proctor Rd | $2,049,000 | $538 | 2026-06-18 | 2023 | 3,807 | Resale |
| Northwood | 5453 Pembridge Pl | $2,375,000 | $589 | 2026-06-17 | 2024 | 4,031 | Resale |
| Golden Eagle Plantation | 2875 Royal Isle Dr | $1,479,400 | $379 | 2026-06-12 | 2026 | 3,900 | New |
| Summerbrooke | 610 Summerbrooke Dr | $800,000 | $273 | 2026-06-12 | 1994 | 2,932 | Resale |
| Golden Eagle Plantation | 2025 Herb Ct | $800,000 | $227 | 2026-06-04 | 1997 | 3,519 | Resale |
| Waverly Hills | 1110 Lothian Dr | $802,500 | $214 | 2026-06-03 | 1968 | 3,746 | Resale |
| Lake Jackson Property | 5950 Miller Landing Cv | $1,500,000 | $286 | 2026-06-03 | 1981 | 5,242 | Resale |
| Summerbrooke | 7031 Heritage Ridge Rd | $970,000 | $222 | 2026-06-01 | 2002 | 4,364 | Resale |
| Maple Ridge | 3038 Four Oaks Blvd | $800,000 | $296 | 2026-06-01 | 2021 | 2,700 | Resale |
| Whitfield Plantation | 3337 Charleston Rd | $849,000 | $242 | 2026-05-29 | 1997 | 3,513 | Resale |
| None | 3418 Lakeshore Dr | $1,368,200 | $223 | 2026-05-29 | 1952 | 6,133 | Resale |
| Fallschase | 4141 Rampart Dr | $853,100 | $247 | 2026-05-27 | 2025 | 3,447 | New |
| Southwood | 3635 Mossy Creek Ln | $1,295,000 | $333 | 2026-05-22 | 2005 | 3,892 | Resale |
| Ivanhoe Woods On Lake Hall | 2100 Thirlestane Rd | $2,950,000 | $618 | 2026-05-15 | 1994 | 4,777 | Resale |
| Hawks Nest | 712 Forest Lair | $905,000 | $302 | 2026-05-15 | 1989 | 2,993 | Resale |
| None | 1235 Live Oak Plantation Rd | $2,150,000 | $532 | 2026-05-15 | 1985 | 4,040 | Resale |
| Ox Bow | 7099 Ox Bow Rd | $1,150,000 | $314 | 2026-05-11 | 1996 | 3,661 | Resale |
| Rosehill | 214 Rosehill Ln | $1,625,000 | $431 | 2026-05-06 | 1989 | 3,769 | Resale |
| None | 3409 Lakeshore Dr | $1,080,000 | $343 | 2026-05-06 | 1967 | 3,149 | Resale |
| Southwood | 4548 Grove Park Dr | $1,000,000 | $339 | 2026-04-30 | 2008 | 2,951 | Resale |
| Southwood | 4640 Grove Park Dr | $1,295,000 | $276 | 2026-04-29 | 2004 | 4,700 | Resale |
| Golden Eagle Plantation | 3005 Golden Eagle Dr E | $899,000 | $277 | 2026-04-20 | 1997 | 3,248 | Resale |
| Bobbin Trace | 3935 Old Mill Run | $2,150,000 | $368 | 2026-04-15 | 1999 | 5,836 | Resale |
| Woodbrook | 511 River Pond Ct | $1,625,000 | $416 | 2026-04-15 | 2017 | 3,903 | Resale |
| Franklin Park | 717 E Tennessee St | $830,000 | $202 | 2026-04-15 | 1939 | 4,102 | Resale |
| Summerbrooke | 7628 Preservation Rd | $890,000 | $236 | 2026-04-15 | 1995 | 3,772 | Resale |
| Ox Bow | 8039 Evening Star Ln | $1,025,000 | $263 | 2026-04-09 | 1988 | 3,894 | Resale |
| Highgrove | 4935 Arden Forest Way | $837,500 | $178 | 2026-04-09 | 1989 | 4,700 | Resale |
| Bobbin Trace | 3871 W Millers Bridge Rd | $1,560,000 | $407 | 2026-04-03 | 1998 | 3,832 | Resale |
| Golden Eagle Plantation | 3006 Golden Eagle Dr E | $1,175,000 | $216 | 2026-04-01 | 2007 | 5,428 | Resale |
| Golden Eagle Plantation | 9192 Shoal Creek Dr | $839,000 | $312 | 2026-03-30 | 2014 | 2,689 | Resale |
| Golden Eagle Plantation | 2142 Golden Eagle Dr W | $920,000 | $234 | 2026-03-26 | 1994 | 3,939 | Resale |
| Luna Plantation | 10881 Luna Point Rd | $900,000 | $353 | 2026-03-26 | 2001 | 2,551 | Resale |
| Killearn Lakes Plantation | 9901 Waters Meet Dr | $1,275,000 | $318 | 2026-03-20 | 2019 | 4,004 | Resale |
| Southwood | 4572 Grove Park Dr | $1,000,000 | $265 | 2026-03-20 | 2006 | 3,778 | Resale |
| Betton Hills | 1576 Spruce Ave | $860,000 | $341 | 2026-03-17 | 1990 | 2,524 | Resale |
| Centerville Conservation | 6304 Bird Dog Pt | $1,365,000 | $375 | 2026-03-17 | 2016 | 3,638 | Resale |
| Betton Hills | 2209 Demeron Rd | $800,000 | $259 | 2026-03-12 | 1977 | 3,094 | Resale |
| Ridge At Velda Dairy | 6476 Tracy Ln | $960,000 | $308 | 2026-03-12 | 2018 | 3,120 | Resale |
| Moore Pond | 6131 Heartland Cir | $955,000 | $297 | 2026-03-11 | 1996 | 3,218 | Resale |
| Betton Hills | 2003 Ellicott Dr | $907,000 | $270 | 2026-03-05 | 1976 | 3,354 | Resale |
| Killearn Lakes Plantation | 2405 Bass Bay Dr | $1,000,000 | $301 | 2026-03-05 | 1979 | 3,319 | Resale |
| Centerville Conservation | 7840 Broomsage Pl | $1,587,500 | $331 | 2026-02-27 | 2013 | 4,793 | Resale |
| None | 10800 Mccracken Rd | $4,250,000 | $1,003 | 2026-02-25 | 2005 | 4,238 | Resale |
| None | 9711 Faraway Farm Rd | $1,200,000 | $347 | 2026-02-24 | 2022 | 3,456 | Resale |
| Forest Glen | 2013 Forest Glen Ct | $935,000 | $352 | 2026-02-23 | 2024 | 2,659 | Resale |
| Bobbin Brook | 976 Rosebay Ct | $1,225,000 | $238 | 2026-02-20 | 1986 | 5,152 | Resale |
| Moore Pond | 6032 Heartland Cir | $1,275,000 | $319 | 2026-02-18 | 2020 | 3,993 | Resale |
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