The market for luxury homes remains on a record-setting pace, even after setting records for the 2020 calendar year. Through the halfway point in 2021, we’re seeing the highest rate of home sales ever at the very top of the market. Many wonder whether or not it will continue.
Mortgage interest rates shot up as the year moved through the first quarter, only to come halfway back down and stabilize into the summer. I have been advising that the red-hot high-end market will cool when rates permanently move higher, but we have avoided that fate thus far.
In today’s quarterly report on luxury home sales in Tallahassee, we will examine the supply and demand for these homes, report the average market time and percentage of asking price received by high-end home sellers, and then advise luxury homeowners on what to expect to see in the coming months and years as the market moves forward.
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
2021 Ranks First For Luxury Homes Sold
The first graph in today’s report was created from home sales from January through June in Tallahassee each year, beginning in 2003 and ending in 2021.
The graph 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 2021 is ranked #1 for all homes priced over $200K (that’s more than 60% of all homes sold). This year’s rank drops to “2nd-best year ever” when we look at all homes sold for $100K or more.
Homes priced below $100,000 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.
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Most Real Estate Agents Have No Marketing Budget
The average real estate agent in Tallahassee will only sell five homes this year, and more than half will sell two or fewer. This means they do not earn enough money to spend the significant amount it takes to attract MANY buyers to your home.
They certainly cannot spend the type of money needed each day to promote your home and generate the buzz you need to attract MULTIPLE buyers. We are effective. And we spend more money each month marketing our listings than most agents earn in a year.
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Tallahassee 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 26 homes sold for $900K or more through June in 2021.
The 26 luxury homes sold is 53% more than what was recorded in record-setting 2020, and 73% more than those sold in 2019. If you are a luxury homeowner who has been thinking about selling, this graph shows that luxury home buyers are active right now.
Highest-Prices Homes Are Selling
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 graphed the January through June home sales for each of the past three years and shown them above. The red bars measure sales in 2021, and we have determined 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 nearly 60% this year. At this point, I think it’s safe to say that there has been no sign of cooling off for luxury home sales.
Mortgage Interest Rates Ease Lower
As I am asked often, “how are people paying for these ultra-expensive homes?” Tallahassee is still a government town and we just don’t have the jobs (one would think) to support so many expensive home sales.
But that just shows you the power of low mortgage interest rates. The following graph tracks the funding of all luxury home sales from 2003 through June of 2021.
The graph above shows the percentage of luxury home buyers financing their purchases. 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 80% 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 because of soaring mortgage interest rates, then we’ll see a serious cooling off in the luxury homes market. How would this year look if the majority of the 80% of all luxury home buyers went away? It is my expectation that this will occur when mortgage interest rates move up another percent or so.
With rates still very low, this remains the best housing market 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 blue bars measure all luxury home sales where the homes were sold by the first broker each seller hired to sell the home. The red 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 86 days, yet our work reveals it was closer to 320 days! So not 2.8 months, but more than ten months! And that doesn’t count all the homes that have failed to sell.
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 them, 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 they had hoped when they hired their listing broker. Consider this a cautionary note, don’t let the highest bid on your home come from your listing agent! Talk to several top agents before you decide who you will trust to market and sell your luxury home.
As with the previous graph, this graph shows fresh listings in blue (homes listed with a first agent), and stale listings in red (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 84% of their initial asking price (in just over 10 months of market time). while stale luxury home sellers have received nothing.
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 really does matter.
Luxury Homes Sales In 2021 And Beyond
I really had expected the luxury homes market to cool this year, but the decline in mortgage interest rates has helped more buyers finance luxury homes. When will mortgage rates move to higher ground? I’m not really sure, but the Fed has said they will leave rates low and even tolerate a higher level of inflation.
Freddie Mac has forecast rates rising to an average of 3.7% in 2022 (compared to the 3.1% rate we are seeing today). That’s enough of a rise to cool the luxury homes market but not enough from stalling sales significantly.
Luxury home sales were strong during the second half of 2020, and rates then were lower than the rates will be in the second half of this year. Because of this, I’m not ready to say that 2021 will be the top year for luxury home sales. It’s a bit close to call right now, but I bet 2021 will edge out 2020 for homes sold at prices above $900K.
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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