Are You Searching For The Median Home In Tallahassee?
The middle of the Tallahassee real estate market is on fire right now, so we've brought you those listings and an analysis of the median home in our area.
Knowing the median home is often times more important than knowing the "average" home, as it removes the impact of either very large home sales and lately, the very small ones that have occurred.
Median Home For Sale In Tallahassee
There are roughly 100 homes competing for the median home position based upon home price, home size, and home value. The following map and list of homes shows all of them (this list is dynamic, updated every 15 minutes to remove property that have sold and to add properties that have been listed or the price has changed to fall within the limits).
Median Home 2016 Idx
Median Home Price In Tallahassee
The median home price in Tallahassee has been creeping up slowly since bottoming at the beginning of 2012, hitting $178,950 during the month of August. This is nearly 13% higher than the median home price in August of 2015.
It is important to remember that we are including all sales of homes recorded in Tallahassee (Leon County) that include information about the home (year built, size in square feet, sales price, etc.). We define "home" to include all single family detached homes, condominiums, and townhouses.
The median home price is running very high (relative to history), spurred by cheap money and a fairly stable economy.
We have to remember that we track prices to learn what buyers are spending, but we have to go to the next graph to see what sellers are getting.
Median Value Value In Tallahassee
The median home value in Tallahassee has been gaining strength in 2016. The median value in August was $113 per square foot, up nearly 11% from $102 per square foot in August of 2015.
An 11% move in just one year is no minor feat. The trend line shows that home values are recovering nicely and only the years when home values peaked remain higher than today's values.
We expect to see continue gains in home values for the foreseeable future, so long as mortgage interest rates remain low and nothing jeopardizes the improving local economy.
Median Home Size In Tallahassee
The median home size in Tallahassee has also been growing. I suspect this is truly indicative of the fact that homes in Tallahassee are truly getting bigger, with not only what is being built new but also recognizing people who have added on to their homes. The median home size in August was 1,598 square feet, just short of Junes 1,657 square feet which set an all-time high.
Low mortgage interest rates (the cheap money we referred to earlier) is helping people get more house for their money. Unfortunately, a rise in interest rates is very likely to bring about the opposite effect when it finally occurs.
If you plan on being in Tallahassee for the foreseeable future, now is an excellent time to refinance your home (if you are happy where you live), or move-up to as much house as you would like (with a fixed rate mortgage).
If you would like help analyzing your current situation, we are happy to help. Simply drop me a note anytime and we'll be in touch right away.