I’m really excited to be recording a podcast with Preston Scott today about the current state of the Tallahassee real estate market.
Listen to “Tallahassee Real Estate Market 01/15/18” on Spreaker.
For many people buying and/or selling a home today, it can be a shock to see how much has changed over the past ten years.
It’s my goal to provide some clarity on this with today’s post and podcast.
As a good way to get the ball rolling, let’s take a look at the some of the newest listings in the Tallahassee MLS.
Newest Listings In Tallahassee
Keeping an eye on the newest listings in the market is a good practice, you’ll have a good sense of seller expectations with what they are asking in terms of price for the offering.
For example, when you think sellers are offering crazy-good values, you know the market is getting soft and buyers are at an advantage (think 2012).
The opposite is true too. When sellers appear to be asking a premium for their homes (think 2006), then you know demand is super high and sellers are at an advantage.
Average Home Prices
Home prices continue to rise in Tallahasee.
If you have not been shopping for a home in the past few years, but remember that Tallahassee was grossly over-built and had years’ worth of inventory of homes, you need to know that has all changed.
All closed home sales in Leon County, Florida
After dealing with a glut of homes for sale from 2006 through 2014, the market transitioned from a buyers’ market at most price ranges to a sellers’ market at most price ranges.
When we combine the low inventory with the current high demand from buyers, prices are moving higher.
Average Home Values
Just as price have risen, home values have been recovering in Tallahassee since they bottomed in 2012. Homes have appreciated (on average) nearly 21% since market bottom, and early sales in 2018 show they are continuing higher.
All closed home sales in Leon County, Florida.
When you look at the value trend above, you can see that while values are moving higher, they still have not reached the level recorded at the peak of the housing market in 2006. As a matter of fact, current home values are still 18% lower than they were in 2006.
What many people do not realize about the Tallahassee real estate market is that much of our buying comes from people already in Tallahassee. And nearly half of all buyers have a Tallahassee home to sell first, so when values plunged, it stopped the market.
The people who owned homes and wanted to move found themselves “upside down” on their mortgage and thus were trapped. It has taken many years, but finally a good percentage of those trapped sellers have been able to move.
But with values still 18% lower than the peak of the market, there are still thousands of trapped homeowners who cannot move. As values move higher, they will be freed to do as they please.
Rising values are bringing demand back to the market due to the large number of people who purchased or refinanced their homes from 2005 through 2009.
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Home Prices Versus Home Values
Home prices and home values do not always move in the same direction, so we also monitor average home sizes too.
The best way to use the information from the average home price graph and the average home value graph is this:
- Average home prices are what buyers are currently paying for homes – There are many factors that influence prices such as supply and demand, mortgage interest rates, the local economy, etc.
- Average home values are what sellers are receiving for their homes – Values move with supply and demand, so a prudent homeowner keeps an eye on the relationship between the demand for homes and the inventory of homes for sale in the Tallahassee real estate market.
- Average home sizes are what buyers are getting for their money – When prices and values move in opposite directions, then we know that home size trends are changing.
Average Home Sizes
All closed home sales in Leon County, Florida.
It is interesting to note that home sizes reached their lowest at the peak of the market in 2006 when buyers were buying anying built, and pinnacled in 2012 when sellers couldn’t give a home away.
The low cost of money has emboldened buyers, and many have been buying as much home as they could get for the money.
But expect to see average home sizes decline over the next few years. Why?
Because inventory is VERY LOW, and we’re going to see new construction take over a higher share of the market. New homes are expensive to build, thus “for the money,” they are going to be much smaller than the existing homes that buyers have been purchasing.
Annual Home Sales
Each of the three real estate graphs above includes a count of the number of homes sold each year. You might have noticed that 2017 (at the writing of this report) is showing fewer sales than were reported in 2016. Expect that to change.
We still do not have all December sales included in our report, as there is often a three to four week lag for sales reported at Leon County. We do have all sales reported in the Tallahassee MLS, but I suspect there might be another 150 or so that have yet to be reported. You can come back to this page anytime in the future and these graphs will be updated as new data is received.
Most Recent Home Sales In Tallahassee
The following list shows the most recent 1,000 home sales in Tallahassee, Florida.
Recent Tallahassee Home SalesAddress Price Price / SQF Closing Date Year Built SQF Sale Type 4034 Delvin Dr $379,000 $218 2026-10-09 1973 1,740 Resale 998 Rosebay Court $950,000 $261 2026-10-09 1986 3,633 Resale 2128 Wembley Way $295,000 $212 2026-10-09 1980 1,391 Resale 3917 Ardmore Ln $600,000 $252 2026-10-09 2026 2,378 New 487 Grand Oaks Rd $405,000 $225 2026-10-09 2023 1,804 New 2316 Cobb Dr $615,000 $198 2026-10-09 2000 3,104 Resale 6429 Jet Pilot Trl $260,200 $151 2026-10-09 1986 1,718 Resale 8605 Coach Rd $560,000 $193 2026-10-09 1981 2,908 Resale 300 S Duval St $217,000 $309 2026-10-09 2009 703 Resale 9526 Old Woodville Rd $180,000 $158 2026-10-09 1967 1,140 Resale 2705 Roberts Ave $115,000 $93 2026-10-09 2002 1,232 Resale 1306 Leewood Dr $467,500 $259 2026-10-08 1964 1,807 Resale 5431 Water Valley Ct $255,000 $237 2026-10-08 1992 1,076 Resale 3399 Mizell St $290,000 $223 2026-10-07 2026 1,301 New 1823 Tyndall Dr $182,500 $195 2026-10-07 1959 934 Resale 3111 Brockton Way $315,000 $253 2026-10-06 1983 1,246 Resale 1574 Goodwood Dr $310,000 $185 2026-10-06 1976 1,679 Resale 9570 Starhawk Dr $550,000 $189 2026-10-06 2001 2,907 Resale 4186 Ridge Haven Rd $208,000 $162 2026-10-06 2006 1,286 Resale 3113 Shannon Lakes N $455,000 $205 2026-10-05 1986 2,222 Resale 4349 Camden Rd $300,000 $144 2026-10-05 1984 2,086 Resale 2463 Tippecanoe Rdg $345,000 $219 2026-10-05 2018 1,574 Resale 1575 Paul Russell Rd Apt 5010 $220,000 $129 2026-10-05 2005 1,705 Resale 844 Brookwood Dr $407,500 $237 2026-10-02 1958 1,716 Resale 415 Williams St Apt B $261,000 $183 2026-10-02 1984 1,428 Resale 6704 Johnstown Loop $340,000 $180 2026-10-02 1984 1,888 Resale 6708 Chant Trl $335,000 $242 2026-10-02 1979 1,386 Resale 5161 Holly Fern Trce $455,000 $242 2026-10-02 2016 1,879 Resale 10564 Lake Iamonia Dr $504,000 $238 2026-10-02 1993 2,121 Resale 756 Rhoden Cove Rd $596,000 $195 2026-10-02 1985 3,051 Resale 2788 Summer Meadow Dr $280,000 $146 2026-10-02 2006 1,922 Resale 215 W College Ave Apt 903 $300,000 $270 2026-10-02 2006 1,112 Resale 7512 Talley Ann Dr $240,000 $218 2026-10-02 1981 1,103 Resale 6051 Flintlock Loop $392,500 $232 2026-10-02 1990 1,692 Resale 2933 Tipperary Ct $395,000 $206 2026-10-01 1971 1,921 Resale 2544 Centerville Ct $222,000 $178 2026-10-01 2000 1,244 Resale 1489 Vieux Carre Dr $696,000 $288 2026-10-01 2002 2,415 Resale 2938 Abbotsford Way $500,000 $181 2026-10-01 1978 2,757 Resale 540 Bienville Pl $687,900 $238 2026-10-01 2026 2,890 New 241 Old Dirt Rd $399,000 $168 2026-10-01 1971 2,368 Resale 1653 Copperfield Cir $439,000 $214 2026-10-01 1992 2,054 Resale 5050 Velda Dairy Rd $797,000 $259 2026-10-01 1979 3,072 Resale 2801 Chancellorsville Dr Unit 934 $131,000 $120 2026-10-01 2004 1,096 Resale 5188 Holly Fern Trce $599,500 $245 2026-10-01 2017 2,447 Resale 6311 Bird Dog Pt $1,100,000 $349 2026-10-01 2014 3,151 Resale 3400 Old Bainbridge Rd Apt 402 $155,000 $113 2026-10-01 2004 1,368 Resale 300 S Duval St $310,000 $261 2026-10-01 2009 1,186 New 1334 Kings Dr $164,000 $186 2026-10-01 1983 882 Resale 415 Saint Francis St Apt 138 $307,000 $341 2026-10-01 2007 900 Resale 2348 Ryan Pl $215,000 $181 2026-09-30 1983 1,188 Resale 3624 Craigs House Ct $408,000 $227 2026-09-30 1991 1,794 Resale 2005 N Meridian Rd Apt F $178,500 $167 2026-09-30 1984 1,067 Resale 2581 Panther Creek Rd Unit B $180,000 $203 2026-09-30 1981 885 Resale 3526 Sedona Loop $225,000 $240 2026-09-30 1987 939 Resale 4106 Beauregard Way $460,000 $209 2026-09-30 2026 2,200 New 543 Bienville Pl $369,100 $240 2026-09-30 2026 1,535 New 184 Bienville Pl $565,000 $220 2026-09-30 2024 2,572 Resale 3029 Bidhurst Ct $400,000 $224 2026-09-30 2010 1,782 Resale 201 Myddelton Trce $430,000 $243 2026-09-30 2002 1,766 Resale 2325 Haverhill Rd $515,000 $189 2026-09-30 1984 2,729 Resale 8364 Bull Headley Rd $451,600 $251 2026-09-30 2025 1,802 New 6375 Thomasville Rd $854,000 $189 2026-09-30 1981 4,529 Resale 6842 Donerail Trl $295,000 $235 2026-09-30 1981 1,253 Resale 5752 Cypress Cir $208,000 $188 2026-09-30 1979 1,104 Resale 4309 Calcutta Ct $255,000 $148 2026-09-30 1979 1,722 Resale 4074 Riverwood Rd $362,000 $175 2026-09-30 1987 2,070 Resale 3214 Springdale Dr $315,000 $184 2026-09-30 2000 1,712 Resale 2981 Byington Cir $164,000 $131 2026-09-30 1991 1,255 Resale 2109 Pecan Ln Apt B $145,000 $131 2026-09-30 1981 1,104 Resale 2466 Tippecanoe Rdg $355,000 $210 2026-09-30 2023 1,690 Resale 1814 Lilac Dr $135,000 $132 2026-09-30 1982 1,024 Resale 2178 Timberwood Cir S $170,000 $144 2026-09-30 1993 1,184 Resale 2926 Oakwood Dr $95,000 $99 2026-09-30 1972 957 Resale 1917 Corvallis Ave $160,000 $136 2026-09-30 2008 1,177 Resale 1134 Willow Crossing Dr $379,000 $240 2026-09-30 2019 1,580 Resale 1111 Brafforton Dr $195,000 $193 2026-09-30 1991 1,008 Resale 2390 Quazar Cir $200,000 $171 2026-09-30 2006 1,173 Resale 524 Lynndale St $61,500 $72 2026-09-30 1955 850 Resale 2545 Lantana Ln $525,000 $246 2026-09-30 2016 2,137 Resale 220 Young St $120,000 $125 2026-09-30 1950 958 Resale 5627 Fletcher Oaks Dr $144,200 $85 2026-09-29 2022 1,702 Resale 528 E Pensacola St $188,000 $271 2026-09-29 1948 695 Resale 206 Belmont Rd $195,000 $148 2026-09-29 1974 1,314 Resale 227 Nabb Rd $375,000 $181 2026-09-29 2005 2,076 Resale 1816 Folkstone Rd $369,900 $233 2026-09-29 2019 1,587 Resale 8388 Bull Headley Rd $441,600 $245 2026-09-29 2026 1,802 New 3257 Lord Murphy Trl $270,000 $149 2026-09-29 1989 1,815 Resale 3735 Ravine Dr $320,000 $213 2026-09-29 1993 1,502 Resale 2403 Hartsfield Rd Apt 607 $130,000 $107 2026-09-29 2004 1,216 Resale 5540 Green Meadows Ct $225,000 $195 2026-09-29 2002 1,156 Resale 1125 Azalea Dr $415,000 $207 2026-09-29 1954 2,008 Resale 1529 Lake Ave $119,900 $157 2026-09-29 1984 765 Resale 603 Famcee Ave $270,000 $196 2026-09-29 1956 1,376 Resale 18184 Blountstown Hwy $200,000 $151 2026-09-29 1928 1,324 Resale 4019 Kilmartin Dr $435,000 $204 2026-09-28 1987 2,132 Resale 3026 Bell Grove Dr $425,000 $195 2026-09-28 1986 2,174 Resale 465 Olivia Rose Ave $450,000 $284 2026-09-28 2022 1,586 Resale 8503 Congressional Dr $1,700,000 $244 2026-09-28 2001 6,960 Resale 5600 Rustic Dr $195,500 $174 2026-09-28 1977 1,125 Resale 2618 Faversham Dr $206,500 $145 2026-09-28 1982 1,420 Resale
I hope you now have a better understanding of the current state of the Tallahassee real estate market.
If you think you might be interested in selling your home within the next few years, we have a really cool, brand new service for future home sellers.
Simply give us a call at (850) 366-8917 or drop us a note and tell us you’d like to enroll in our market report program, and we’ll send you (every month) a report that includes all new listings that are similar to your home, and new contracts on homes similar to yours, as well as all similar home sales that have occurred over the past 6 months. In other words, you’ll receive the same information that property appraisers would use to determine an appraisal value of your home.
