Each Tallahassee Zip Code Has It's Own Housing Market
You may have heard that the Tallahassee real estate is hot as fire right now, and that is very true.
But the level of heat is not distributed equally, as each zip code is reporting (very positive, but different levels of gains. Today's report begins with a list of the homes for sale in Tallahassee and then follows with an analysis of prices and appreciation by zip code.
Homes For Sale In Tallahassee
The following dynamic list of homes for sale is updated every 15 minutes, so you can be assured that this is the most up-to-date resource for homes in the Tallahassee real estate market.
Average Home Prices By Zip Code
If you are curious about what it costs to live in each Tallahassee zip code, then this graph is just what you need. It shows each active zip code and its corresponding average home price in Tallahassee.
It's not surprising that the highest-priced homes are in NE Tallahassee zip codes, as that has been the standard for many years.
You might find it alarming to find that the average home price in the 32312 zip code is approaching $400K, truly a milestone for Tallahassee. On the other hand, you can still get a home for $100K in the 32304 zip code, where the average is just over $116K.
Annual Appreciation By Zip Code
Before this year began, I warned that home appreciation would be in the double-digits, with the possibility of it surpassing 20%! Here's where we stand through May.
First of all, this graph DOES measure annual appreciation, not just the appreciation thus far in 2021. It compares the average price per square foot of existing homes sold from January through May in 2021 with those sold from January through May of 2020.
The 32310 zip code is on fire, with the average home value up 26.5% since a year ago. The 32305 zip code is soaring higher too, with values up nearly 21%. The rest of Tallahassee has "only" seen gains from 9% to 17%, but inventory shortages could very well accelerate these values further.
Next, let's see how each zip code has performed since the market bottomed in 2012.
Recent Housing Report Videos
Long-Term Appreciation By Zip Code
So we know that values are soaring today, but what have the long-term returns delivered? The graph below shows the average value growth from 2012 through today.
The 32310 zip code clearly stands out in the graph, with property values more than doubling over the past nine years. The lowest level of long-term gains has come from the 32308 code at "just" 50.5%, an annualized rate of 4.7%.
Before you go thinking that there is something wrong (or right) with any zip codes, what we are seeing is the zip codes that fell the furthest when the housing market collapsed in 2006 are the ones that have gained the most since the bottom.
Here's some food for thought (on the benefit of owning your own home):
If you had purchased a $60,000 Lexus in 2012, it would be worth about $32,000 today. But had you instead purchased a $60,000 home in the 32310 zip code in 2012, it would be worth about $133,000 today!
Top Tips For Home Sellers
Your Local Expert In Tallahassee
When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.
As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: Real Estate Agent Reviews Tallahassee.
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