Four County Update - Tallahassee Real Estate Market
The real estate market is local in nature, yet most of the media reports tell us how the real estate market is doing nationally, or how it is doing in the state of Florida.
Our Tallahassee Real Estate Blog typically focuses on the real estate market in Tallahassee, but I do occasionally take a peek at the markets that surround Leon County.
This post is one of my irregular updates that is designed to recognize the impact on Leon County when one of the surrounding counties does something unique or extraordinary.
Tallahassee Area Home Values
While most people who want to work in Tallahassee choose to live in Leon County, the four counties that comprise the Tallahassee real estate market also make for wonderful alternatives to living in Tallahassee.
Before we get to our summary, here is a "Communities" page that has been updated to include the major neighborhoods in Tallahassee, Crawfordville, Quincy, and Monticello.
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North Florida Real Estate Market Summary
- Leon County – Homes in Leon County continue to see a steady upward average price movement. The average price of a home sold in Leon County over the past 12 months was $209,000. With supply so high though, I am gravely concerned about home values moving lower in the near and long-term future.
- Gadsden County – Gadsden County has also enjoyed a relatively continuous increase in home prices. The average price of a home over the past 12 months in Gadsden County was $152,000. Just as in Leon County, this could be short-lived.
- Wakulla County – Wakulla County has seen the trend of home values reverse in the past two years. Even before the boom, Wakulla was seeing robust sales as the newest "bedroom" community of Tallahassee. The booming market made the average price of a home in Wakulla rise to $180,000, but the bust has brought it back down. The average price of a home sold in Wakulla in the past 12 months is $164,000.
- Jefferson County – The boom market made home values in Jefferson County soar to the same level as homes sold in Leon County. Unfortunately, the bust market has seen the average price of a home in Jefferson County trend all the way back down to a level just higher than the pre-boom values. Currently, the average price of a home sold in Jefferson County over the past 12 months was $154,000.
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