What The Tallahassee Median Home Reveals About Appreciation

Do you wonder what the median home in Tallahassee looks like?

We received positive responses to our article on the average home in Tallahassee, so today we are going to dig deeper to reveal more about Tallahassee median homes.

In this report, we will look at three separate real estate graphs showing the Tallahassee median home price, home value, and home size, as well as see several median homes for sale in the market today.

Tallahassee Median Home Price

The median home price in Tallahassee has not moved very much this year.

In December of 2013, the median price of a home sold in Tallahassee was $158,650, while this December we are reporting (3 closing days still remain) a median home price of $161,250. Should this hold true for the month, that is an increase of 1.6%.

In the real estate graph above, the number of homes sold each month is shown as a blue bar, measured on the left vertical axis. The median home price each month is plotted as a red dot, while the one-year trend of the median price is shown as a red line (both measured on the right vertical axis).

The trend line shows a change in the median home price of just under 1% for the 2014 calendar year. But is this real estate appreciation? {Hint: No!}

Tallahassee Median Home Value

A better way to measure appreciation in real estate is by studying the change in home values over time (we can approximate home value changes by measuring price per square foot of large sample sizes).

The median home value in Tallahassee has not moved very much this year either.

In December of 2013, the median value of a home sold in Tallahassee was $99 per square foot, while this December we are reporting a median home value of $100 per square foot. Should this hold true for the entire month, that is an increase of 1.0%.

In the real estate graph above, the number of homes sold each month is shown as a red bar, measured on the left vertical axis. The median home value each month is plotted as a blue dot, while the one-year trend of the median value is shown as a blue line (both measured on the right vertical axis).

The trend line shows a change in the median home values of 1.2% for the 2014 calendar year, and we would consider this a fair estimate of real estate appreciation in Tallahassee for 2014.

Tallahassee Median Home Size

We study the median home size as a way to understand the reasons for the difference in changes between median home prices and median home values in Tallahassee. If the "median home" never changed sizes, then prices and values would always move together. But as our graph below shows, we cannot rely upon median price movement to study appreciation, because it does not compare "apples to apples."

In the real estate graph above, the number of homes sold each month is shown as a black bar, measured on the left vertical axis. The median home size each month is plotted as a navy blue dot, while the one-year trend of the median size is shown as a navy blue line (both measured on the right vertical axis).

The median home size of a home sold in December 2013 was 1,582 square feet, while the median home size thus far in December of 2014 has been 1,672. Should this number stand, that means buyers have been purchasing 5.7% more home in December of this year than they did last year. The trend line for the median home size however has shown far less change, trending down 1/5% during the 2014 calendar year.

Median Homes For Sale In Tallahassee

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I hope this report has helped you gain an understanding of the Tallahassee median home price, value and size, please comment below if you have something that will add to our understanding of current conditions in the Tallahassee real estate market.