Housing Market Impacted By Changes In Population Growth
I was recently asked about whether or not I expected a change in the demand side of the Tallahassee housing market, and I shared my concerns about several trends that would figure prominently.
While the supply-side of the market is hampered by the rising cost of construction and the limited supply of homes for sale in our most-needed price ranges, the demand side is most impacted by two different trends.
Tallahassee Population Growth Rate
The population growth rate has been falling in Tallahassee for many years. As a key driver of demand for housing, growth in Tallahassee pretty much comes through two different sources.
- Babies: When we have more people born here than die here in a year, it adds to our population. While this might not be something you think about often, it has lately been the primary source of our population growth.
- Migration: When more people move to Tallahassee than move away from Tallahassee, this net migration adds to our population. Of course, the opposite is true as well.
When we think of migration, we should think first of "jobs." Generally speaking, it's jobs that are going to bring more people to Tallahassee.
Keep Up With New Trends In Tallahassee!
Get The Tallahassee Real Estate Newsletter
Don't be the one that doesn't know what's going on when you sell a home or buy a home in Tallahassee.
Other buyers, sellers, lenders, and real estate agents have this critical information, and now you can too!
Get immediate access to our most recent newsletter.
Let more than 30 years of experience work for you with charts, graphs, and analysis of the Tallahassee housing market.
Population Growth And Politics
Is there a correlation between politics and population growth? The following graph plots the annual population rate change and the background colors show whether a Democrat or a Republican was in office each year.
I'll be the first to admit that this is not necessarily scientifically sound, but I was curious to see if there was any type of correlation between the party in the Governor's office and the population growth rate in Tallahassee. Specifically, I was wondering if one party had a greater impact on our population growth than did the other.
The one clear trend that I can get from the graph above is that regardless of party, the population growth rate in Tallahassee is falling.
Average Population Growth Rate In Tallahassee
The average population growth rate in Tallahassee since 1922 has been 2.85%. During the past 97 years, our population has grown at a rate of 3.3% when Democrats have held the Governor's office, and 1.8% when Republicans have held the office.
If we were to hold this a scientifically sound, we then would have to say that our population growth rate is typically 83% higher when Democrats hold office than when Republicans have the top seat.
I suspect there is some correlation here, but I don't have the support of a bunch of math-types to back me up. So if you have an opinion regarding the validity of our findings, please comment below or drop me a note and let me know what you think!
Video Answers To Your Questions
Video Housing Market Reports
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.
Have you heard about my new book "The Business of Getting Business?" It's a comprehensive guide for small businesses to help them make the move to digital. For those of us who want to survive and thrive in a world where large corporations are taking over, it is a must-read. It's also the perfect guide for how to sell a home in the digital age. You can find The Business Of Getting Business by clicking on any of the trusted retailers below.
Think all REALTORS are alike?
Read what people are saying about working with Joe Manausa Real Estate! You can see thousands of real customer reviews reported on Google, Facebook and Zillow at this link: CLICK HERE FOR REAL ESTATE AGENT REVIEWS.