Two Tallahassee Zip Codes Have Contrary Real Estate Trends In 2015
Are you curious about the Tallahassee real estate market's various zip codes?
We often see people using our property search tool's zip code quick links (like this one featuring homes for sale in the 32312 zip code). So our belief is if people want to search by the zip codes in Tallahassee, they probably would also like more housing market information for each of these areas as well.
Today, we will take a look at the most active zip codes in the Tallahassee housing market by reviewing average home prices, average home values, and the percentage of distressed home sales occurring in each zip code.
The Most Active Zip Codes In Tallahassee
The following list shows the most active zip codes for home sales in Tallahassee, and each one is linked to the current homes for sale in its respective zip code:
- 32301 - 108 homes sold through the third week of May
- 32303 - 278 homes sold through the third week of May
- 32308 - 107 homes sold through the third week of May
- 32309 - 179 homes sold through the third week of May
- 32311 - 129 homes sold through the third week of May
- 32312 - 261 homes sold through the third week of May
- 32317 - 76 homes sold through the third week of May
So click on any link you want to go straight to the active listings within that specific zip code.
Home Prices By Zip Code
It should come as no big surprise that the highest average home prices are found in the 32312 zip code in Northeast Tallahassee where they have averaged $314,000 thus far in 2015 (orange line in the graph below).
The 32301 is reporting the lowest average home sales price at $124,000 thus far in 2015 (blue line in the graph below).
The biggest surprise is that both the 32308 and 32311 zip codes are currently selling at average prices lower than they were last year (green and teal lines in the graph below).
Home Values By Zip Code
When we attempt to determine appreciation in the real estate market, we look to home values as opposed to home prices. Generally speaking, home values have been rising nicely this year, but there are a few exceptions.
Both the 32301 and 32308 zip codes have recorded home sales at values (measured in price per square foot) that are lower thus far in 2015 than they were during 2014 (blue line and green line in the graph below).
Interestingly, the 32317 zip code (East side of Tallahassee) is showing the highest rate of appreciation thus far in 2015.
Distressed Home Sales By Zip Code
In order to understand the "why" for the values above, I have created a graph of the percentage of distressed home sales occurring in each key Tallahassee zip code over the past 12 years.
The fact that 37% of all homes sold in the 32301 zip code this year have been distressed might explains why their values are falling. A lot of these homes are rental properties that have been abandoned and are deteriorating at a fairly rapid pace.
We can see that the only zip code that is seeing a growing rate of distressed property sales is 32308, which likely explains why these (primarily) single-family homes are falling in value this year.
And finally, the 32317 zip code is getting healthy fast. Its plummeting distressed home sales percentage is likely the reason that values are soaring right now on the East side of town.
I hope you enjoyed our May 2015 update on home sales by zip code in Tallahassee, please feel free to drop me a note if you have questions not covered in this report.