What Is The Median Home In Tallahassee?
When it comes to figuring out what buyers are choosing in today's Tallahassee real estate market, a study of the median home in Tallahassee is a good way to evaluate behaviors and trends.
For example, are the homes getting bigger or smaller? More expensive or less expensive? And what is the impact on real estate appreciation.
The median home in Tallahassee is simply the "middle" home when looking at home sales sorted by the specific trait for which we want to observe.
The median home price is the price of the middle home in the list of homes sorted by price. The median home value is the value (price per square foot) of the middle home in the list of homes sorted by value. Etc. Etc. Etc.
This report shows the 25 year history of the median home in Tallahassee.
Median Home Price In Tallahassee
The median home price in Tallahassee is important information to know, whether you are buying a home or selling a home. Buyers should know that the middle of the market has risen to $160,000, meaning the cost of buying a home is rising but still well below what buyers were paying at the peak of the market in 2007.
Sellers should know that buyers are willing to spend more money than they did in recent years, likely fueled by low mortgage interest rates and declining inventories of homes near the middle of the market.
Median Home Value In Tallahassee
The study of median home values is helpful for sellers. While prices tell us what buyers are willing to spend, values tell us how much home they are getting for their money. This is important to sellers, as the trend in this graph tells us whether home values are rising or falling.
Currently, the median home value in Tallahassee is right at $100 per square foot, meaning when we sort all home sales by value, the middle ones over the past year have sold for $100 per square foot of heated and cooled space in the homes.
Median Home Size In Tallahassee
The reason that home prices do not always move in the same direction as home values is because buyers are not always purchasing the same house. By measuring the median home size over time, we get to see "how much" home buyers are getting for their money.
Currently, the middle home size trend of 2015 home sales is near the all-time high established in 2012, and the way current sales are posting, we'll likely hit that new high any month now. The median home size in Tallahassee for the past twelve months is 1,674 square feet.
What To Do With Market Trend Information
The key to getting the best deal whether selling or buying a home in Tallahassee is to apply current market information with the specific situation for which you are negotiating. If you would like to see how we do this to your advantage at Joe Manausa Real Estate, just follow this link and let me know when you would like to meet.