Weekly Special | July 1, 2017

32312 Home Values Are Skyrocketing

The overall housing market in Tallahassee continues to improve, and this is most evident in the 32312 zip code.

The blue bars in the graph above show the number of existing homes sold through June of each year in the Tallahassee MLS (measured on the left vertical axis). The average value of those homes is shown in red and measured on the right vertical axis.

The average value of existing homes (no new construction) sold in the 32312 zip code has risen from $124 per square foot in 2016 to a whopping $133 per square foot thus far in 2017. This represents an annualized appreciation rate of nearly 15% should the pace of growth continue throughout the rest of the year.

Inventory is running low for 32312 homes under $450,000, and the high cost of new construction is helping to pull resale values higher.

Currently, homes are valued about 11% less than they were at the top of the market in 2007, and we believe we are heading back to those levels within the next two years.

For a recent in-depth report on our housing market, I have published a fairly comprehensive assessment on our blog site, you can read it here.

This issue went with a longer report on our blog: read the full blog post. The original one-page Weekly Special PDF is still available.