Weekly Special | August 5, 2024

Unlocking Tallahassee’s Housing Price Trends

They say a picture is worth a thousand words, and today’s newsletter shares a doozy for how much home prices have changed since I got my real estate license in 1991.

This graph illustrates the distribution of housing prices in Tallahassee using quartile analysis. The data is divided into four quartiles, each representing 25% of the dataset.

Q1 (First Quartile): Represents the price below which 25% of the housing prices fall.

Q2 (Second Quartile/Median): The median housing price, below which 50% of the housing prices fall.

Q3 (Third Quartile): Represents the price below which 75% of the housing prices fall.

Q4 (Fourth Quartile): Represents the highest 25% of housing prices.

The quartiles help to understand the spread and central tendency of housing prices in Tallahassee. For example, in 1991, three quartiles were below $100K, meaning only the top 25% of homes sold for more than $91,500.

Today, 50% of all homes sold fall between $190,000 and $400,000. It’s hard to fathom how a $185,000 home can fall in the lowest quartile.

Even with the large correction from 2007 through 2012, home price have exploded higher. How much more do you pay for a home in 2024 compared with 1991?

 1st Quartile: 296% more  2nd Quartile: 312% more  3rd Quartile: 337% more

The original one-page Weekly Special PDF is still available.