Weekly Special | August 18, 2019

Home Sellers Are Asking For More

The median asking price and median asking value of fresh new listings hitting the market continues to rise, motivated by the inventory shortage seen for homes priced below $500K in Tallahassee.

The graph above was extrapolated from data in the Tallahassee MLS by using resale listings new to the market that had not been previously listed in the past seven years. We refer to these as “fresh” listings, something awaiting buyers have not had a chance to see thus far.

At the end of July, the median asking price for fresh listings (homes entering the market for the first time)

was $228K and valued at $135 per square foot.

The year over year change for what home sellers are asking is just under 4%, which jibes very well with the current market appreciation rate for existing home sales.

Median Home In Tallahassee The median existing home in Tallahassee is 1,688 square feet and remains priced well-below what builders can provide, so it is highly likely we will continue to see sellers ask for more, and get more, in the years to come.

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