Weekly Special | April 20, 2020

Median Home Value Reaches New Record

The median existing home value continues to rise, already up 4% in 2020 when compared to last year.

Today, “the middle” resale home in the market is worth $129 per square foot, which means that today’s median home value is has registered an all-time high (if the year ends at or above this value).

The number of homes sold this year is slightly higher than the number sold last year, and with supply still low in most price ranges, it is not surprising to see appreciation move at a faster rate than Tallahassee’s traditional 3% to 3.5% per year.

Ultimately, home values will move based upon supply and demand.

Both supply and demand are very likely to me impacted by a pandemic induced market slowdown (which as yet has not occurred), but I do not expect to see a resolution to our lack of supply.

The shortage of available homes will continue to push values higher at faster than normal rates. Buyers who take advantage of low mortgage interest rates now to secure a home will find themselves with a lower payment and equity far sooner than one would expect under normal market conditions.

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