Tallahassee’s Real Estate Market A in Review 2023-2024

The real estate market in Tallahassee, the vibrant capital of Florida, has recently exhibited some notable trends that have caught the attention of homebuyers, sellers, and investors alike. An analysis of the local property market between April 2023 and March 2024 has shown that the average property values have been subject to ebbs and flows, which is fairly characteristic of dynamic real estate landscapes. As of March 2024, the average property value in Tallahassee stands at $285,000, with a per square foot value of $186, reflecting a subtle yet ongoing transformation in the market’s valuation of area homes.

Increasing Property Values

Throughout the observed period, property values in Tallahassee have generally been on the rise. We’ve seen an initial jump from an average value of approximately $289,900 in April 2023 to a peak of $305,643 in July 2023. This trend exhibits the market’s vitality and the high demand for homes in this period.

However, like any market subject to economic pressures and buyer sentiment, there were slight drops, such as in the following months after July, before prices picked up again to $294,500 in February 2024. The closing figure for March 2024, though slightly lower at $285,000, reflects a healthy market capable of maintaining substantial property values over time.

Property Value Per Square Foot

The value per square foot has travelled in lockstep with overall property values. With the peak at $187 in July 2023, this metric shows that buyers were willing to pay a premium for space in Tallahassee’s real estate around the mid-year. It’s interesting to note the closing figure being almost parallel to the opening one in March 2024, with a value per square foot being $186—indicating consistency in the pricing of living space throughout the year.

Sold Homes Trends

Evaluating the average sale price and the average sale price per square foot provides insights into the actual transaction values that the market has commanded. The data indicates a market that’s neither soaring uncontrollably nor plummeting. The highest average sale price touched $283,657 in September 2023, while the lowest was in May 2023 at $253,932. Similarly, for the price per square foot, September 2023 marked the highest at $196, and the lowest was once again seen in May 2023 at $183. It’s evident that while fluctuations exist, there is no significant downward slide, suggesting healthy market activity.

The volume of properties offered and sold in Tallahassee can give us a real sense of market liquidity. In Tallahassee, the propCount and propSoldCount throughout the months demonstrated variability. The highest number of sold properties was in September 2023, with a high turnover of 2,811 properties. December 2023 saw the lowest marked activity with 2,543 properties sold. Despite these variations, the market’s capacity to handle thousands of sales a month is notable.

Comparing Neighboring Cities

When examining the market landscape, it’s critical to look at neighboring areas to understand local dynamics. Nearby cities such as Havana, Midway, Monticello, Crawfordville, and Lamont show differing average values and per square foot values. For instance, Monticello presents higher average values and per square foot values compared to Havana, hinting at regional preferences and valuations that potentially impact Tallahassee’s market as well.

Current Real Estate Climate in Tallahassee

For a more immediate look, the latest data for March 2024 in Tallahassee reveals an average property value of $285,000 and a value per square foot of $186, substantiating a stable yet dynamic market. There are 812 properties available, with an average sale price of $277,500 and an average sale price per square foot of $192, evidencing consistent demand. A total of 1,928 properties have been sold, displaying a healthy volume of transactions.

Comparison of nearby cities

Havana, FL:

• Average Property Value: $299,000
• Value Per Square Foot: $171
•  Property Count: 25
•  Average Sold Price: $248,176
•  Average Sold Price Per Square Foot: $155
•  Property Sold Count: 78

Midway, FL:

•  Average Property Value: $285,000
•  Value Per Square Foot: $184.5
•  Property Count: 6
•  Average Sold Price: $239,080
•  Average Sold Price Per Square Foot: $166.5
•  Property Sold Count: 17

Monticello, FL:

•  Average Property Value: $250,000
•  Value Per Square Foot: $157
•  Property Count: 33
•  Average Sold Price: $248,351
•  Average Sold Price Per Square Foot: $131
•  Property Sold Count: 68

Crawfordville, FL:

•  Average Property Value: $284,900
•  Value Per Square Foot: $191
•  Property Count: 118
•  Average Sold Price: $250,288
•  Average Sold Price Per Square Foot: $176
•  Property Sold Count: 268

Lamont, FL:

•  Average Property Value: $244,900
•  Value Per Square Foot: $137
•  Property Count: 3
•  Average Sold Price: $184,848
•  Average Sold Price Per Square Foot: $114
•  Property Sold Count: 5

These figures are particularly telling when juxtaposed with Tallahassee’s. They reflect a range of market conditions and buyer interests, which can be influenced by several factors, including local economies, quality of life, and access to amenities.

In conclusion, the real estate market in Tallahassee has shown resilience and vigor throughout the observed months. The indicators of market health such as property values, price per square foot, and volumes of sales depict an active market that is both welcoming to buyers and rewarding to sellers. As fluctuating as market trends may be, Tallahassee, along with its neighboring cities, provides a colorful tapestry of real estate opportunities worthy of investor attention.