Median Home Price In Tallahassee
Our first graph in today’s report shows the median home price for all homes sold and recorded in the Tallahassee MLS from 2003 through September 2019.
Low mortgage interest rates continue to buoy buyers’ spending power, so we’ve seen the median home price continue to rise. With the cost of land, labor, and materials rising, don’t expect to see homes get cheaper any time in the near future.
Median Existing Home Price In Tallahassee
When we just look at the resale side of the market (existing home sales), we see that a new home has been found in 2019. Currently, the median existing-home price in Tallahassee is $189,900.
The supply of homes for sale in Tallahassee is still too low in the bottom 95% of the market (meaning all but the top 5%!). With supply low and demand still strong, we should expect rising prices to continue.
Median New Home Price In Tallahassee
When we examine the median new home price, we find a different looking graph than the previous two. Notice how prices have been fairly stable for the past 8 years?
This is all about affordability, not cost. What we do not see in the graph above is the size of homes being built or the break-down between attached and detached homes. Builders understand what buyers can afford, and that is what they are building.
Expect to see a continued move towards attached housing for builders as they try to deliver a product that Tallahassee’s buyers can afford. Also, surrounding counties will continue to grow as many of today’s buyers get priced out of Leon County.