TALLAHASSEE REAL ESTATE TREND REPORTS: JUNE 2022
The latest data from the Florida Association of REALTORS® includes many data points. While conducting my research for my clients I have found that the median sale price data, active inventory levels, median time to close, cash as a percentage of closed sales and months of supply of inventory are some of the best data points to evaluate what the trends are in the Tallahassee real estate market. I hope you find this data educational and insightful as you explore your housing options. You will see that the infographics below indicate the year-over-year data points, while the graph shows the 14 year data set.
Let’s take a look at how home mortgage rates have changed over the past 14 years as we compare that to the median sale prices and active inventory in these two charts.
June 2008: Active Inventory – 3,253 Single Family Homes on the market, the 30-year fixed mortgage rate was 7%
June 2010: Active Inventory – 2,972 Single Family Homes on the market, the 30-year fixed mortgage rate was 5%
June 2012: Active Inventory – 2,305 Single Family Homes on the market, the 30-year fixed mortgage rate was 4%
June 2014: Active Inventory – 2,106 Single Family Homes on the market, the 30-year fixed mortgage rate was 5%
June 2016: Active Inventory – 1,866 Single Family Homes on the market, the 30-year fixed mortgage rate was 4%
June 2018: Active Inventory – 1,589 Single Family Homes on the market, the 30-year fixed mortgage rate was 5%
June 2020: Active Inventory – 1,299 Single Family Homes on the market, the 30-year fixed mortgage rate was 3%
Year-over-Year Residential Homes Sales Data for Tallahassee 32317
In Tallahassee the zip code 32317 includes neighborhoods like, Green Acres at Pedrick, Retreat at Mahan, Camelia Oaks, Avondale, Easton Glen, Adiron Woods, Weems Plantation, Preserve at Bucklake the year-over-year data points to the median home down to $397,000 compared to $425,000 in May.
One other interesting point impacting the data for this zip code is the fact that 30% over the homes sold in 32317 were new construction homes. In fact, there was a sale in Camelia Oaks (a 55 and better, age restricted community) that sold for $475,000 cash.
Year-over-Year Residential Homes Sales Data for Tallahassee 32312
In Tallahassee the zip code 32312 includes neighborhoods like, Killearn Lakes, Bull Run, Ox Bottom Gardens, The Groves at Summerbrooke, Summerbrooke, Lakeshore Estates, Villages at Maclay, Median Hills, Glen at Golden Eagle, Linene Woods.
The 71 sales in 32312 represents the #2 most sold in the Tallahassee MSA for June 2022 and the $476,396 median sale price is the highest of all zip codes. When I look into the actual deals during June there were several deals with concessions including repairs, roof replacements for homes 20 years or older and priced below $400,000. Also interesting was one deal where the house sold for $100,000 over list price of $549,000 and paid cash $650,000. The top sale in 32312 was a 5BR/6BA home that sold for just over $1 million.
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Year-over-Year Residential Homes Sales Data for Tallahassee 32311
In Tallahassee the zip code 32311 includes neighborhoods like, Southwood, Piney-Z, Hampton Creek, Lexington Parc, Timber Lake. The year-over-year data points to the median home down from $415,000 to $385,000 in June 2022.
There were a couple sales that were interesting to note. One was a home that sold in Southwood for $630,000 as well as a home that sold in Pine Dove Farm for $529,000. Pine Dove Farm is an agri-hood which is a really cool concept, if you have not heard of that, you should check out their website. Lastly there was a home that sold for $506,000 which was $50,000 over list price.
Year-over-Year Residential Homes Sales Data for Tallahassee 32310
In Tallahassee the zip code 32310 includes neighborhoods around the Florida A&M University campus area as well as Lake Talquin. The year-over-year data points to the median sale price drop from $145,000 in May to $115,000 in June 2022.
Year-over-Year Residential Homes Sales Data for Tallahassee 32309
The Tallahassee the zip code 32309 could be one of the most popular areas as it includes neighborhoods like Killearn Estates, Killearn Acres, Royal Oaks, Cameron Chase, Greens of Killearn, Foxcroft, Lenox Mill, Arbor Hills. The data points to the median sale price fell from $375,000 in May to $367,000 in June 2022.
It is worth noting that Oxford Gates is a new construction development by Boulus Builders in this zip code with homes starting at $482,000. The top sale in 32309 was a 5BR/5.5BA 5,000 sq ft home that sold for $1.2 million.
Year-over-Year Residential Homes Sales Data for Tallahassee 32308
The Tallahassee the zip code 32308 also one of the most popular areas as it includes neighborhoods like Betton Hills, Betton Woods, Lafayette Oaks, Woodgate, Eastgate, Canopy, Melody Hills, Evening Rose, Miccosukee Hills, Capital Hills, Hillcrest Court.
The popular new construction project in 32308 is the Canopy development by Premier Homes with active listings starting at $408,000 with 3BR/2BA 1,873 sgft for $408,000.
Year-over-Year Residential Homes Sales Data for Tallahassee 32305
The Tallahassee the zip code 32305 includes neighborhoods like Crawfordville Trace, Montejo, Villas at Pine Forest, Villages at Wilson Green, Southfork, Forest Estates. The year-over-year data points to the massive jump in active inventory, which is due in some part to the new construction in the Montejo neighborhood.
The new construction development at Montejo has prices ranging from $230,000 to $260,000.
Year-over-Year Residential Homes Sales Data for Tallahassee 32304
The Tallahassee the zip code 32304 includes neighborhoods like Linwood Manor Jordans Pass, Westminster Hill, Missionwood, Bradford Manor, Saxon, Epps Heights, Mission Manor.
One major data point o note here is the 50% of cash sales, indicating that this is a prime zip code for investment property.
Year-over-Year Residential Homes Sales Data for Tallahassee 32303
The Tallahassee the zip code 32303 includes neighborhoods like Glenview Place, Parkside, Meridian Estates, Roweling Oaks, Glendale, Forest Glen, Summerfield, Eastview, Anderson Heights, Tippecanoe Hills, Tower Gates, Hartfield Gardens, Oak Valley, Rivers Landing, Bent Tree Estates, Sagebrook Mill, Harbinwood Estates.
There are a couple of data points to look at here. This zip code is actually the largest number of clozed sales in the Tallahassee Real Estate Market. The popularity of the new construction at Tower Gates and Rivers Landing with prices ranging from $217,000 to $315,000. There is also a small development of higher end luxury homes in Summerfield starting at $414,000 with 2,310 sqft.
Year-over-Year Residential Homes Sales Data for Tallahassee 32301
The Tallahassee the zip code 32301 includes neighborhoods like Woodland Drives, Villages at Maclay, Indian Head Acres, Florida A&M, Osceola Heights, Cross Creek, Hillcrest, Blairstone Forest, Magnolia, Apalachee Ridge, Meridian Park.
Data points worth noting is the increase in the median sale price up from $214,250 in May to $257,000 in June 2022.