Trends to Look For In Tallahassee Real Estate
Looking for a property in Tallahassee? The real estate trends in Tallahassee continue to be competitive according to experts. The beautiful capital city and the seventh largest in the state of Florida is a hub for education, science, agriculture and trade. Its unique wildlife and greenery adds to its charm.
Affordable homes in Tallahassee
The major attractive feature for homes in Tallahassee is the affordability. Homes remain more affordable in this region as compared to elsewhere in the nation. The vibrant and dynamic housing market in Florida and particularly Tallahassee is probably to do with the low rates.
In many areas, the demand has outgrown the supply particularly in the price range of above $500,000. Homes priced below $350,000 are in supply and being lapped up quickly by buyers. High demand is seen in surrounding areas including Jefferson and Havana according to real estate experts.
According to Trulia, the median sale price for homes in Tallahassee is $185,500 in 2017 with $117 being the per square foot price. The median sales price data is based on 898 homes that were sold from May to August of 2017. Compared to last year, there has been an increase of 6% in per square foot price, according to Trulia estimates.
In February of 2017, about 192 homes were sold for a price range between $150,000 to $199, 999 which represented 21% of the market.
The National Association of Realtors (NAR) predicts that the real estate market will grow by 4.3% in 2017-18 period while the national average is expected to be 3.6%. Both homeowners and builders are likely to benefit from the booming real estate growth.
The hot spots for buyers in Tallahassee
According to realtors, the hottest areas in Tallahassee are on the northeast, off the Thomasville Road Corridor. Northern Tallahassee is also seeing increased demand from buyers.
The demand is for newer constructions according to experts. The first phase of Welaunee which is under construction currently is slated to bring in a fresh influx of new homes. Experts believe the development termed Canopy will be the “SouthWood” of Tallahassee’s northeast in the next seven or eight years. The massive 505-acre community will include a 65,000-square-foot rehab facility, retail centers, and senior center. The master planned community will house 900 homes and assisted living facilities. Developers call it the future of Tallahassee’s real estate growth.
The Canopy community is expected to have a local economic impact to the tune of $1 billion by 2025 according to industry experts.
Value of homes in Tallahassee
According to Zillow, the home values in Tallahassee will go up by 3.2% in the next year. The rates in 2016 were 4.6% more than what they had been in 2016.
The appreciation of homes in Tallahassee that were purchased one year ago in 2016 are now said to amount to $9,780, with the national average being $14,963.In comparison a $30,980 appreciation has been seen for homes that were bought three years ago in Tallahassee, while $40000 was the national average.
Consulting professional property management experts is the ideal way to get the best deal on homes in Tallahassee.
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