Forecasting Tallahassee Real Estate in 2012
The state capital, Tallahassee sits on the eastern edge of the Florida panhandle in Leon County. Almost 182,000 called Tallahassee home as of the last Census, with about 367,000 people in total in the greater metro area. Florida State University, one of the state's biggest schools, is in Tallahassee; the high student population makes for an average of about 28 for city residents. That's 8 years younger than the national average age, and provides for an active, thriving rental market. The local rental marketplace thrives in part because of this; 28 is much younger than national averages. Tallahassee is comprised of over 1600 neighborhoods.
Generally speaking, housing in Tallahassee is affordable. In 2005, the median value of a house or condo was about $6000 below that of the US national average. More than 60% of the housing units were either single family or mobile homes. And there are plenty of quality, new homes as well; almost 30% of the total were built since 1990. For an idea of what you might pay for housing costs in Tallahassee, consider the median amounts paid by both renters and people with mortgages. Over half of Tallahassee renters in 2005 claimed that more than 30% of their total income was spent on housing; the median amount spent monthly on housing in the city was $719 for renters and $1191 for mortgage owners.
The American housing bubble brought home prices in Tallahassee to historic highs and crushing lows. In Florida in the early 1990s, after the beginning of the Comprehensive Land Use Plan, many residential lots started coming to market. Developer lot prices after the Plan showed steady, reliable growth; more and more lots were brought to market but rising housing prices pulled prices even higher.
In 2006 the average price of a residential lot rose to over $112,000 per lot. Land development in Tallahassee was enjoying its most profitable times ever, until the bubble burst. Now, a few years after the crash, few lots are selling, home sales are down, and prices remain depressed.
The forces of supply and demand apply to real estate just like anything else. The backlog of supply of properties in Tallahassee will be around for years to come. Now this is good news for those people looking to buy a home in Tallahassee; it's certainly a buyer's market. Unfortunately, for those of you in Tallahassee who are attempting to sell a home or property should know the challenges that they will face. It might surprise you to learn that from 2007 to 2011, about 60% of the people in Tallahassee who attempted to sell a home were unsuccessful. Wanting to move yet not being able to get rid of your home is a stressful time no one would want to endure.
The state capital, Tallahassee sits on the eastern edge of the Florida panhandle in Leon County. Almost 182,000 called Tallahassee home as of the last Census, with about 367,000 people in total in the greater metro area. Florida State University, one of the state's biggest schools, is in Tallahassee; the high student population makes for an average of about 28 for city residents. That's 8 years younger than the national average age, and provides for an active, thriving rental market. The local rental marketplace thrives in part because of this; 28 is much younger than national averages. Tallahassee is comprised of over 1600 neighborhoods.
Generally speaking, housing in Tallahassee is affordable. In 2005, the median value of a house or condo was about $6000 below that of the US national average. More than 60% of the housing units were either single family or mobile homes. And there are plenty of quality, new homes as well; almost 30% of the total were built since 1990. For an idea of what you might pay for housing costs in Tallahassee, consider the median amounts paid by both renters and people with mortgages. Over half of Tallahassee renters in 2005 claimed that more than 30% of their total income was spent on housing; the median amount spent monthly on housing in the city was $719 for renters and $1191 for mortgage owners.
The American housing bubble brought home prices in Tallahassee to historic highs and crushing lows. In Florida in the early 1990s, after the beginning of the Comprehensive Land Use Plan, many residential lots started coming to market. Developer lot prices after the Plan showed steady, reliable growth; more and more lots were brought to market but rising housing prices pulled prices even higher.
In 2006 the average price of a residential lot rose to over $112,000 per lot. Land development in Tallahassee was enjoying its most profitable times ever, until the bubble burst. Now, a few years after the crash, few lots are selling, home sales are down, and prices remain depressed.
The forces of supply and demand apply to real estate just like anything else. The backlog of supply of properties in Tallahassee will be around for years to come. Now this is good news for those people looking to buy a home in Tallahassee; it's certainly a buyer's market. Unfortunately, for those of you in Tallahassee who are attempting to sell a home or property should know the challenges that they will face. It might surprise you to learn that from 2007 to 2011, about 60% of the people in Tallahassee who attempted to sell a home were unsuccessful. Wanting to move yet not being able to get rid of your home is a stressful time no one would want to endure.
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