Tallahassee, FL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Tallahassee, FL Housing Market Trends

With a population of 194,500, 75,949 total housing units (homes and apartments), and a median house value of $173,438, Tallahassee real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Tallahassee, accounting for 42.28% of the city's housing units. Other types of housing that are prevalent in Tallahassee include large apartment complexes or high rise apartments ( 34.40%), duplexes, homes converted to apartments or other small apartment buildings ( 12.11%), and a few row houses and other attached homes ( 9.12%).

The most prevalent building size and type in Tallahassee are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 37.07% owning and 62.93% renting.

There is a lot of housing in Tallahassee built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Tallahassee built between 2000 and later ( 22.10%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.85%). There's also some housing in Tallahassee built before 1939 ( 1.48%).

Vacant housing appears to be an issue in Tallahassee. Fully 13.79% of the housing stock is classified as vacant. Left unchecked, vacant Tallahassee homes and apartments can be a drag on the real estate market, holding Tallahassee real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Tallahassee Home Appreciation Rates

Appreciation rates for homes in Tallahassee have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 36.94%, which ranks in the top 50% nationwide. This equates to an annual average Tallahassee house appreciation rate of 3.19%.

Appreciation rates are so strong in Tallahassee that despite a nationwide downturn in the housing market, Tallahassee real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Tallahassee appreciation rates continue to be some of the highest in America, at 9.19%, which is higher than appreciation rates in 85.56% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Tallahassee. Tallahassee appreciation rates in the latest quarter were at 1.80%, which equates to an annual appreciation rate of 7.39%.

Relative to Florida, our data show that Tallahassee's latest annual appreciation rate is higher than 70% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Tallahassee differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Tallahassee - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Tallahassee real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$173,438

Tallahassee, FL HOME PRICES

> $1,218,000
0.6%
0.6%
$913,001 - $1,218,000
0.5%
0.5%
$609,001 - $913,000
2.2%
2.2%
$487,001 - $609,000
3.5%
3.5%
$365,001 - $487,000
8.5%
8.5%
$244,001 - $365,000
18.8%
18.8%
$122,001 - $244,000
40.2%
40.2%
$61,001 - $122,000
19.4%
19.4%
$0 - $61,000
6.4%
6.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Low for FL

Value Relative To Nation

Number Of Homes And Apartments:
75,949

Tallahassee Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
84.34% 2.92%
1
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,367 / per month

Homeownership Rate

Owners
37.1%
37.1%
Renters
62.9%
62.9%
Vacant
13.8%
13.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
22.1%
22.1%
1970 - 1999
56.6%
56.6%
1940 - 1969
19.9%
19.9%
1939 or Older
1.5%
1.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
42.3%
42.3%
Townhomes
9.1%
9.1%
Small Apt. Buildings
12.1%
12.1%
Apt. Complexes
34.4%
34.4%
Mobile Homes
2.1%
2.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.6%
2.6%
1 Bedroom
15.2%
15.2%
2 Bedrooms
27.9%
27.9%
3 Bedrooms
36.9%
36.9%
4 Bedrooms
15.7%
15.7%
5 or more bedrooms
1.7%
1.7%
0.0% 100.0%
% OF HOMES