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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 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 196,169 people, 78,283 houses or apartments, and a median cost of homes of $215,981, 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 40.52% of the city's housing units. Other types of housing that are prevalent in Tallahassee include large apartment complexes or high rise apartments ( 34.60%), duplexes, homes converted to apartments or other small apartment buildings ( 12.76%), and a few row houses and other attached homes ( 10.17%).

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 36.74% owning and 63.26% 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 ( 21.89%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.03%). There's also some housing in Tallahassee built before 1939 ( 1.71%).

Vacant housing appears to be an issue in Tallahassee. Fully 12.45% 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 68.91%, which ranks in the top 40% nationwide. This equates to an annual average Tallahassee house appreciation rate of 5.38%.

NeighborhoodScout's data show that during the latest twelve months, Tallahassee's appreciation rate, at 16.01%, has been at or slightly above the national average. In the latest quarter, Tallahassee's appreciation rate has been 2.17%, which annualizes to a rate of 8.98%.

Relative to Florida, our data show that Tallahassee's latest annual appreciation rate is lower than 90% 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:
$215,981

Tallahassee, FL HOME PRICES

> $1,336,000
$1,002,001 - $1,336,000
$668,001 - $1,002,000
$534,001 - $668,000
$401,001 - $534,000
$267,001 - $401,000
$134,001 - $267,000
$67,001 - $134,000
$0 - $67,000
1.1%
1.1%
0.4%
0.4%
2.9%
2.9%
3.7%
3.7%
11.5%
11.5%
19.4%
19.4%
39.1%
39.1%
17.5%
17.5%
4.4%
4.4%
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:
78,283

Tallahassee Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
115.62% 3.51%
1
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,661 / per month

Homeownership Rate

Owners
Renters
Vacant
36.7%
36.7%
63.3%
63.3%
12.5%
12.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
21.9%
21.9%
56.4%
56.4%
20.0%
20.0%
1.7%
1.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
40.5%
40.5%
10.2%
10.2%
12.8%
12.8%
34.6%
34.6%
1.9%
1.9%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.8%
2.8%
16.5%
16.5%
28.3%
28.3%
35.1%
35.1%
15.7%
15.7%
1.6%
1.6%
0.0% 100.0%
% OF HOMES