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How Home Affordability Has Changed In 30 Years

Average home prices keep pushing higher in Tallahassee.

I thought it would be interesting to plot the average home price against the average mortgage payment since I first began selling homes in 1991.

This will you an idea of how home affordability in Tallahassee has changed over the past 30 years.

Single-Family Detached Homes Set New Record High

Single-family detached home prices are moving higher and have set a new all-time record high for Tallahassee.

When we look at condominiums, townhomes, lots and land, and mobile homes, we a different story.

Get the whole picture here in this week’s one-page special report.

Is The High End Immune To Current Conditions?

So far in 2020, the sales of high-end homes (homes priced above $750K) are up for the year, while homes priced below $750K have seen a decline that began when COVID-19 arrived.

Does this say something about immunity for luxury homes? The graph in this week’s report shows how home sales have been distributed by price range and there have been 19% more luxury homes sold through May than in each of the two previous years.

So why are luxury homes apparently immune to current conditions?

June 2020

Download the June 2020 supply and demand report for homes in Tallahassee, FL.

The four corners of the Tallahassee real estate market are segmented by price range and the current months’ of supply of homes for each quadrant and each price range are shown.

You can use this information to recognize home values and to prepare yourself to successfully negotiate your next transaction when you buy a home or sell a home in Tallahassee.

Year Over Year Home Sales Plummet

Year over year home sales fell significantly in May after having done so in April as well.

While it is jumping the gun to report year over year home sales (May 2020 closings versus May 2019 closings) this early in the new month, my experience has taught me we won’t see enough late-entry sales in the MLS to change the narrative of this report. And the narrative might just surprise you!

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