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 Q4 2020. 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 194,500 people, 75,949 houses or apartments, and a median cost of homes of $167,979, house prices in Tallahassee are solidly below the national average.

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

Real estate appreciation rates in Tallahassee's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.55% during the period.

NeighborhoodScout's data show that during the latest twelve months, Tallahassee's appreciation rate, at 6.12%, has been at or slightly above the national average. In the latest quarter, Tallahassee's appreciation rate has been 1.63%, which annualizes to a rate of 6.69%.

Notably, Tallahassee's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that Tallahassee's latest annual appreciation rate is lower than 60% 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:
$167,979

Tallahassee, FL HOME PRICES

> $1,204,000
0.6%
0.6%
$904,001 - $1,204,000
0.5%
0.5%
$602,001 - $904,000
2.2%
2.2%
$482,001 - $602,000
3.5%
3.5%
$361,001 - $482,000
8.5%
8.5%
$241,001 - $361,000
18.8%
18.8%
$121,001 - $241,000
40.2%
40.2%
$60,001 - $121,000
19.4%
19.4%
$0 - $60,000
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 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
79.51% 2.83%
1
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,368 / 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