Investing in Tallahassee Real Estate Business
Buying or Selling a Home in Tallahassee
Tallahassee, the capital of Florida, is located in Leon Country, on the east edge of the Florida panhandle. As of the last Census, the city had nearly 182,000 people, and more than 360,000 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. 28 is significantly younger than the national average age, and it makes for a busy marketplace for rental properties. There are over 1600 officially recognized subdivisions, or neighborhoods, in Tallahassee.
The median monthly housing costs among both renters and mortgage holders in Tallahassee can give insight to what a resident might expect to pay. Mortgage owners paid $1191 per month and renters about $719; more than half of renters reported that they spent 30% or more of their household income on housing.
Housing prices in Tallahassee were impacted by the volatility of the real estate bubble as much as in any place in America. After the passage of a Comprehensive Land Use Plan in the early 90s, many land owners started bringing more residential lots to the marketplace. 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. It’s a very different marketplace in Tallahassee nowadays; lot sales, home sales, and home prices remain way down from their one-time highs.
The forces of supply and demand apply to real estate just like anything else. Estimates show that for the foreseeable future, the glut of the supply of properties we are experiencing currently will be around for quite a while. This is good news if you are looking to buy a home in the Tallahassee area. However if you want to sell a home, you should know what difficulties lie ahead of you. 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. It would obviously be a stressful time, hoping to move yet not being able to get rid of your current home.On the whole, housing in Tallahassee is pretty affordable. The median price of a house or condo in Tallahassee in 2005 was about $6000 below the average for the rest of the country. The same data reveals that of the 76,000 housing units in the city of Tallahassee, over 60& of them were single family homes or mobile homes. Considering that nearly 30% of the homes in the city were built after 1990, buyers have an excellent selection of newer homes to choose from.
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