I have been conducting home appreciation studies on many Tallahassee neighborhoods, hoping to find some that are doing well despite the tough market that we are in. Most Tallahassee subdivisions have seen depreciation (from the peak of the market) in the 15 to 20% range, and reduced unit sales by greater than 60%. But this morning, I stumbled upon a Tallahassee neighborhood that has thus far bucked part of the recent trend.
The Royal Oaks Subdivision is located just off of Thomasville Road on the Northwest side of Killearn Estates. Home values have thus far appreciated quite nicely over the past 20 years, with growth in each of the last three years as well! This is the first Tallahassee neighborhood that I have found that has done this.
Of course, like many other subdivisions in Tallahassee, Royal Oaks has seen the number of home sales decline greatly. There has been an average of about 15 home sales in Royal Oaks each year for quite some time, only to see it fall to 6 last year and only 1 thus far in 2009. Most likely, prices are holding up because home owners are more entrenched and do not need to move. Regardless of the reason, it is nice seeing a real estate graph showing appreciation!
[click to see color graphs and list of Royal Oaks Home Sales…]
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Joe-
Here in Nashville we are fortunate to have many neighborhoods still appreciating. Thes eneighborhoods have some very important things going for them, like Franklin TN , with one of the finest Town Squares in the south + rivers and lakes and JOBS!
Murfreesboro leads Tennessee in growth and affordability. They are also showing appreciation.
These towns are seeing a steady 3% per year over the last 5 years.
Thanks for all your posts.