I was recently looking into home values in Unit 2 of Killearn Lakes Plantation and figured that my results would make for an interesting blog post at the Tallahassee Real Estate Blog. Killearn Lakes is the most active subdivision in Northeast Tallahassee, so I knew that whatever I found would be an important representation of current activity in the Tallahassee housing market.
Unit Sales And Average Home Prices Dropping In Killearn Lakes Unit 2
Much like we have seen in the rest of the Tallahassee housing market, both unit sales and home prices have fallen in Killearn Lakes Unit 2. Lately, we have seen some stability in the number of homes selling each month, but values are averaging in the $160K – $170K price range, after once approaching $200K in 2006.
Killearn Lakes Unit 2 Home Values Down 17%
Home values in KLP2 have depreciated 17% since the peak of the market, which is much better than many other parts of the Tallahassee housing market (just last week we reported that Southwood home values depreciated 24%). Because this is a neighborhood with homes valued right at the median price point in Tallahassee, it is poised to weather the market better than ones further away from the middle. Additionally, this price point is best suited for the Homebuyer Tax Credit that home buyers can use through April of this year.
In the real estate graph above, we see the 17% decline in home values. Additionally, to the right of the main graph area, the yellow arrow represents the range in values of homes that failed to sell in the Tallahassee MLS, while the red arrow represents the range of values of the current homes for sale in Killearn Lakes Unit 2.
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