Are you curious about the Tallahassee real estate market's various zip codes?
We often see people using our property search tool's zip code quick links (like this one featuring houses for sale in the 32312 zip code). So our belief is if people want to search by the zip codes in Tallahassee, they probably would also like more housing market information for each of these areas as well.
Today, we will take a look at the most active zip codes in the Tallahassee housing market by reviewing average house prices, average house values, and the percentage of distressed house sales occurring in each zip code.
The Most Active Zip Codes In Tallahassee
The following list shows the most active zip codes for house sales in Tallahassee, and each one is linked to the current houses for sale in its respective zip code:
- 32301 - 108 houses sold through the third week of May
- 32303 - 278 houses sold through the third week of May
- 32308 - 107 houses sold through the third week of May
- 32309 - 179 houses sold through the third week of May
- 32311 - 129 houses sold through the third week of May
- 32312 - 261 houses sold through the third week of May
- 32317 - 76 houses sold through the third week of May
So click on any link you want to go straight to the active listings within that specific zip code.
House Prices By Zip Code
It should come as no big surprise that the highest average house prices are found in the 32312 zip code in Northeast Tallahassee where they have averaged $314,000 thus far in 2015 (orange line in graph below).
The 32301 is reporting the lowest average house sales price at $124,000 thus far in 2015 (blue line in the graph below).
The biggest surprise is that both the 32308 and 32311 zip codes are currently selling at average prices lower than they were last year (green and teal lines in the graph below).
House Values By Zip Code
When we attempt to determine appreciation in the real estate market, we look to house values as opposed to house prices. Generally speaking, house values have been rising nicely this year, but there are a few exceptions.
Both the 32301 and 32308 zip codes have recorded house sales at values (measured in price per square foot) that are lower thus far in 2015 than they were during 2014 (blue line and green line in the graph below).
Interestingly, the 32317 zip code (East side of Tallahassee) is showing the highest rate of appreciation thus far in 2015.
Distressed House Sales By Zip Code
In order to understand the "why" for the values above, I have created a graph of the percentage of distressed house sales occurring in each key Tallahassee zip code over the past 12 years.
The fact that 37% of all houses sold in the 32301 zip code this year have been distressed might explains why their values are falling. A lot of these houses are rental properties that have been abandoned and are deteriorating at a fairly rapid pace.
We can see that the only zip code that is seeing a growing rate of distressed property sales is 32308, which likely explains why these (primarily) single family houses are falling in value this year.
And finally, the 32317 zip code is getting healthy fast. Its plummeting distressed house sales percentage is likely the reason that values are soaring right now on the East side of town.
I hope you enjoyed our May 2015 update on house sales by zip code in Tallahassee, please feel free to drop me a note if you have questions not covered in this report.
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