Both median house prices and median house values continue to improve in Tallahassee.
While this might not seem like a huge revelation, it remains newsworthy as our housing market saw declining median prices and values from 2006 through 2012.
As somebody "in the business," I can attest to that being a very long period of time.
But the news is better today, and we'll show you with a simple trend graph where prices and values are today relative to where they have been in the past.
Tallahassee Median House Price And Value
The graph below is “busy” with a lot of information, but everything falls into one of two groups.
Orange is associated with median house prices, while green references median house values (price per square foot).
The orange area plots median house prices each month, while the light orange colored line shows the 12 month trend of median house prices.
The jagged green line shows median values each month, while the smooth green line shows the one-year trend of house values.
The dashed lines move from right to left, and they track today’s prices and values and show:
- Median house prices are the same today as they were at the beginning of 2006.
- Median house values are the same today as they were during the
Summer of 2005
So the good great news is we now have several years worth of rising values and rising prices, but we also have to acknowledge that they have only returned to levels seen ten years ago.
Current House Values In Tallahassee
Ultimately, this report shows that there is a long way yet to go before we can declare the Tallahassee real estate market recovered, but there is something seriously exciting that we can glean from the graph above.
People who refinanced or purchased a house in the past twelve years likely owe more money on it than they can gain from a sale. But as every single percentage gain is recorded in the market, several hundred more people move from "trapped" to "free to go."
It does not require much equity to move-up or move-down (or even move-over) in order to take advantage of today's low mortgage interest rates. And every few months, we'll see a new group of people who have been waiting for their house's to regain some equity so they can move.
It's an exciting time to be a real estate broker, as many of the people we are helping today feel great relief to get out of a situation where they have felt helpless for many years.
If you would like to know more about how a low mortgage interest rate loan can change your current living conditions, please drop me a note and we'll be in touch with you right away.