Tallahassee, FL, Real Estate Market Report – May, 2024

Tallahassee real estate shows gradual increase & slight levelling off in early 2024 with an avg. price of $289,900. Neighborhood cities display varied trends, all appealing to different buyers.

authorWritten by Manuel MartinezJun 12, 2024

In recent months, particularly from January 2024 to May 2024, the Tallahassee real estate market has shown some interesting trends. Property values have generally increased, with the average value of properties peaking in April at $297,900. However, by May 2024, there was a slight dip to an average value, down to $289,900. Meanwhile, the average sale price per square foot saw a high in February at $194 but stabilized to around $190 by May 2025. This suggests a gradually increasing market that slightly levelled off as we approached the middle of the year.

Snapshot:

As of May 2024, Tallahassee’s real estate market lists an average property value of $289,900, with the average sale price calculated at $271,677. The average sale price per square foot stands at $190. With a high property count of 889 and a total property sold count of 2298, the city shows significant market activity, indicating a robust demand for housing.

Current Market Values and Trends

When comparing Tallahassee to neighboring cities, the variability in property value trends becomes more evident. For instance, Havana, FL, experienced a steady increase in average property values, noticeably climbing from $219,950 in January 2024 to $340,000 in May 2024. This contrasts with Midway, FL, where property values peaked in January 2024 at $310,000 but fell to $275,000 by May 2025. Each city exhibits unique trends, which could influence potential buyers’ decisions on where to invest or settle.

  • Havana shows a considerable average value of $340,000 by May 2024 with a sale price of $233,722, which is comparatively lower than its average list price showing possible buyer’s leverage in negotiations. The average sold price per square foot echoes this at $131, though it’s lower than Tallahassee’s, reflecting perhaps lesser demand or different market dynamics. The property count stands at 35, with 62 properties sold.
  • Midway: The market seems to have cooled slightly with an average property value pegged at $275,000 by May 2024. The sale price is positioned at $243,750 and a substantially higher average sold price per square foot at $159.5 compared to Havana, despite its lower overall property value. The total property and sold counts are quite low at 7 and 19, respectively, suggesting a smaller, possibly more fluctuating local market.
  • Monticello’s property market also fluctuated, with an end period value in May 2024 at $289,000 and an average sale price of $195,207, markedly lower than the list price. The average sale price per square foot stands at $121.5, perhaps indicative of specific local market issues or inventory types. With 27 properties listed and 63 sold, it indicates a healthy turnover despite the price disparities.
  • Crawfordville. Here, we see a slight decrease in value, with the average property value adjusted to $299,450 in May 2024, from a lower starting point earlier in the year. The sold price averages $239,900 with an average per square foot at $169.5. With 122 properties up for sale and 290 sold, Crawfordville displays a lively market, possibly with good buyer and seller engagement.
  • Lamont presents a unique case with limited available data, reflected by an average value fluctuation ending at $312,000 in May 2024. The average sale price starkly stands at $118,897, significantly lower than its list price, and a low $100 per square foot, indicating potential investment opportunities or undervalued properties. However, with only 2 properties listed and 6 sold, the market here is relatively inactive, suggesting caution or the need for further investigation.

The data from Tallahassee and its surrounding cities from January to May 2024 shows diverse trends and opportunities within the real estate market. Each city presents a different profile, potentially suitable for different types of investors or homebuyers. As the market continues to evolve, keeping an eye on these trends will be crucial for making informed real estate decisions.

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