Downtown Tallahassee Get's Worst Of Housing Market Decline

It has been a while since we looked at the Downtown Tallahassee real estate market, so today I compiled a report of recent home sales in the 32301 zip code, which is in the heart of Tallahassee's downtown area.

The boom of the housing market which began in 2004 brought several condo developments to downtown Tallahassee which quickly changed both the perception and the reality of how people live in the heart of Florida's capital city. A "big city" style of living that is just starting to catch on, but is wreaking havoc on simple real estate analysis tools. Unlike most other zip codes, the property type variance in the 32301 zip code in downtown Tallahassee make my study of "averages" go crazy.

Map Of Home Sales In 32301 Downtown Tallahassee

Downtown Tallahassee Home Prices Continue To Decline

Average home prices in the 32301 are down from a high of over $196,000 In June of 2006 to $88,256 recorded in August, which is a dramatic decline of over 57%.

Downtown Tallahassee Home Values Decline

Home values in downtown Tallahassee came down as well, falling 61% to just $73 per square foot in August 2011. When we remove condominiums from the mix, the decline was still a hefty 44%, which is significantly worse than the average in the Tallahassee real estate market.

See Complete List Of Recent Home Sales In Downtown Tallahassee