Home Values in Tallahassee Are Up Says Freddie Mac

Home values in Tallahassee are up at a faster pace this year according to Freddie Mac, the secondary mortgage market buyer.  Freddie Mac’s Home Price Index reports that Tallahassee saw a 3.34% gain in home prices from June 2013 to June 2014.  The steepest rise in the price index has been from March to June – that’s good news since the index declined several points during the later half of 2013.  The home price index is a good,  but not perfect, proxy measure for home values.  Over the long term, it follows trends of home values in Tallahassee.

Home Values in Tallahassee, Long Term

Looking at Freddie Mac’s historic data, home values in Tallahassee have inched up to fourth quarter 2004 level.  This means if you bought a home before 2004, you probably have home equity.  But if you bought during the peak of the cycle 2005-2009, your home value may be less than what you paid for your home.

Home values in Tallahassee seem to lag other parts of the state.  For instance, values in south Florida rose sharply in 2012 and 2013.  They are now cooling off, at a time where home values in Tallahassee are still rising.  We can expect that the pace of value appreciation may slow down here also in the coming months.

Looking at Florida as a whole, home values in Florida have grown 9% in the past year.  Florida is one of the sun belt states that seem to be growing fastest, along with Texas, Nevada, Arizona and California.  However, Florida values are still far below peak levels. Freddie Mac data indicates values are about 32% below 2006 prices.

Of course, not only do home values differ by city, they also differ by neighborhood.  Areas such as Betton Hills have very low inventory, and are much in demand.  Areas such as Killearn Lakes still have a large inventory, even during this time of the year when inventories typically decline.

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