Report: Tallahassee MSA Real Estate Transactions Down, Prices Up

The Florida Realtors May 2024 report on single-family sales activity shows that the May number of sales in Florida was relatively flat with 26,252 transactions, down 0.5% when compared to May 2023.

Year-to Date (YTD) numbers show that single – family sales transactions were down 0.9% five months into 2024 when compared to last year.

On the pricing front, the May median sales price was $426,581, up 1.6% when compared to one year ago. The YTD numbers show a median sales price of $420,990, up 3.9%. 

The report shows that there were 362 May single-family sales in the Tallahassee MSA, down 3.7% when compared to last year. The median sales price was $358,500, up 6.6% over May 2023.

YTD numbers show there have been 1,454 single-family transactions in the Tallahassee MSA through May, down 3.4%. The median sales during this period was up 4.1%, to $328,000.

The latest sales report comes out amid national concerns about the Florida real estate market detailed in a Newsweek article addressing the overexposure of some home builders in Florida.

The article highlights the “difficult situation currently facing the Sunshine State’s housing market, including skyrocketing home insurance premiums, the addition of resale inventory, and relatively high property taxes, has contributed to the sluggishness cited as a source of concerns in the coming months by both Citi and Raymond James.”