If you are looking to buy or sell a house in Tallahassee in the year ahead, you are not alone. Much of the US has seen sales activity surge across the latter half of the year, with demand soaring are the real estate marketing deals with pent-up demand from the spring.
If you are looking for homes for sale in Tallahassee, or you are looking to sell your home, it is important to know what you can expect. With that in mind, read on to find out the key real estate trends for Tallahassee in early 2021.
- Prices Will Rise in Tallahassee
The first thing to know about house prices in the city of Tallahassee is that they will, on the whole, rise throughout 2021. The median home value for 2020 reached $191,568 and this is set to rise by about 2.1% in 2021.
This will be driven by a rebound in the local jobs market and heightening demand in Northern Florida. It will likely be a seller’s market, although it is worth noting that price rises are more modest than in other parts of the region.
- Proximity to Nature Is Key
If this year has taught homeowners anything, it’s that they want nature and wide outdoor open spaces on their doorstep. Therefore, it is no surprise that homes within close proximity to Tallahassee, Florida national parks are going to be selling for a premium throughout 2021.
Homes close to Econfina River State Park and the Lake Jackson Mounds State Park are among the hottest sellers right now and will remain so in the year ahead.
- The Bigger the Better
Across the United States, bigger homes are in much greater demand, especially as more people continue to work from home. Those coming down to enjoy the Tallahassee weather while working remotely will be willing to pay a premium for space and large lots.
The kinds of quality, spacious homes featured in this detailed local real estate report are exactly the kinds of homes that will be in the greatest demand in 2021.
- Apartment Rentals Will Rebound More Slowly
It is unsurprising that apartment rentals will see a slower recovery in 2021. However, this could mean an ideal opportunity for property investors. The Tallahassee jobs market was booming prior to 2020, and this is set to resume at some point in the next year.
When this happens, demand for quality rentals in the city center will likely rise significantly. Those with investment rentals in their portfolio will be the first to benefit from this.
- Bargain Opportunities Abound
Finally, it is worth noting that the level of distressed housing stock in Tallahassee is higher than the national average. Many homeowners are in negative equity and are willing to sell their homes at a lower price as a result.
This means that investors should be poised to snap up some bargain homes in the early weeks and months of the year. Buying bargain basement homes now and flipping them later could remain a winning strategy in the year ahead.
Navigate Your Local Real Estate Market
Now that you know all you need to know about the Tallahassee real estate market in the year ahead, it is time to learn more.
For the latest trends and insights on real estate markets across America, we have got you covered. Make sure to consult our expert Real Estate guides today to stay ahead of the curve.