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Tallahassee, FL housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $187 | $194 | $194 | $201 | 12.7% | 3.7% | 0% | 3.6% | |
| Active Listing Count | 1,042 | 1,165 | 1,065 | 1,313 | -14.5% | 11.8% | -8.6% | 23.3% | |
| Median Days on Market | 55 | 51 | 61 | 60 | -3.5% | -7.3% | 19.6% | -1.6% | |
| Share of listings with price increase | 1.9% | 1.4% | 1% | 0.8% | |||||
| Share of listings with price decrease | 8.7% | 10.7% | 14.4% | 14.7% | |||||
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Tallahassee, FL MSA Overview
- The Tallahassee Metropolitan Statistical Area (MSA) includes Leon, Gadsden, Jefferson, and Wakulla counties in Florida's Big Bend and Panhandle regions.
- Total MSA population estimated at 397,675 in 2024, with steady growth from 384,298 in 2020.
- Key urban center is Tallahassee city (population 205,089 in 2025), housing 51% of MSA residents.
- Geographic areas span 6,188 km², mixing urban Tallahassee core, suburban outskirts, and rural peripheries in surrounding counties.
- Incorporated cities include Tallahassee, Quincy (Gadsden County seat), Monticello (Jefferson), and Crawfordville (Wakulla); plus census-designated places like Havana and St. Marks.
Cities/Towns Table
| Area | City/Town | Population | Density | Income (high/low/...) | Quality of Schools (GreatSchools rating range) | Crime Level | Property Tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Leon County | Tallahassee | 205,089 | High urban (2,200+/sq mi core) | Low-median ($55,931 household) | 5-9 (mix of public universities, K-12 variance) | Moderate-high (urban property crime) | 0.9-1.1% effective | State capital, FSU/ FAMU hub, young median age 28 |
| Gadsden County | Quincy | ~8,000 | Low rural (500/sq mi) | Low ($40,000 household) | 3-6 | High | 1.0-1.2% | Agricultural, higher poverty, Black-majority |
| Jefferson County | Monticello | ~2,500 | Very low rural (200/sq mi) | Low-median ($45,000) | 4-7 | Low-moderate | 0.8-1.0% | Historic, rural commuter to Tallahassee |
| Wakulla County | Crawfordville | ~5,000 | Low suburban-rural (400/sq mi) | Median ($60,000) | 6-8 | Low | 0.9% | Coastal, growing suburbs, state parks |
To view all table columns, please open this table on a laptop or desktop screen.
Citizens: Income and Education
- MSA median household income around $55,000-$60,000, with Tallahassee city at $55,931; per capita $45,098.
- Poverty rate high at 23% in Tallahassee, lower in suburbs.
- Income disparity: married families $118,646 median vs. non-families $38,940.
- Median age 29-34 MSA-wide; young skew due to students (20-29 years: 20% of population).
- High education levels: home to Florida State University (FSU), Florida A&M (FAMU), Florida State College; 40%+ bachelor's degrees in urban core.
- 96% citizens in Tallahassee; 8% foreign-born, mostly Asian.
- Racial mix: 54% White, 36% Black, 7% multiracial, 4% Asian MSA-wide.
Key Economic Sectors
- Government: state capital employs 20%+ workforce in public administration.
- Education/Healthcare: FSU/FAMU (50,000+ students), hospitals drive 25% jobs.
- Professional Services: legal, lobbying tied to legislature.
- Retail/Trade: supports student and government population.
- Agriculture: rural counties (Gadsden tobacco, Wakulla forestry).
- Military: minor Naval presence in Wakulla.
Housing Buying Market: Supply Drivers
- Zoning: Tallahassee moderate openness; suburban Leon/Wakulla allow single-family growth, but urban core restrictive on density.
- Regulatory strictness: state-level preemption eases some rules, but local impact fees $5,000-$10,000 per unit.
- Construction workforce: low cost vs. South Florida ($25-$35/hr labor), but shortages from regional migration.
- New permits: 1,500-2,000 annually MSA, focused on suburbs; rural areas faster approvals.
- Land availability: ample in Gadsden/Jefferson, flood zones limit Wakulla coast.
- Inventory: 3-4 months supply in 2024-2025, tighter in urban Tallahassee.
Housing Buying Market: Demand Drivers
- Net migration in: +4.1% population growth 2020-2024, domestic from North Florida/Georgia.
- Growing industries: education/healthcare expansion (FSU enrollment up), remote government jobs.
- Suburban shift: Wakulla/Jefferson commuters fleeing urban prices.
- Declining: agriculture jobs down in Gadsden, slowing rural demand.
- Student/transient demand: 0.7% annual Tallahassee growth sustains rentals.
- Affordability draw: median home $280,000 vs. state $400,000+.
Key Challenges on the Housing Market
- High student poverty/rentals depress homeownership (45% rate).
- Insurance costs: hurricane exposure raises premiums 20-30% post-2024 storms.
- Inventory shortage: urban demand outpaces builds amid labor gaps.
- Crime in core Tallahassee impacts family buyer appeal.
- Rural depopulation: Gadsden/Jefferson stagnation limits scale.
- Regulatory hurdles: environmental reviews slow Wakulla development.
- Affordability squeeze: incomes lag home price growth (5-7% yearly).
Investment Potential Differences Table
| Area | Appreciation Potential | Risk | Key Drivers |
|---|---|---|---|
| Urban Tallahassee (Leon core) | Medium | High | Student/gov demand steady; crime, rental oversupply cap gains |
| South Leon suburbs | High | Medium | Commuter growth, new builds, school proximity |
| Wakulla County | High | Low-medium | Population influx, coastal appeal, low inventory |
| Gadsden County | Low | High | Economic stagnation, high poverty, rural decline |
| Jefferson County | Medium-low | Medium | Affordable entry, but slow growth, aging population |
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