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Full Report

June 2024 Real Estate Market Update   Written By: Ivan Marquez Executive Assistant, Hum Real Estate

FULL REPORT

This month's report offers insights into the current real estate market - highlighting key trends such as home prices and mortgage rates.

Home Prices

Nationally, home price growth has remained relatively flat since January of last year.

Regionally, home price appreciation has varied more significantly, with some areas experiencing greater month-over-month increases than others. This highlights the importance of understanding your local market.

Locally, the median listing price has been trending above the national average for 7 months - a great sign for the health of the Tallahassee market.

Since 2019, home price growth has shifted dramatically. After a sharp rise during the pandemic, prices have moderated to healthier, more stable levels - another positive sign for real estate.

Home price forecasts for 2025 predict more moderate growth, averaging around 2.7%. Most experts expect appreciation to fall within the 3-4% range, reflecting a return to a healthier, more typical market and better conditions for buyers.

Seeing fewer home price reductions is a national trend and further points to shifting marketing conditions. Although Tallahassee is following the national trend of home price reductions, locally we are seeing fewer reductions than the country overall - another great sign for the local market.

Mortgage Rates

Mortgage rates are starting to decline after peaking around 7% in mid-January. Over the past several weeks, rates have eased slightly, offering some relief as the buyer spring market approaches.

Furthermore, mortgage rates are declining faster than previously expected. We saw about 6.7% in early March, and are seeing predictions around 6.5% by year-end. While volatility is expected, this dip could offer relief for buyers entering the real estate market. 

Inflation eased slightly in February but remains above the Federal Reserve's 2% target. This decline has helped lower mortgage rates, and further easing could even more positively impact the market.

Bottom Line

We are poised for continued market recovery - leading towards a more balanced market, and expect this to fuel the spring season in real estate.

Tallahassee Real Estate Market Statistics