Tallahassee Housing Market Trends

Yes: the federal house price index for the Tallahassee metro reached 349.98 in the second quarter of 2026, above the 333.30 of a year earlier (FHFA index via FRED).

The Federal Housing Finance Agency builds the index from sales prices and appraisal data, sets the first quarter of 1995 at 100, and does not adjust it for season (FHFA index via FRED). It covers the Tallahassee metropolitan statistical area, which FHFA files under code 45220, so it describes the region around the city rather than one neighborhood (FHFA metro house price index data).

Source for the table: FHFA metro house price index data.

In the file's own second quarter values, the Tallahassee index went from 244.96 in 2021 to 297.25 in 2022, and from 327.80 in 2024 to 333.30 in 2025 and 349.98 in 2026 (FHFA metro house price index data).

The quarter by quarter path shows a pause inside that run. The Tallahassee index slipped from 337.82 in the third quarter of 2025 to 335.05 in the fourth, then rose to 338.66 in the first quarter of 2026 and 349.98 in the second (FHFA index via FRED). A reading for the third quarter of 2026 is due on October 27, 2026, the next release date FRED lists for the series (FHFA index via FRED).

Last verified: October 18, 2026, by re-downloading the FHFA metro index file for CBSA 45220, the four Census permit files for 2022 to 2025, both ACS 2020-2024 housing tables and the Leon County Property Appraiser's parcel statistics and TRIM page.

Slowly: the Tallahassee metro index fell from 220.80 in the first quarter of 2007 to 154.12 by the fourth quarter of 2012, and did not top that 2007 reading again until the second quarter of 2020, at 220.99 (FHFA metro house price index data).

The index rose through the early 2000s. The same FHFA file puts the Tallahassee index at 131.31 in the second quarter of 2002 and 199.91 in the fourth quarter of 2005 (FHFA metro house price index data). The decline that followed lasted years: 210.87 in the second quarter of 2008, 179.15 in the second quarter of 2010 and 156.79 in the second quarter of 2012 (FHFA metro house price index data).

The Tallahassee recovery came in small steps through the 2010s. The index stood at 169.45 in the second quarter of 2015, 180.68 a year later and 197.88 in the second quarter of 2018 (FHFA metro house price index data). Measured on the same scale, the second quarter 2026 reading of 349.98 compares with 220.80 in early 2007 and 205.41 in the second quarter of 2019 (FHFA metro house price index data).

The Census Bureau's 2025 permit file lists 1,384 units in 40 buildings of five or more units and 468 single unit buildings for the City of Tallahassee (Census Building Permits Survey, 2025).

The same Tallahassee row adds 34 units in 17 two unit buildings and 12 units in 3 buildings of three and four units (Census Building Permits Survey, 2025).

Sources for the table: Census Building Permits Survey, 2022, Census Building Permits Survey, 2023, Census Building Permits Survey, 2024 and Census Building Permits Survey, 2025.

The 2025 permits carried a combined construction value of $296,362,197 for the large multifamily buildings and $89,892,719 for single unit buildings in Tallahassee (Census Building Permits Survey, 2025). Units permitted in the city's buildings of five or more were 1,565 in 2022, 1,237 in 2023, 975 in 2024 and 1,384 in 2025, while single unit permits ranged from 441 to 468 a year (Census Building Permits Survey, 2022; Census Building Permits Survey, 2023; Census Building Permits Survey, 2024; Census Building Permits Survey, 2025).

Outside the city limits, the Census rows for Leon County Unincorporated Area list single unit buildings only, with 305 permitted in 2024 and 149 in 2025 (Census Building Permits Survey, 2024; Census Building Permits Survey, 2025). One detail in the files matters when comparing years: the 2025 Tallahassee row records 12 months reported, while the 2022, 2023 and 2024 rows record 0 months reported and leave the reported columns at zero (Census Building Permits Survey, 2025; Census Building Permits Survey, 2024).

The largest group of owner-occupied Tallahassee homes, 34.5 percent, is valued at $300,000 to $499,999 in the ACS 2020-2024 5-year estimates, with another 24.0 percent at $200,000 to $299,999 (ACS 2020-2024 DP04, Tallahassee city).

At the top, 12.4 percent of the city's 34,661 owner-occupied homes are valued at $500,000 to $999,999 and 644 homes, or 1.9 percent, at $1,000,000 or more (ACS 2020-2024 DP04, Tallahassee city). At the bottom, 2.4 percent are valued under $50,000 and 3.7 percent at $50,000 to $99,999 (ACS 2020-2024 DP04, Tallahassee city).

Leon County's median owner-occupied value is $301,800, against $294,400 for the city, and 14.5 percent of county homes are valued at $500,000 to $999,999, with 2.5 percent at $1,000,000 or more (ACS 2020-2024 DP04, Leon County; ACS 2020-2024 DP04, Tallahassee city).

Median selected monthly owner costs for Tallahassee homes with a mortgage are $1,760, against $1,770 countywide, and $631 for city homes without one (ACS 2020-2024 DP04, Tallahassee city; ACS 2020-2024 DP04, Leon County). In the city, 21,758 owner-occupied homes, 62.8 percent, carry a mortgage (ACS 2020-2024 DP04, Tallahassee city). These are five-year estimates for 2020 to 2024, not a 2026 reading.

Homeowner vacancy is 1.3 percent in Tallahassee and 1.0 percent in Leon County (ACS 2020-2024 DP04, Tallahassee city; ACS 2020-2024 DP04, Leon County).

Rental vacancy is higher, at 5.9 percent in the city and 5.7 percent in the county, in the same ACS 2020-2024 5-year estimates (ACS 2020-2024 DP04, Tallahassee city; ACS 2020-2024 DP04, Leon County).

Of Tallahassee's 97,245 housing units, 1,123, or 1.2 percent, were built in 2020 or later, and 11.8 percent in 2010 to 2019 (ACS 2020-2024 DP04, Tallahassee city). Homes built from 2000 to 2009 are the largest group in the city's housing stock, at 18.3 percent of units, followed by the 1970s at 17.0 percent (ACS 2020-2024 DP04, Tallahassee city). In Leon County, 2,122 of 137,793 units, 1.5 percent, date from 2020 or later (ACS 2020-2024 DP04, Leon County).

The county tax roll gives the property mix. The Leon County Property Appraiser's summary of the 2025 Certified Tax Roll counts 112,526 parcels, including 76,105 single family residential parcels, 4,912 condominiums, 6,788 mobile homes, 2,337 multi-family parcels and 381 apartment parcels, plus 8,959 parcels of vacant residential land (Leon County Property Appraiser).

Through the Leon County Property Appraiser, which offers a public Property Search and Sales Search and answers at (850) 606-6200 (Leon County Property Appraiser).

The office defines market value as the estimated value of a property on January 1 based on local real estate market data, and mails Notices of Proposed Property Taxes, the TRIM notices, on August 17 to all property owners in Leon County (Leon County Property Appraiser TRIM page). A TRIM notice shows market, assessed and taxable value at the top of its front page (Leon County Property Appraiser TRIM page).

A buyer comparing a listing with the seller's tax bill should expect a gap. The appraiser's office says property tax benefits such as exemptions and the assessment cap do not transfer, so on sale the assessed value resets to market value, which may result in a higher tax bill (Leon County Property Appraiser TRIM page). For questions about residential values, the office asks callers to press 3 (Leon County Property Appraiser TRIM page). The Tallahassee real estate guide covers homestead filing and tax due dates.