Tallahassee’s housing market is experiencing notable shifts, reflecting broader economic trends and local developments. As of mid-2026, the average home value in the city stands at approximately $298,194, marking a 1.1% increase over the past year. Homes typically go under contract in about 17 days, indicating a relatively brisk market pace.
Market Trends
Recent data highlights a median sale price of $293,333 as of May 2026, with a median list price of $311,650 by June 2026. Notably, 21.2% of sales have closed above the list price, suggesting competitive buyer interest.
Rental Market Dynamics
The rental sector mirrors these trends, with the average rent in Tallahassee reaching $1,940 per month. A two-bedroom apartment averages $1,407 monthly, while a three-bedroom home rents for approximately $2,014.
New Developments
Several significant projects are underway, poised to reshape the city’s housing landscape. The TalisTrails community, spanning approximately 900 acres off Mahan Drive, is under construction, with the first 250 homesites being developed. This master-planned community emphasizes preservation and connectivity.
In the student housing sector, the Leo Tallahassee development adjacent to Florida State University is progressing. This 10-story, 575,600-square-foot mixed-use project will offer 277 units with 782 beds, featuring amenities like a rooftop pool deck, study lounges, and wellness centers.
Additionally, the Icon Tallahassee project has broken ground at 730 W. Gaines Street. This nine-story development will provide 804 beds in various apartment layouts, catering to the growing student population.
Conclusion
As Tallahassee continues to grow, these developments and market trends reflect a dynamic housing environment. Prospective buyers and renters should stay informed about these changes to make well-informed decisions in this evolving market.