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AMELIA ISLAND — There continues to be an anemic housing stock in the capital city.

An ideal market has a five-month supply of homes that can be sold, and Tallahassee’s supply is half that, Realtor Tiffany Hamilton, owner of Hamilton Realty, told attendees of the annual Tallahassee Chamber of Commerce Conference in a breakout session Saturday.

From 2022 compared to 2023, closed sales dropped to 272, representing an 18% drop. Paid-in-cash deals went from 84 to 69 in the same time frame.

A panel real estate experts discuss residential real estate during the Tallahassee Chamber of Commerce Conference breakout sessions Saturday, Aug. 19, 2023.

“So we went from more people taking the money out of the stock market and putting it into real estate because it was safe investment,” Hamilton said. “But why was it considered a safe investment? We had lower interest rates that were driving that. We had … houses that had so much equity that it was a no brainer to purchase, but that’s starting to decline but why? Because values of homes have gone up.”

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