Homewood appreciation rates and housing market information

Homewood housing market information

With 24,878 people, 11,328 houses or apartments, and a median cost of homes of $271,665, Homewood real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Homewood, accounting for 53.50% of the city's housing units. Other types of housing that are prevalent in Homewood include large apartment complexes or high rise apartments (33.81%), duplexes, homes converted to apartments, or other small apartment buildings (9.83%), and a few row houses and other attached homes (2.67%).

People in Homewood primarily live in small (one, two, or no bedroom) single-family detached homes. Homewood has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Homewood's housing was primarily built during this period, from the '40s through the '60s. A full 53.42% of the city's housing hails from this era. Other housing ages represented in Homewood include homes built between 1970-1994 (32.64%), and housing constructed from 1939 and earlier (10.29%). There's also some housing in Homewood built between 1995 and later (3.65%).

Homewood home appreciation rates

Appreciation rates for homes in Homewood have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 80.62%, which ranks in the top 40% nationwide. This equates to an annual average Homewood house appreciation rate of 8.06%.

Appreciation rates are so strong in Homewood that despite a nationwide downturn in the housing market, Homewood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Homewood appreciation rates continue to be some of the highest in America, at 3.86%, which is higher than appreciation rates in 83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Homewood. Homewood appreciation rates in the latest quarter were at 1.69%, which equates to an annual appreciation rate of 6.76%.

Relative to Alabama, our data show that Homewood's latest annual appreciation rate is higher than 78% of the other cities and towns in Alabama.