Hoover appreciation rates and housing market information

Hoover housing market information

With a population of 62,480, 27,046 total housing units (homes and apartments), and a median house value of $305,726, Hoover real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Hoover, accounting for 60.20% of the city's housing units. Other types of housing that are prevalent in Hoover include large apartment complexes or high rise apartments (32.10%), row houses and other attached homes (4.33%), and a few duplexes, homes converted to apartments, or other small apartment buildings (3.08%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Hoover. Owner-occupied housing accounts for 61.62% of Hoover's homes, and 59.69% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Hoover built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Hoover built from 1995 and later (22.73%). A lesser amount of the housing stock also hails from 1940-1969 (16.73%), and some were built from 1939 and earlier (16.73%).

Hoover home appreciation rates

Hoover's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Hoover during the period has been just 5.46%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Hoover home appreciation rates, at 1.26%, have been at or slightly above the national average. In the latest quarter, Hoover's appreciation rate has been 1.04%, which annualizes to a rate of 4.16%.

Relative to Alabama, our data show that Hoover's latest annual appreciation rate is higher than 42% of the other cities and towns in Alabama.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Hoover differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hoover - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Hoover real estate investment or home purchase decisions.