Prichard appreciation rates and housing market information

Prichard housing market information

With 28,903 people, 11,368 houses or apartments, and a median cost of homes of $93,599,

single-family detached homes are the single most common housing type in Prichard, accounting for 73.32% of the city's housing units. Other types of housing that are prevalent in Prichard include duplexes, homes converted to apartments, or other small apartment buildings (13.43%), large apartment complexes or high rise apartments (5.13%), row houses and other attached homes (4.92%), and a few mobile homes or trailers (3.16%).

The most prevalent building size and type in Prichard are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 50.76% owning, and 36.11% renting.

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. Prichard's housing was primarily built during this period, from the '40s through the '60s. A full 60.19% of the city's housing hails from this era. Other housing ages represented in Prichard include homes built between 1970-1994 (27.57%), and housing constructed from 1939 and earlier (8.91%). There's also some housing in Prichard built between 1995 and later (3.33%).

Vacant housing appears to be an issue in Prichard. Fully 13.13% of the housing stock is classified as vacant. Left unchecked, vacant Prichard homes and apartments can be a drag on the real estate market, holding Prichard real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Prichard home appreciation rates

Prichard's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Prichard during the period has been just 5.80%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Prichard home appreciation rates, at 0.37%, have been at or slightly above the national average. In the latest quarter, Prichard's appreciation rate has been 1.85%, which annualizes to a rate of 7.40%.

Importantly, this makes Prichard one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Alabama, our data show that Prichard's latest annual appreciation rate is higher than 25% 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 Prichard differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Prichard - 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 Prichard real estate investment or home purchase decisions.