Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 9,118 people, 3,011 houses or apartments, and a median cost of homes of $156,235, Bay Minette real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Bay Minette, accounting for 70.70% of the city's housing units. Other types of housing that are prevalent in Bay Minette include large apartment complexes or high rise apartments ( 12.43%), duplexes, homes converted to apartments or other small apartment buildings ( 10.57%), and a few mobile homes or trailers ( 5.41%).
The most prevalent building size and type in Bay Minette are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.75% owning and 51.25% renting.
There is a lot of housing in Bay Minette built from 1970 to 1999 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 Bay Minette built between 1940-1969 ( 32.67%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.57%). There's also some housing in Bay Minette built before 1939 ( 3.78%).
Vacant housing appears to be an issue in Bay Minette. Fully 13.77% of the housing stock is classified as vacant. Left unchecked, vacant Bay Minette homes and apartments can be a drag on the real estate market, holding Bay Minette 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.
Bay Minette's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Bay Minette during the period has been just -0.68%, which is lower than 70% of US communities.
Appreciation rates are so strong in Bay Minette that despite a nationwide downturn in the housing market, Bay Minette real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Bay Minette appreciation rates continue to be some of the highest in America, at 6.68%, which is higher than appreciation rates in 73.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bay Minette. Bay Minette appreciation rates in the latest quarter were at 4.08%, which equates to an annual appreciation rate of 17.35%.
Importantly, this makes Bay Minette 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 Bay Minette's latest annual appreciation rate is higher than 90% 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 Bay Minette differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bay Minette - 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 2000, to assist you in making the best Bay Minette real estate investment or home purchase decisions.
|$865,001 - $1,154,000||0.3|
|$577,001 - $865,000||0.9|
|$462,001 - $577,000||2.1|
|$346,001 - $462,000||5.1|
|$231,001 - $346,000||12.0|
|$115,001 - $231,000||43.8|
|$58,001 - $115,000||23.2|
|$0 - $58,000||12.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Bay Minette HOMES|
|2000 or Newer||13.6|
|1970 - 1999||50.0|
|1940 - 1969||32.7|
|1939 or Older||3.8|
|TYPE OF Bay Minette HOMES|
|Small Apt. Buildings||10.6|
|SIZE OF Bay Minette HOMES|
|5 or more bedrooms||2.03|