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 a population of 26,511, 10,324 total housing units (homes and apartments), and a median house value of $88,624, house prices in Bessemer are solidly below the national average.
Single-family detached homes are the single most common housing type in Bessemer, accounting for 75.66% of the city's housing units. Other types of housing that are prevalent in Bessemer include large apartment complexes or high rise apartments ( 11.29%), duplexes, homes converted to apartments or other small apartment buildings ( 9.61%), and a few mobile homes or trailers ( 1.68%).
The most prevalent building size and type in Bessemer are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.23% owning and 44.77% 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. Bessemer's housing was primarily built during this period, from the '40s through the '60s. A full 48.22% of the city's housing hails from this era. Other housing ages represented in Bessemer include homes built between 1970-1999 ( 29.75%) and housing constructed before 1939 ( 12.66%). There's also some housing in Bessemer built between 2000 and later ( 9.37%).
Vacant housing appears to be an issue in Bessemer. Fully 17.36% of the housing stock is classified as vacant. Left unchecked, vacant Bessemer homes and apartments can be a drag on the real estate market, holding Bessemer 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.
Real estate appreciation rates in Bessemer's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.27% during the period.
Appreciation rates are so strong in Bessemer that despite a nationwide downturn in the housing market, Bessemer real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Bessemer appreciation rates continue to be some of the highest in America, at 7.45%, which is higher than appreciation rates in 80.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bessemer. Bessemer appreciation rates in the latest quarter were at 1.16%, which equates to an annual appreciation rate of 4.72%.
Relative to Alabama, our data show that Bessemer'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 Bessemer differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bessemer - 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 Bessemer real estate investment or home purchase decisions.
|$932,001 - $1,243,000||0.2|
|$621,001 - $932,000||0.3|
|$497,001 - $621,000||0.4|
|$373,001 - $497,000||2.2|
|$248,001 - $373,000||8.0|
|$124,001 - $248,000||27.0|
|$62,001 - $124,000||38.6|
|$0 - $62,000||22.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q2 - 2017 Q3
Last 12 Months:
2016 Q3 - 2017 Q3
Last 2 Years:
2015 Q3 - 2017 Q3
Last 5 Years:
2012 Q3 - 2017 Q3
Last 10 Years:
2007 Q3 - 2017 Q3
2000 Q1 - 2017 Q3
|* 10 is highest|
|AGE OF Bessemer HOMES|
|2000 or Newer||9.4|
|1970 - 1999||29.7|
|1940 - 1969||48.2|
|1939 or Older||12.7|
|TYPE OF Bessemer HOMES|
|Small Apt. Buildings||9.6|
|SIZE OF Bessemer HOMES|
|5 or more bedrooms||2.03|