Bessemer, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Bessemer, AL Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Bessemer Housing Market Information

With 26,511 people, 10,512 houses or apartments, and a median cost of homes of $84,289, 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 75.98% of the city's housing units. Other types of housing that are prevalent in Bessemer include large apartment complexes or high rise apartments ( 11.65%), duplexes, homes converted to apartments or other small apartment buildings ( 9.15%), and a few row houses and other attached homes ( 1.51%).

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 54.64% owning and 45.36% 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 48.03% of the city's housing hails from this era. Other housing ages represented in Bessemer include homes built between 1970-1999 ( 28.21%) and housing constructed before 1939 ( 13.96%). There's also some housing in Bessemer built between 2000 and later ( 9.81%).

Vacant housing appears to be an issue in Bessemer. Fully 16.27% 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.

Bessemer Home Appreciation Rates

Bessemer's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Bessemer during the period has been just -0.17%, which is lower than 70% of US communities.

Over the last year, Bessemer appreciation rates have trailed the rest of the nation. In the last twelve months, Bessemer's appreciation rate has been 0.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Bessemer were at 0.59%, which equates to an annual appreciation rate of 2.40%.

Relative to Alabama, our data show that Bessemer's latest annual appreciation rate is lower 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.

Average Home Values

 

Median Home Value:
$84,289

Bessemer, AL HOME PRICES

Value Range
> $1,151,000 0.5
$863,001 - $1,151,000 0.2
$575,001 - $863,000 0.4
$460,001 - $575,000 0.5
$345,001 - $460,000 2.6
$230,001 - $345,000 7.9
$115,001 - $230,000 24.4
$58,001 - $115,000 40.7
$0 - $58,000 22.9

Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
90.5109489051095 78.3042394014963

Number Of Homes And Apartments:
10,512

Bessemer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2018 Q1 - 2018 Q2
Last 12 Months:
2017 Q2 - 2018 Q2
Last 2 Years:
2016 Q2 - 2018 Q2
Last 5 Years:
2013 Q2 - 2018 Q2
Last 10 Years:
2008 Q2 - 2018 Q2
Since 2000:
2000 Q1 - 2018 Q2
24.80% 1.20%
3
2
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$1,114 / per month

Homeownership Rate

Homeownership
Owners 54.64
Renters 45.36
Vacant 16.27

Housing Market Details

 

Age of Homes

AGE OF Bessemer HOMES
2000 or Newer 9.8
1970 - 1999 28.2
1940 - 1969 48.0
1939 or Older 14.0

Types of Homes

TYPE OF Bessemer HOMES
Single-Family 76.0
Townhomes 1.5
Small Apt. Buildings 9.2
Apt. Complexes 11.6
Mobile Homes 1.5
Other 0.2

Home Size

SIZE OF Bessemer HOMES
No Bedroom 0.85
1 Bedroom 8.07
2 Bedrooms 32.12
3 Bedrooms 46.73
4 Bedrooms 10.59
5 or more bedrooms 1.63