Birmingham, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Birmingham, AL Real Estate Data


Birmingham Housing Market Information

With 212,461 people, 89,972 houses or apartments, and a median cost of homes of $84,131, house prices in Birmingham are solidly below the national average.

Single-family detached homes are the single most common housing type in Birmingham, accounting for 60.18% of the city's housing units. Other types of housing that are prevalent in Birmingham include large apartment complexes or high rise apartments ( 30.25%), duplexes, homes converted to apartments or other small apartment buildings ( 7.00%), and a few row houses and other attached homes ( 1.72%).

People in Birmingham primarily live in small (one, two or no bedroom) single-family detached homes. Birmingham has a mixture of owner-occupied and renter-occupied housing.

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. Birmingham's housing was primarily built during this period, from the '40s through the '60s. A full 44.08% of the city's housing hails from this era. Other housing ages represented in Birmingham include homes built between 1970-1999 ( 30.52%) and housing constructed before 1939 ( 16.51%). There's also some housing in Birmingham built between 2000 and later ( 8.90%).

Vacant housing appears to be an issue in Birmingham. Fully 20.08% of the housing stock is classified as vacant. Left unchecked, vacant Birmingham homes and apartments can be a drag on the real estate market, holding Birmingham 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.

Birmingham Home Appreciation Rates

Real estate appreciation rates in Birmingham's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.47% during the period.

NeighborhoodScout's data show that during the latest twelve months, Birmingham's appreciation rate, at 4.80%, has been at or slightly above the national average. In the latest quarter, Birmingham's appreciation rate has been -0.39%, which annualizes to a rate of -1.54%.

Relative to Alabama, our data show that Birmingham's latest annual appreciation rate is higher than 70% 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 Birmingham differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Birmingham - 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 Birmingham real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$84,131

Birmingham, AL HOME PRICES

Value Range
> $1,098,000 0.3
$823,001 - $1,098,000 0.5
$549,001 - $823,000 1.4
$439,001 - $549,000 1.0
$329,001 - $439,000 3.1
$220,001 - $329,000 7.8
$110,001 - $220,000 26.8
$55,001 - $110,000 41.3
$0 - $55,000 17.6

Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
87.7944450955115 70.25

Number Of Homes And Apartments:
89,972

Rent & Ownership

 

Average Market Rent:
$998 / per month

Homeownership Rate

Homeownership
Owners 44.92
Renters 55.08
Vacant 20.08

Housing Market Details

 

Age of Homes

AGE OF Birmingham HOMES
2000 or Newer 8.9
1970 - 1999 30.5
1940 - 1969 44.1
1939 or Older 16.5

Types of Homes

TYPE OF Birmingham HOMES
Single-Family 60.2
Townhomes 1.7
Small Apt. Buildings 7.0
Apt. Complexes 30.2
Mobile Homes 0.8
Other 0.1

Home Size

SIZE OF Birmingham HOMES
No Bedroom 2.62
1 Bedroom 13.40
2 Bedrooms 35.91
3 Bedrooms 39.17
4 Bedrooms 7.17
5 or more bedrooms 1.73

Birmingham Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
30.83% 1.57% 6 3
* 10 is highest