Elba, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Elba, 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Elba Housing Market Information

With 3,903 people, 1,324 houses or apartments, and a median cost of homes of $112,618, house prices in Elba are solidly below the national average.

Single-family detached homes are the single most common housing type in Elba, accounting for 72.91% of the city's housing units. Other types of housing that are prevalent in Elba include mobile homes or trailers ( 11.75%), duplexes, homes converted to apartments or other small apartment buildings ( 8.16%), and a few large apartment complexes or high rise apartments ( 5.03%).

The most prevalent building size and type in Elba are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.73% owning and 49.27% 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. Elba's housing was primarily built during this period, from the '40s through the '60s. A full 42.36% of the city's housing hails from this era. Other housing ages represented in Elba include homes built between 1970-1999 ( 41.51%) and housing constructed before 1939 ( 8.42%). There's also some housing in Elba built between 2000 and later ( 7.70%).

Vacant housing appears to be an issue in Elba. Fully 13.58% of the housing stock is classified as vacant. Left unchecked, vacant Elba homes and apartments can be a drag on the real estate market, holding Elba 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.

Elba Home Appreciation Rates

Appreciation rates for homes in Elba have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.02%, which ranks in the top 50% nationwide. This equates to an annual average Elba house appreciation rate of 0.59%.

Over the last year, Elba appreciation rates have trailed the rest of the nation. In the last twelve months, Elba's appreciation rate has been 1.72%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elba were at -0.55%, which equates to an annual appreciation rate of -2.17%.

Notably, Elba's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Alabama, our data show that Elba's latest annual appreciation rate is lower than 60% of the other cities and towns in Alabama.

Average Home Values

 

Median Home Value:
$112,618

Elba, AL HOME PRICES

Value Range
> $1,067,000 0.1
$801,001 - $1,067,000 0.3
$534,001 - $801,000 0.7
$427,001 - $534,000 0.5
$320,001 - $427,000 3.7
$214,001 - $320,000 10.0
$107,001 - $214,000 34.4
$54,001 - $107,000 29.1
$0 - $54,000 21.1

Average for AL
Low for Nation

Value Relative to Nation Value Relative to State
70.9643421746004 44.5

Number Of Homes And Apartments:
1,324

Elba Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q2
48.05% 2.27% 9 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$593 / per month

Homeownership Rate

Homeownership
Owners 50.73
Renters 49.27
Vacant 13.58

Housing Market Details

 

Age of Homes

AGE OF Elba HOMES
2000 or Newer 7.7
1970 - 1999 41.5
1940 - 1969 42.4
1939 or Older 8.4

Types of Homes

TYPE OF Elba HOMES
Single-Family 72.9
Townhomes 2.2
Small Apt. Buildings 8.2
Apt. Complexes 5.0
Mobile Homes 11.7
Other 0.0

Home Size

SIZE OF Elba HOMES
No Bedroom 1.83
1 Bedroom 6.85
2 Bedrooms 23.63
3 Bedrooms 48.11
4 Bedrooms 16.64
5 or more bedrooms 2.94

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Zip Codes in Elba, AL