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 3,903, 1,324 total housing units (homes and apartments), and a median house value of $115,845, 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.
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 7.73%, which ranks in the top 50% nationwide. This equates to an annual average Elba house appreciation rate of 0.75%.
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 2.87%, 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 2.19%, which equates to an annual appreciation rate of 9.03%.
Importantly, this makes Elba 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 Elba's latest annual appreciation rate is higher than 50% of the other cities and towns in Alabama.
|$824,001 - $1,098,000||0.3|
|$549,001 - $824,000||0.7|
|$439,001 - $549,000||0.5|
|$329,001 - $439,000||3.7|
|$220,001 - $329,000||10.0|
|$110,001 - $220,000||34.4|
|$55,001 - $110,000||29.1|
|$0 - $55,000||21.1|
|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 Elba HOMES|
|2000 or Newer||7.7|
|1970 - 1999||41.5|
|1940 - 1969||42.4|
|1939 or Older||8.4|
|TYPE OF Elba HOMES|
|Small Apt. Buildings||8.2|
|SIZE OF Elba HOMES|
|5 or more bedrooms||2.94|