Florence, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Florence, 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 Q1 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

Florence Housing Market Information

With 40,026 people, 17,568 houses or apartments, and a median cost of homes of $130,173, house prices in Florence are solidly below the national average.

Single-family detached homes are the single most common housing type in Florence, accounting for 67.87% of the city's housing units. Other types of housing that are prevalent in Florence include large apartment complexes or high rise apartments ( 18.29%), duplexes, homes converted to apartments or other small apartment buildings ( 10.34%), and a few mobile homes or trailers ( 2.08%).

The most prevalent building size and type in Florence are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.91% owning and 46.09% renting.

There is a lot of housing in Florence built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Florence built between 1940-1969 ( 40.81%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.91%). There's also some housing in Florence built before 1939 ( 5.99%).

Vacant housing appears to be an issue in Florence. Fully 12.49% of the housing stock is classified as vacant. Left unchecked, vacant Florence homes and apartments can be a drag on the real estate market, holding Florence 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.

Florence Home Appreciation Rates

Appreciation rates for homes in Florence have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 13.07%, which ranks in the top 30% nationwide. This equates to an annual average Florence house appreciation rate of 1.24%.

Over the last year, Florence appreciation rates have trailed the rest of the nation. In the last twelve months, Florence's appreciation rate has been 1.31%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Florence were at 0.35%, which equates to an annual appreciation rate of 1.41%.

Relative to Alabama, our data show that Florence's latest annual appreciation rate is lower than 60% 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 Florence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Florence - 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 Florence real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$130,173

Florence, AL HOME PRICES

Value Range
> $1,089,000 0.4
$817,001 - $1,089,000 0.6
$544,001 - $817,000 0.5
$436,001 - $544,000 1.1
$327,001 - $436,000 3.8
$218,001 - $327,000 10.9
$109,001 - $218,000 34.1
$55,001 - $109,000 32.5
$0 - $55,000 16.2

High for AL
Average for Nation

Value Relative to Nation Value Relative to State
59.7562404781437 29.0

Number Of Homes And Apartments:
17,568

Florence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
35.75% 1.79% 7 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$746 / per month

Homeownership Rate

Homeownership
Owners 53.91
Renters 46.09
Vacant 12.49

Housing Market Details

 

Age of Homes

AGE OF Florence HOMES
2000 or Newer 10.9
1970 - 1999 42.3
1940 - 1969 40.8
1939 or Older 6.0

Types of Homes

TYPE OF Florence HOMES
Single-Family 67.9
Townhomes 1.2
Small Apt. Buildings 10.3
Apt. Complexes 18.3
Mobile Homes 2.1
Other 0.2

Home Size

SIZE OF Florence HOMES
No Bedroom 1.11
1 Bedroom 11.73
2 Bedrooms 28.69
3 Bedrooms 40.43
4 Bedrooms 14.34
5 or more bedrooms 3.72