Florence, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Florence, AL Real Estate Data


Florence Housing Market Information

With 40,026 people, 17,568 houses or apartments, and a median cost of homes of $129,440, 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 14.23%, which ranks in the top 30% nationwide. This equates to an annual average Florence house appreciation rate of 1.34%.

Appreciation rates are so strong in Florence that despite a nationwide downturn in the housing market, Florence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Florence appreciation rates continue to be some of the highest in America, at 5.82%, which is higher than appreciation rates in 71.29% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Florence. Florence appreciation rates in the latest quarter were at -1.35%, which equates to an annual appreciation rate of -5.31%.

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

Relative to Alabama, our data show that Florence's latest annual appreciation rate is higher than 80% 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:
$129,440

Florence, AL HOME PRICES

Value Range
> $1,084,000 0.1
$813,001 - $1,084,000 0.6
$542,001 - $813,000 0.5
$433,001 - $542,000 1.1
$325,001 - $433,000 3.8
$217,001 - $325,000 10.9
$108,001 - $217,000 34.1
$54,001 - $108,000 32.5
$0 - $54,000 16.2

High for AL
Average for Nation

Value Relative to Nation Value Relative to State
59.9906246337748 28.25

Number Of Homes And Apartments:
17,568

Rent & Ownership

 

Average Market Rent:
$742 / 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

Florence 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
35.24% 1.77% 7 4
* 10 is highest