Florence, AL Real Estate Market

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 Q3 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Florence, AL Housing Market Trends

With 40,184 people, 17,475 houses or apartments, and a median cost of homes of $182,056, 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 64.91% of the city's housing units. Other types of housing that are prevalent in Florence include large apartment complexes or high rise apartments ( 22.15%), duplexes, homes converted to apartments or other small apartment buildings ( 9.81%), and a few mobile homes or trailers ( 2.13%).

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 49.61% owning and 50.39% 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 ( 36.23%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.09%). There's also some housing in Florence built before 1939 ( 6.45%).

Vacant housing appears to be an issue in Florence. Fully 14.50% 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

Real estate appreciation rates in Florence's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.38% during the period.

NeighborhoodScout's data show that during the latest twelve months, Florence's appreciation rate, at 14.37%, has been at or slightly above the national average. In the latest quarter, Florence's appreciation rate has been 5.70%, which annualizes to a rate of 24.80%.

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:
$182,056

Florence, AL HOME PRICES

> $1,275,000
0.4%
0.4%
$956,001 - $1,275,000
0.5%
0.5%
$637,001 - $956,000
1.1%
1.1%
$510,001 - $637,000
2.1%
2.1%
$382,001 - $510,000
4.1%
4.1%
$255,001 - $382,000
12.6%
12.6%
$128,001 - $255,000
38.2%
38.2%
$64,001 - $128,000
28.8%
28.8%
$0 - $64,000
12.2%
12.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for AL

Value Relative To Nation

Number Of Homes And Apartments:
17,475

Florence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
72.16% 2.53%
6
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,008 / per month

Homeownership Rate

Owners
49.6%
49.6%
Renters
50.4%
50.4%
Vacant
14.5%
14.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.1%
14.1%
1970 - 1999
43.2%
43.2%
1940 - 1969
36.2%
36.2%
1939 or Older
6.4%
6.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.9%
64.9%
Townhomes
0.8%
0.8%
Small Apt. Buildings
9.8%
9.8%
Apt. Complexes
22.2%
22.2%
Mobile Homes
2.1%
2.1%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.8%
0.8%
1 Bedroom
13.4%
13.4%
2 Bedrooms
27.9%
27.9%
3 Bedrooms
42.2%
42.2%
4 Bedrooms
12.3%
12.3%
5 or more bedrooms
3.4%
3.4%
0.0% 100.0%
% OF HOMES