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 25,708, 9,322 total housing units (homes and apartments), and a median house value of $382,160, Homewood house prices are not only among the most expensive in Alabama, Homewood real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Homewood, accounting for 57.07% of the city's housing units. Other types of housing that are prevalent in Homewood include large apartment complexes or high rise apartments ( 32.39%), duplexes, homes converted to apartments or other small apartment buildings ( 6.79%), and a few row houses and other attached homes ( 3.18%).
The most prevalent building size and type in Homewood are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.59% owning and 48.41% 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. Homewood's housing was primarily built during this period, from the '40s through the '60s. A full 47.61% of the city's housing hails from this era. Other housing ages represented in Homewood include homes built between 1970-1999 ( 32.24%) and housing constructed before 1939 ( 12.79%). There's also some housing in Homewood built between 2000 and later ( 7.35%).
Vacant housing appears to be an issue in Homewood. Fully 11.21% of the housing stock is classified as vacant. Left unchecked, vacant Homewood homes and apartments can be a drag on the real estate market, holding Homewood 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 Homewood have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 14.99%, which ranks in the top 30% nationwide. This equates to an annual average Homewood house appreciation rate of 1.41%.
Appreciation rates are so strong in Homewood that despite a nationwide downturn in the housing market, Homewood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Homewood appreciation rates continue to be some of the highest in America, at 6.62%, which is higher than appreciation rates in 73.05% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Homewood. Homewood appreciation rates in the latest quarter were at 2.24%, which equates to an annual appreciation rate of 9.29%.
Relative to Alabama, our data show that Homewood's latest annual appreciation rate is higher than 90% 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 Homewood differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Homewood - 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 Homewood real estate investment or home purchase decisions.
|$924,001 - $1,232,000||2.9|
|$616,001 - $924,000||7.0|
|$493,001 - $616,000||9.9|
|$369,001 - $493,000||22.4|
|$246,001 - $369,000||28.4|
|$123,001 - $246,000||20.7|
|$62,001 - $123,000||4.7|
|$0 - $62,000||3.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Homewood HOMES|
|2000 or Newer||7.4|
|1970 - 1999||32.2|
|1940 - 1969||47.6|
|1939 or Older||12.8|
|TYPE OF Homewood HOMES|
|Small Apt. Buildings||6.8|
|SIZE OF Homewood HOMES|
|5 or more bedrooms||4.46|