Hoover AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Hoover, 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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Hoover Housing Market Information

With 85,108 people, 32,685 houses or apartments, and a median cost of homes of $337,036, Hoover real estate is some of the most expensive in Alabama, although Hoover home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Hoover, accounting for 64.43% of the city's housing units. Other types of housing that are prevalent in Hoover include large apartment complexes or high rise apartments ( 27.47%), row houses and other attached homes ( 5.17%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.64%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hoover. Owner-occupied housing accounts for 68.79% of Hoover's homes, and 59.50% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Hoover 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 Hoover built between 2000 and later ( 26.82%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.70%).

Hoover Home Appreciation Rates

Real estate appreciation rates in Hoover's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.25% during the period.

NeighborhoodScout's data show that during the latest twelve months, Hoover's appreciation rate, at 4.12%, has been at or slightly above the national average. In the latest quarter, Hoover's appreciation rate has been 1.33%, which annualizes to a rate of 5.44%.

Relative to Alabama, our data show that Hoover'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 Hoover differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hoover - 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 Hoover real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$337,036

Hoover, AL HOME PRICES

Value Range
> $1,169,000 0.9
$877,001 - $1,169,000 1.9
$585,001 - $877,000 6.2
$468,001 - $585,000 9.3
$351,001 - $468,000 17.7
$234,001 - $351,000 33.9
$117,001 - $234,000 23.7
$58,001 - $117,000 4.2
$0 - $58,000 2.3

Very High for AL
Very High for Nation

Value Relative to Nation Value Relative to State
17.2729927007299 1.24688279301746

Number Of Homes And Apartments:
32,685

Hoover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
53.17% 2.10%
7
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,799 / per month

Homeownership Rate

Homeownership
Owners 68.79
Renters 31.21
Vacant 7.82

Housing Market Details

 

Age of Homes

AGE OF Hoover HOMES
2000 or Newer 26.8
1970 - 1999 60.0
1940 - 1969 12.7
1939 or Older 0.5

Types of Homes

TYPE OF Hoover HOMES
Single-Family 64.4
Townhomes 5.2
Small Apt. Buildings 2.6
Apt. Complexes 27.5
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Hoover HOMES
No Bedroom 1.32
1 Bedroom 8.31
2 Bedrooms 20.60
3 Bedrooms 32.48
4 Bedrooms 27.02
5 or more bedrooms 10.27