Hoover, 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 Q1 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

Hoover, AL Housing Market Trends

With 85,768 people, 32,261 houses or apartments, and a median cost of homes of $351,961, 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 64.39% of the city's housing units. Other types of housing that are prevalent in Hoover include large apartment complexes or high rise apartments ( 27.56%), row houses and other attached homes ( 5.43%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.32%).

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 69.14% of Hoover's homes, and 59.06% 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 ( 27.95%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.36%).

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 2.85% during the period.

Over the last year, Hoover appreciation rates have trailed the rest of the nation. In the last twelve months, Hoover's appreciation rate has been 5.21%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hoover were at 1.45%, which equates to an annual appreciation rate of 5.91%.

Relative to Alabama, our data show that Hoover's latest annual appreciation rate is lower than 70% 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:
$351,961

Hoover, AL HOME PRICES

> $1,174,000
0.9%
0.9%
$880,001 - $1,174,000
1.9%
1.9%
$587,001 - $880,000
7.4%
7.4%
$470,001 - $587,000
9.3%
9.3%
$352,001 - $470,000
18.6%
18.6%
$235,001 - $352,000
33.9%
33.9%
$117,001 - $235,000
22.4%
22.4%
$59,001 - $117,000
4.0%
4.0%
$0 - $59,000
1.5%
1.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for AL

Value Relative To Nation

Number Of Homes And Apartments:
32,261

Hoover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
58.28% 2.18%
6
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,812 / per month

Homeownership Rate

Owners
69.1%
69.1%
Renters
30.9%
30.9%
Vacant
8.0%
8.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
28.0%
28.0%
1970 - 1999
58.3%
58.3%
1940 - 1969
13.4%
13.4%
1939 or Older
0.4%
0.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.4%
64.4%
Townhomes
5.4%
5.4%
Small Apt. Buildings
2.3%
2.3%
Apt. Complexes
27.6%
27.6%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.4%
1.4%
1 Bedroom
7.2%
7.2%
2 Bedrooms
21.5%
21.5%
3 Bedrooms
31.6%
31.6%
4 Bedrooms
27.5%
27.5%
5 or more bedrooms
10.9%
10.9%
0.0% 100.0%
% OF HOMES