Madison, 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 Q2 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

Madison, AL Housing Market Trends

With 51,593 people, 18,825 houses or apartments, and a median cost of homes of $333,386, Madison real estate is some of the most expensive in Alabama, although Madison home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Madison, accounting for 72.51% of the city's housing units. Other types of housing that are prevalent in Madison include large apartment complexes or high rise apartments ( 17.06%), duplexes, homes converted to apartments or other small apartment buildings ( 5.15%), and a few row houses and other attached homes ( 4.05%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Madison. Owner-occupied housing accounts for 70.57% of Madison's homes, and 67.80% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Madison 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 Madison built between 2000 and later ( 36.73%). A lesser amount of the housing stock also hails from between 1940-1969 ( 5.21%). There's also some housing in Madison built before 1939 ( 1.20%).

Madison Home Appreciation Rates

Real estate appreciation rates in Madison's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.36% during the period.

Appreciation rates are so strong in Madison that despite a nationwide downturn in the housing market, Madison real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Madison appreciation rates continue to be some of the highest in America, at 12.08%, which is higher than appreciation rates in 84.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Madison. Madison appreciation rates in the latest quarter were at 2.57%, which equates to an annual appreciation rate of 10.69%.

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

Average Home Values

 

Median Home Value:
$333,386

Madison, AL HOME PRICES

> $1,314,000
0.5%
0.5%
$985,001 - $1,314,000
0.5%
0.5%
$657,001 - $985,000
5.0%
5.0%
$526,001 - $657,000
7.1%
7.1%
$394,001 - $526,000
15.3%
15.3%
$263,001 - $394,000
29.9%
29.9%
$131,001 - $263,000
35.0%
35.0%
$66,001 - $131,000
4.2%
4.2%
$0 - $66,000
2.6%
2.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for AL

Value Relative To Nation

Number Of Homes And Apartments:
18,825

Madison Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
75.51% 2.65%
8
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,389 / per month

Homeownership Rate

Owners
70.6%
70.6%
Renters
29.4%
29.4%
Vacant
4.7%
4.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
36.7%
36.7%
1970 - 1999
56.9%
56.9%
1940 - 1969
5.2%
5.2%
1939 or Older
1.2%
1.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.5%
72.5%
Townhomes
4.1%
4.1%
Small Apt. Buildings
5.1%
5.1%
Apt. Complexes
17.1%
17.1%
Mobile Homes
1.0%
1.0%
Other
0.3%
0.3%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.9%
0.9%
1 Bedroom
6.8%
6.8%
2 Bedrooms
15.6%
15.6%
3 Bedrooms
32.3%
32.3%
4 Bedrooms
35.5%
35.5%
5 or more bedrooms
8.9%
8.9%
0.0% 100.0%
% OF HOMES