Mobile, 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 Q4 2020. 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

Mobile, AL Housing Market Trends

With 188,720 people, 78,142 houses or apartments, and a median cost of homes of $148,155, house prices in Mobile are solidly below the national average.

Single-family detached homes are the single most common housing type in Mobile, accounting for 67.93% of the city's housing units. Other types of housing that are prevalent in Mobile include large apartment complexes or high rise apartments ( 23.09%), duplexes, homes converted to apartments or other small apartment buildings ( 6.16%), and a few mobile homes or trailers ( 1.58%).

The most prevalent building size and type in Mobile are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.44% owning and 48.56% renting.

There is a lot of housing in Mobile 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 Mobile built between 1940-1969 ( 38.16%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.73%). There's also some housing in Mobile built before 1939 ( 6.00%).

Vacant housing appears to be an issue in Mobile. Fully 15.87% of the housing stock is classified as vacant. Left unchecked, vacant Mobile homes and apartments can be a drag on the real estate market, holding Mobile 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.

Mobile Home Appreciation Rates

Mobile's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Mobile during the period has been just 1.50%, which is lower than 80% of US communities.

Appreciation rates are so strong in Mobile that despite a nationwide downturn in the housing market, Mobile real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mobile appreciation rates continue to be some of the highest in America, at 7.67%, which is higher than appreciation rates in 93.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mobile. Mobile appreciation rates in the latest quarter were at 3.40%, which equates to an annual appreciation rate of 14.33%.

Importantly, NeighborhoodScout’s exclusive research found that Mobile's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$148,155

Mobile, AL HOME PRICES

> $1,188,000
0.8%
0.8%
$891,001 - $1,188,000
0.8%
0.8%
$594,001 - $891,000
1.7%
1.7%
$475,001 - $594,000
2.4%
2.4%
$356,001 - $475,000
4.4%
4.4%
$238,001 - $356,000
11.5%
11.5%
$119,001 - $238,000
35.9%
35.9%
$59,001 - $119,000
31.2%
31.2%
$0 - $59,000
11.3%
11.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

High for AL

Value Relative To Nation

Number Of Homes And Apartments:
78,142

Mobile Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
51.64% 2.00%
5
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,112 / per month

Homeownership Rate

Owners
51.4%
51.4%
Renters
48.6%
48.6%
Vacant
15.9%
15.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
9.7%
9.7%
1970 - 1999
46.1%
46.1%
1940 - 1969
38.2%
38.2%
1939 or Older
6.0%
6.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.9%
67.9%
Townhomes
1.2%
1.2%
Small Apt. Buildings
6.2%
6.2%
Apt. Complexes
23.1%
23.1%
Mobile Homes
1.6%
1.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
11.4%
11.4%
2 Bedrooms
26.8%
26.8%
3 Bedrooms
44.1%
44.1%
4 Bedrooms
13.5%
13.5%
5 or more bedrooms
2.3%
2.3%
0.0% 100.0%
% OF HOMES