Mobile, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Mobile, AL Real Estate Data


Mobile Housing Market Information

With a population of 194,288, 76,170 total housing units (homes and apartments), and a median house value of $125,949, 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 68.31% of the city's housing units. Other types of housing that are prevalent in Mobile include large apartment complexes or high rise apartments ( 21.12%), duplexes, homes converted to apartments or other small apartment buildings ( 7.75%), and a few mobile homes or trailers ( 1.42%).

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 54.26% owning and 45.74% 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 ( 39.71%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.44%). There's also some housing in Mobile built before 1939 ( 6.81%).

Vacant housing appears to be an issue in Mobile. Fully 16.18% 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 -0.92%, which is lower than 70% 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 6.99%, which is higher than appreciation rates in 80.23% 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 1.17%, which equates to an annual appreciation rate of 4.78%.

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:
$125,949

Mobile, AL HOME PRICES

Value Range
> $1,058,000 0.4
$794,001 - $1,058,000 1.0
$530,001 - $794,000 1.9
$423,001 - $530,000 2.1
$318,001 - $423,000 4.7
$212,001 - $318,000 11.5
$106,001 - $212,000 34.7
$53,001 - $106,000 31.9
$0 - $53,000 11.5

High for AL
Low for Nation

Value Relative to Nation Value Relative to State
61.771944216571 29.75

Number Of Homes And Apartments:
76,170

Rent & Ownership

 

Average Market Rent:
$1,085 / per month

Homeownership Rate

Homeownership
Owners 54.26
Renters 45.74
Vacant 16.18

Housing Market Details

 

Age of Homes

AGE OF Mobile HOMES
2000 or Newer 8.4
1970 - 1999 45.0
1940 - 1969 39.7
1939 or Older 6.8

Types of Homes

TYPE OF Mobile HOMES
Single-Family 68.3
Townhomes 1.4
Small Apt. Buildings 7.7
Apt. Complexes 21.1
Mobile Homes 1.4
Other 0.0

Home Size

SIZE OF Mobile HOMES
No Bedroom 1.87
1 Bedroom 11.01
2 Bedrooms 27.78
3 Bedrooms 42.79
4 Bedrooms 14.20
5 or more bedrooms 2.34

Mobile Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
27.10% 1.40% 5 3
* 10 is highest