Prichard, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Prichard Neighborhoods Since 2000




Prichard, AL Real Estate Data


Prichard Housing Market Information

With a population of 22,351, 8,271 total housing units (homes and apartments), and a median house value of $73,945, house prices in Prichard are some of the most affordable in Alabama as well as the nation.

Single-family detached homes are the single most common housing type in Prichard, accounting for 83.12% of the city's housing units. Other types of housing that are prevalent in Prichard include duplexes, homes converted to apartments or other small apartment buildings ( 7.16%), large apartment complexes or high rise apartments ( 4.71%), and a few mobile homes or trailers ( 3.61%).

The most prevalent building size and type in Prichard are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.19% owning and 45.81% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Prichard's housing was primarily built during this period, from the '40s through the '60s. A full 58.80% of the city's housing hails from this era. Other housing ages represented in Prichard include homes built between 1970-1999 ( 29.36%) and housing constructed between 2000 and later ( 7.75%). There's also some housing in Prichard built before 1939 ( 4.09%).

Vacant housing appears to be an issue in Prichard. Fully 19.96% of the housing stock is classified as vacant. Left unchecked, vacant Prichard homes and apartments can be a drag on the real estate market, holding Prichard 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.

Prichard Home Appreciation Rates

Prichard's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Prichard during the period has been just -0.88%, which is lower than 70% of US communities.

Over the last year, Prichard appreciation rates have trailed the rest of the nation. In the last twelve months, Prichard's appreciation rate has been 2.86%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Prichard were at 3.00%, which equates to an annual appreciation rate of 12.55%.

Importantly, this makes Prichard one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Alabama, our data show that Prichard's latest annual appreciation rate is lower than 80% 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 Prichard differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Prichard - 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 Prichard real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$73,945

Prichard, AL HOME PRICES

Value Range
> $1,050,000 0.4
$788,001 - $1,050,000 0.0
$525,001 - $788,000 0.3
$420,001 - $525,000 0.1
$315,001 - $420,000 0.5
$210,001 - $315,000 1.7
$105,001 - $210,000 18.6
$52,001 - $105,000 43.6
$0 - $52,000 34.8

Very Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
94.1500263512327 85.5

Number Of Homes And Apartments:
8,271

Rent & Ownership

 

Average Market Rent:
$751 / per month

Homeownership Rate

Homeownership
Owners 54.19
Renters 45.81
Vacant 19.96

Housing Market Details

 

Age of Homes

AGE OF Prichard HOMES
2000 or Newer 7.8
1970 - 1999 29.4
1940 - 1969 58.8
1939 or Older 4.1

Types of Homes

TYPE OF Prichard HOMES
Single-Family 83.1
Townhomes 1.3
Small Apt. Buildings 7.2
Apt. Complexes 4.7
Mobile Homes 3.6
Other 0.0

Home Size

SIZE OF Prichard HOMES
No Bedroom 0.37
1 Bedroom 6.16
2 Bedrooms 30.21
3 Bedrooms 51.30
4 Bedrooms 10.71
5 or more bedrooms 1.25

Prichard Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
28.58% 1.49% 5 3
* 10 is highest