Prichard, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Prichard, AL Real Estate Data

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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Prichard Housing Market Information

With 22,351 people, 7,817 houses or apartments, and a median cost of homes of $68,250, 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 85.39% 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 ( 6.76%), large apartment complexes or high rise apartments ( 3.16%), and a few mobile homes or trailers ( 3.14%).

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 57.57% owning and 42.43% 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 60.69% of the city's housing hails from this era. Other housing ages represented in Prichard include homes built between 1970-1999 ( 29.33%) and housing constructed between 2000 and later ( 5.98%). There's also some housing in Prichard built before 1939 ( 4.00%).

Vacant housing appears to be an issue in Prichard. Fully 22.33% 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 -1.39%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Prichard's appreciation rate, at 3.81%, has been at or slightly above the national average. In the latest quarter, Prichard's appreciation rate has been -0.40%, which annualizes to a rate of -1.59%.

Relative to Alabama, our data show that Prichard's latest annual appreciation rate is higher 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 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:
$68,250

Prichard, AL HOME PRICES

Value Range
> $1,062,000 0.5
$796,001 - $1,062,000 0.0
$531,001 - $796,000 0.3
$424,001 - $531,000 0.1
$318,001 - $424,000 0.8
$212,001 - $318,000 1.8
$106,001 - $212,000 18.2
$53,001 - $106,000 42.5
$0 - $53,000 35.7

Very Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
95.9099964842377 90.75

Number Of Homes And Apartments:
7,817

Prichard Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
26.03% 1.35% 4 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,050 / per month

Homeownership Rate

Homeownership
Owners 57.57
Renters 42.43
Vacant 22.33

Housing Market Details

 

Age of Homes

AGE OF Prichard HOMES
2000 or Newer 6.0
1970 - 1999 29.3
1940 - 1969 60.7
1939 or Older 4.0

Types of Homes

TYPE OF Prichard HOMES
Single-Family 85.4
Townhomes 1.5
Small Apt. Buildings 6.8
Apt. Complexes 3.2
Mobile Homes 3.1
Other 0.0

Home Size

SIZE OF Prichard HOMES
No Bedroom 0.14
1 Bedroom 4.49
2 Bedrooms 28.93
3 Bedrooms 52.73
4 Bedrooms 12.22
5 or more bedrooms 1.49