Red Bay, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Red Bay, 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 Q2 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

Red Bay Housing Market Information

With 3,131 people, 1,329 houses or apartments, and a median cost of homes of $76,984, house prices in Red Bay 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 Red Bay, accounting for 70.03% of the city's housing units. Other types of housing that are prevalent in Red Bay include large apartment complexes or high rise apartments ( 15.53%), mobile homes or trailers ( 8.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.88%).

The most prevalent building size and type in Red Bay are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.41% owning and 42.59% renting.

There is a lot of housing in Red Bay 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 Red Bay built between 1940-1969 ( 21.02%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.41%). There's also some housing in Red Bay built before 1939 ( 4.41%).

Vacant housing appears to be an issue in Red Bay. Fully 15.08% of the housing stock is classified as vacant. Left unchecked, vacant Red Bay homes and apartments can be a drag on the real estate market, holding Red Bay 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.

Red Bay Home Appreciation Rates

Appreciation rates for homes in Red Bay have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.52%, which ranks in the top 50% nationwide. This equates to an annual average Red Bay house appreciation rate of 0.35%.

Over the last year, Red Bay appreciation rates have trailed the rest of the nation. In the last twelve months, Red Bay's appreciation rate has been 1.79%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Red Bay were at -0.55%, which equates to an annual appreciation rate of -2.17%.

Notably, Red Bay's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Alabama, our data show that Red Bay's latest annual appreciation rate is lower than 60% of the other cities and towns in Alabama.

Average Home Values

 

Median Home Value:
$76,984

Red Bay, AL HOME PRICES

Value Range
> $1,053,000 0.0
$790,001 - $1,053,000 0.0
$527,001 - $790,000 0.9
$421,001 - $527,000 0.0
$316,001 - $421,000 0.3
$211,001 - $316,000 8.1
$105,001 - $211,000 21.4
$53,001 - $105,000 41.3
$0 - $53,000 28.0

Very Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
92.6722876046607 82.25

Number Of Homes And Apartments:
1,329

Red Bay Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
41.30% 2.00% 8 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$911 / per month

Homeownership Rate

Homeownership
Owners 57.41
Renters 42.59
Vacant 15.08

Housing Market Details

 

Age of Homes

AGE OF Red Bay HOMES
2000 or Newer 7.4
1970 - 1999 67.2
1940 - 1969 21.0
1939 or Older 4.4

Types of Homes

TYPE OF Red Bay HOMES
Single-Family 70.0
Townhomes 0.5
Small Apt. Buildings 5.9
Apt. Complexes 15.5
Mobile Homes 8.1
Other 0.0

Home Size

SIZE OF Red Bay HOMES
No Bedroom 1.15
1 Bedroom 9.58
2 Bedrooms 23.07
3 Bedrooms 46.65
4 Bedrooms 15.02
5 or more bedrooms 4.54

Popular Neighborhoods in Red Bay

Zip Codes in Red Bay, AL