Red Bay, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Red Bay, AL Real Estate Data


Red Bay Housing Market Information

With 3,131 people, 1,345 houses or apartments, and a median cost of homes of $91,539, house prices in Red Bay are solidly below the national average.

Single-family detached homes are the single most common housing type in Red Bay, accounting for 70.60% of the city's housing units. Other types of housing that are prevalent in Red Bay include large apartment complexes or high rise apartments ( 12.82%), mobile homes or trailers ( 10.65%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.59%).

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 64.02% owning and 35.98% 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 ( 20.73%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.08%). There's also some housing in Red Bay built before 1939 ( 4.08%).

Vacant housing appears to be an issue in Red Bay. Fully 14.22% 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 15.97%, which ranks in the top 30% nationwide. This equates to an annual average Red Bay house appreciation rate of 1.49%.

NeighborhoodScout's data show that during the latest twelve months, Red Bay's appreciation rate, at 4.77%, has been at or slightly above the national average. In the latest quarter, Red Bay's appreciation rate has been 1.31%, which annualizes to a rate of 5.35%.

Relative to Alabama, our data show that Red Bay's latest annual appreciation rate is higher than 80% of the other cities and towns in Alabama.

Average Home Values

 

Median Home Value:
$91,539

Red Bay, AL HOME PRICES

Value Range
> $1,090,000 0.0
$817,001 - $1,090,000 0.0
$545,001 - $817,000 2.4
$436,001 - $545,000 0.0
$327,001 - $436,000 0.4
$218,001 - $327,000 9.9
$109,001 - $218,000 21.1
$55,001 - $109,000 39.2
$0 - $55,000 27.0

Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
84.359079463606 64.25

Number Of Homes And Apartments:
1,345

Rent & Ownership

 

Average Market Rent:
$805 / per month

Homeownership Rate

Homeownership
Owners 64.02
Renters 35.98
Vacant 14.22

Housing Market Details

 

Age of Homes

AGE OF Red Bay HOMES
2000 or Newer 7.1
1970 - 1999 68.1
1940 - 1969 20.7
1939 or Older 4.1

Types of Homes

TYPE OF Red Bay HOMES
Single-Family 70.6
Townhomes 1.3
Small Apt. Buildings 4.6
Apt. Complexes 12.8
Mobile Homes 10.7
Other 0.0

Home Size

SIZE OF Red Bay HOMES
No Bedroom 0.00
1 Bedroom 7.14
2 Bedrooms 21.68
3 Bedrooms 53.76
4 Bedrooms 13.97
5 or more bedrooms 3.44

Red Bay 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
52.04% 2.50% 9 6
* 10 is highest

Popular Neighborhoods in Red Bay

Zip Codes in Red Bay, AL