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 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

Red Bay Housing Market Information

With a population of 3,131, 1,329 total housing units (homes and apartments), and a median house value of $77,407, 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 5.84%, which ranks in the top 40% nationwide. This equates to an annual average Red Bay house appreciation rate of 0.57%.

NeighborhoodScout's data show that during the latest twelve months, Red Bay's appreciation rate, at 3.56%, has been at or slightly above the national average. In the latest quarter, Red Bay's appreciation rate has been 0.55%, which annualizes to a rate of 2.22%.

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

Average Home Values

 

Median Home Value:
$77,407

Red Bay, AL HOME PRICES

Value Range
> $1,058,000 0.0
$794,001 - $1,058,000 0.0
$529,001 - $794,000 0.9
$423,001 - $529,000 0.0
$318,001 - $423,000 0.3
$212,001 - $318,000 8.1
$106,001 - $212,000 21.4
$53,001 - $106,000 41.3
$0 - $53,000 28.0

Very Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
92.0485175202156 81.75

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:
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
42.07% 2.06% 8 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$916 / 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